Investment Rating - The investment rating for the company is "Add" [1] Core Insights - The company reported steady revenue growth, achieving a revenue of 276 million yuan in the first three quarters of 2024, representing a year-on-year increase of 8.64%. However, the net profit attributable to shareholders decreased by 18.85% to 59 million yuan [2] - In Q3 2024, the company achieved a revenue of 104 million yuan, a year-on-year increase of 25.59%, with a net profit of 22 million yuan, up 1.63% year-on-year [2] - The profit margin is under pressure, with a gross margin of 39.53%, down 2.20 percentage points year-on-year. The increase in sales expense ratio is attributed to the company's active overseas market expansion [2] - The humanoid robot market is projected to reach a trillion-level market, and the company's harmonic reducers are expected to benefit from this growth as they can be applied to multiple joints of humanoid robots [2] - The company is focusing on R&D investment and overseas expansion, with a commitment to automated production and optimizing large-scale production costs [2] Financial Forecast - The company is expected to achieve revenues of 410 million yuan, 511 million yuan, and 690 million yuan for the years 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is forecasted to be 88 million yuan, 106 million yuan, and 134 million yuan for the same years [3] - The corresponding EPS for 2024, 2025, and 2026 is projected to be 0.52 yuan, 0.63 yuan, and 0.79 yuan per share, with P/E ratios of 170, 142, and 112 times, respectively [3]

证券研究报告·公司点评报告·自动化设备 绿的谐波（688017） 2024 年三季报点评：Q3 业绩恢复正增长，人 形机器人打开成长空间 2024 年 10 月 30 日 增持（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|---------|---------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 445.75 | 356.17 | 396.00 | 520.00 | 690.00 | | 同比（ % ） | 0.54 | (20.10) | 11.18 | 31.31 | 32.69 | | 归母净利润（百万元） | 155.30 | 84.16 | 73.03 | 103.48 | 143.66 | | 同比（ % ） | (17.91) | (45.81) | (13.22) | 41.70 | 38.83 | | EPS- ...

Industry and Company Overview * **Industry**: Robotics and automation, specifically focusing on industrial robots, collaborative robots, and humanoid robots. * **Company**: A leading player in the robotics industry, specializing in the development and production of robot components, including gearboxes, motors, and controllers. Key Points and Arguments 1. **Market Transition**: The company is transitioning from a niche market with high margins to a mass market with lower margins. This shift is driven by the need to cater to a larger customer base and lower cost structures for standard industrial products [1]. 2. **Product Strategy**: The company is adjusting its product strategy to cater to different market segments, including high-end, mid-range, and cost-effective products [4]. 3. **Revenue Growth**: The company reported a significant improvement in revenue in the third quarter, driven by increased demand in the consumer electronics and new energy vehicle sectors [15]. 4. **Capacity Expansion**: The company has a capacity of approximately 500,000 units this year and is planning for further expansion based on market demand [13]. 5. **Product Development**: The company is actively involved in developing products for humanoid robots, including collaborations with major customers and ongoing research and development efforts [5, 8, 24]. 6. **Competitive Advantage**: The company's competitive advantages include rapid development speed, response time, and cost competitiveness [23]. 7. **Price Trends**: The company is experiencing downward pressure on prices, particularly in the humanoid robot segment, but expects prices to stabilize as the market matures [18, 25]. Other Important Points * **Collaborative Robot Market**: The company's collaborative robot market is expected to grow significantly, with potential for high revenue contributions in the future [14]. * **Semiconductor Industry**: The company is actively involved in the semiconductor industry, providing gearboxes and motors for semiconductor manufacturing equipment [11]. * **Management Fees**: The company's management fees have decreased due to reduced equity compensation and increased investment in sales and marketing [29]. * **Capacity Utilization**: The company's capacity utilization is high, with potential for further improvement through optimization and personnel expansion [29]. * **Foreign Robot Customers**: The company is targeting foreign robot customers, particularly in Japan and Europe, and expects their contribution to increase in the future [32].

