Leaderdrive(SH:688017) Xin Lang Cai Jing·2025-08-20 10:32Core Viewpoint - The company reported strong revenue and profit growth in H1 2025, driven by a recovery in demand for industrial robots and improvements in operational efficiency [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 251 million, a year-on-year increase of 45.82%, and a net profit attributable to shareholders of 53 million, also up 45.87% [1]. - For Q2 2025, revenue reached 153 million, reflecting a year-on-year growth of 69.52%, while net profit attributable to shareholders surged by 100.99% to 33 million [1]. Industry Demand and Product Performance - The industrial robot sector saw a recovery, with China's cumulative production of industrial robots reaching 369,300 units in the first half of 2025, a 35.6% increase year-on-year [2]. - The company's core products, including harmonic reducers and mechatronic products, experienced revenue growth of 34.43% and 69.66% respectively [2]. - Revenue from embodied intelligent robots significantly increased, indicating successful transition from R&D to small-scale production [2]. Profitability and Cost Management - The company reported a gross margin of 34.77% in H1 2025, a decrease of 5.62 percentage points year-on-year, while the net profit margin improved to 21.91%, up 0.23 percentage points [3]. - The period expense ratio was optimized to 16.65%, down 5.88 percentage points year-on-year, attributed to enhanced scale effects and cost control [3]. Future Growth Prospects - The embodied intelligent robot business is expected to continue driving revenue growth, with ongoing validation of harmonic reducers in downstream applications [4]. - The company is expanding its product applications beyond robotics, including the development of planetary roller screws for non-robotic industries [4]. - Capacity expansion projects are underway to meet the growing demand for precision transmission devices, focusing on harmonic reducers and planetary roller screws [4]. Investment Outlook - The company maintains a "buy" rating, anticipating sustained demand in the industrial robot sector and potential improvements in performance due to the release of humanoid robot demand [4]. - Projected net profits for 2025 and 2026 are estimated at 101 million and 135 million respectively, with corresponding price-to-earnings ratios of 268x and 200x [4].