Leaderdrive(SH:688017) Xin Lang Cai Jing·2025-08-22 00:29Group 1 - The company achieved a revenue of 251 million yuan in H1 2025, representing a year-on-year increase of 45.82%, and a net profit attributable to shareholders of 53 million yuan, also up by 45.87% [1] - The gross profit margin was 34.77%, a decrease of 5.62 percentage points year-on-year, while the expense ratio was 16.65%, down by 5.88 percentage points [1] - The company’s R&D expense ratio reached 9.16%, with the proportion of R&D personnel increasing to 16.84% [3] Group 2 - The production of industrial robots in China from January to June reached 369,300 units, a year-on-year increase of 35.6%, benefiting from the expansion of new energy vehicle capacity and the recovery of the consumer electronics industry [2] - Revenue from harmonic reducers and metal components was 197 million yuan, up 34.43% year-on-year, while mechatronic products saw a revenue increase of 69.66% to 42 million yuan [2] - The company is actively advancing the R&D and commercialization of embodied intelligent robots, with some leading manufacturers entering small-batch trial production [2] Group 3 - The company is expanding its R&D team and focusing on core technology breakthroughs and application scenario expansion [3] - A wholly-owned subsidiary, Shanghai Green, has been established to create a R&D and service center for core components of embodied intelligent robots [3] - The company has formed a joint venture with Nanning Yuli to focus on the technology of torque sensors for rotary and linear actuators used in robots [3] Group 4 - Revenue forecasts for the company are 499 million yuan, 656 million yuan, and 843 million yuan for 2025, 2026, and 2027 respectively, with net profits of 104 million yuan, 141 million yuan, and 180 million yuan [4] - Corresponding EPS estimates are 0.57, 0.77, and 0.98 yuan per share, with PE valuations of 262, 194, and 152 times [4]