苏州绿的谐波传动科技股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 1 / 12 证券代码：688017 证券简称：绿的谐波 苏州绿的谐波传动科技股份有限公司 2024 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |-----------------------------------------------|----------------|--------------------------------------|----------------|------ ...

证券代码：688017 证券简称：绿的谐波 公告编号：2024-038 苏州绿的谐波传动科技股份有限公司 关于选举董事长、副董事长、董事会专门委员会委员、监 事会主席及聘任高级管理人员的公告 本公司董事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 苏州绿的谐波传动科技股份有限公司（以下简称"公司"） 于 2024 年 10 月 10 日，召开了第三届董事会第一次会议、第三届监事会第一次会议分别审议 通过了《关于选举董事长的议案》、《关于选举公司副董事长的议案》、《关于 选举董事会各专门委员会成员及主任委员的议案》《关于聘任公司总经理的议案》、 《关于聘任公司副总经理的议案》《关于聘任公司财务总监的议案》、《关于聘 任公司董事会秘书的议案》以及《关于选举第三届监事会主席的议案》情况公告 如下： 一、 选举公司第三届董事会董事长、副董事长 公司第三届董事会成员已经 2024 年第一次临时股东大会选举产生。根据 《中华人民共和国公司法》（以下简称"《公司法》"）、《公司章程》的规定， 公司董事会选举左昱昱先生为第三届董事会董事长，左晶先 ...

本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2024 年 10 月 10 日 （二） 股东大会召开的地点：苏州市吴中区木渎镇尧峰西路 68 号苏州绿的谐波 传动科技股份有限公司公司会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 149 | | --- | --- | | 普通股股东人数 | 149 | | 2、出席会议的股东所持有的表决权数量 | 86,721,712 | | 普通股股东所持有表决权数量 | 86,721,712 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 51.3864 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 51.3864 | （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 证券代码：688017 证券简称：绿的 ...

证券代码：688017 证券简称：绿的谐波 公告编号：2024-039 苏州绿的谐波传动科技股份有限公司 第三届监事会第一次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、监事会会议召开情况 二、监事会会议审议情况 1、以 3 票赞成、0 票反对、0 票弃权审议通过《关于选举公司第三届监事会 主席的议案》 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《苏 州绿的谐波传动科技股份有限公司关于选举董事长、董事会专门委员会委员、监 事会主席及聘任高级管理人员的公告》（公告编号：2024-037）。 特此公告。 苏州绿的谐波传动科技股份有限公司监事会 2024 年 10 月 11 日 苏州绿的谐波传动科技股份有限公司（以下简称"公司"、"本公司"或"绿 的谐波"）第三届监事会第一次会议于 2024 年 10 月 10 日下午以现场方式召开， 现场会议在苏州市吴中区尧峰西路 68 号公司会议室举行。本次会议应出席监事 3 人，实际出席监事 3 人，会议由监事钱月明先生主持。会议的召 ...

观韬中茂 (上海)律师事务所 GUANTAO LAW FIRM 地址：上海市长宁区仙震路 99 号尚嘉中心 12 层、22 层 （200051) Add: 12F&22F.L'Avenue No.99 XianXia Rd.Changning District.Shanghai.PRC 电话 Tel: +86 21 23563298 | 传真Fax: +86 21 23563299 网址 Website: http://www.guantao.com--邮箱 Email: guantaosh a guantao.com 关于苏州绿的谐波传动科技股份有限公司 2024年第一次临时股东大会 > 律师见证法律意见书 北京观稻中茂（上海）律师事务所 二〇二四年十月 齐港 福鼎 杭州 苏州 肇庆 厦门 大连 湖南 西安 武汉 南京 盛岡 松江 海口 重度 合肥 洛尼 金地 高峰 3 上海 = 网 点评 Sunne: Marghis (suagabas Sentive Hoplay) (some Ungher Subser (key), Annun Dithan Mann Man Midm Nappe Strict Pa ...

