Citigroup: Sensetime's performance forecast is higher than expected, expected to benefit from the growth of demand for solid-state batteries, and reaffirmed its buy rating.

Citi said that First Lead Intelligent's 2025 performance forecast shows that its median net profit is higher than the bank's and the market's expectations. As a leading Chinese manufacturer of electric vehicle battery equipment, the company will not only benefit from the improvement in demand for electric vehicle batteries and energy storage systems, but also from the growth in demand for solid-state batteries and new types of solar cells. Analysts such as Jamie Wang stated in the report that First Lead Intelligent is expected to achieve double-digit growth in gross profit margin both quarter-on-quarter and year-on-year in the fourth quarter of 2025, thanks to the company's improved operational efficiency. They reiterated their buy rating and maintained a target price of 75 Chinese yuan.