苏州绿的谐波传动科技股份有限公司 2024 年第一次临时股东大会会议资料 苏州绿的谐波传动科技股份有限公司 2024 年第一次临时股东大会会议资料 苏州绿的谐波传动科技股份有限公司 2024 年第一次临时股东大会会议资料 苏州绿的谐波传动科技股份有限公司 2024 年第一次临时股东大会会议资料目录 | 1．2024 年第一次临时股东大会会议须知 （1） | | --- | | 2．2024 年第一次临时股东大会会议日程 （3） | | 3．关于变更公司注册地址、注册资本及修改《公司章程》、《监事会议事规则》 | | 的议案 （5） | | 4．关于公司 2022 年度向特定对象发行 A 股股票决议有效期延长的议案...（7） | | 5．关于提请股东大会延长授权董事会及其授权人士全权办理本次向特定对象发 | | 行 A 股股票相关事项有效期的议案 （8） | | 6．关于公司使用闲置募集资金进行现金管理的议案 （9） | | 7．关于公司董事会换届选举非独立董事候选人的议案 （12） | | 8．关于公司董事会换届选举独立董事候选人的议案 （13） | | 9．关于公司监事会换届选举第三届监事会非职工监事候选 ...

Investment Rating - The report assigns an "Overweight" rating to Leaderdrive (688017) for the first time [1] Core Views - Leaderdrive is a high-tech enterprise specializing in R&D, design, production, and sales of precision transmission devices, with products widely used in robotics, CNC machine tools, medical devices, semiconductor equipment, and new energy equipment [1] - The company has achieved significant market share and customer penetration in the domestic market, gradually replacing international brands like Harmonic Drive and Nabtesco [1] - Leaderdrive has developed core technologies including a new generation of harmonic meshing "P-tooth" design theory, third harmonic technology, and advanced material modification techniques [1] - The company is well-positioned to benefit from the development of humanoid robots, with its harmonic reducers covering the full range of requirements for smart robot rotary modules [1] Company Overview - Leaderdrive has a total market capitalization of 10.183 billion yuan and a circulating market capitalization of 10.183 billion yuan, with a share price of 60.34 yuan as of the report date [1] - The company's 12-month high and low share prices were 163.55 yuan and 59.80 yuan, respectively [1] - Leaderdrive has a total share capital of 168.76 million shares, all of which are circulating shares [1] Financial Projections - The report forecasts Leaderdrive's revenue for 2024-2026 to be 451 million yuan, 573 million yuan, and 729 million yuan, respectively [1] - Net profit attributable to the parent company is projected to be 101 million yuan, 134 million yuan, and 163 million yuan for 2024-2026 [1] - EPS is expected to be 0.60 yuan, 0.80 yuan, and 0.96 yuan for 2024-2026, with corresponding P/E ratios of 101x, 76x, and 63x [1] Industry Analysis - Precision reducers are a key component in industrial robots, accounting for about 35% of the total cost [19] - The global market for RV reducers and harmonic reducers each account for about 40% of the robot market, with precision planetary reducers, cycloidal pinwheel reducers, and filter reducers making up the remaining 20% [19] - The development of humanoid robots is expected to drive demand for harmonic reducers, with the Ministry of Industry and Information Technology setting clear development goals for 2025 and 2027 [1] Competitive Advantages - Leaderdrive has achieved over 60% market share in the domestic market for harmonic reducers used in autonomous brand robots, breaking the monopoly of international brands [5] - The company has passed ISO9001 and ISO14001 international quality system certifications and is a major drafter of national standards for precision reducers [1] - Leaderdrive has developed a series of core technologies, including advanced harmonic meshing design theory, third harmonic technology, and unique material modification techniques [1] Product Development - Leaderdrive has developed a series of harmonic reducers with different characteristics, including the N series, Y series, and E series, catering to various application scenarios [28] - The company has also developed integrated mechatronic products, combining harmonic reducers with motors, sensors, and other components to provide standardized solutions [30] - Leaderdrive's products cover a wide range of applications, from industrial robots and CNC machine tools to medical devices and semiconductor equipment [26]