Leaderdrive(688017) Soochow Securities·2024-08-31 07:31Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's revenue remained stable with a slight increase, while net profit declined due to high expenses [2][3] - The gross margin slightly decreased, and the increase in operating expenses pressured the net profit margin [2][3] - The company is increasing its R&D investment to strengthen its technological advantages, particularly in the harmonic reducer sector [2][3] - The outlook for humanoid robots is promising, with potential benefits for the company from mass production [2][3] - The company is expected to benefit from the growth of mechatronic products as industrial production trends towards high precision and human-machine collaboration [2][3] - The profit forecast for 2024-2026 is maintained at 1.10 billion, 1.53 billion, and 2.12 billion respectively, with corresponding P/E ratios of 99, 72, and 52 [2][3] Financial Summary - In H1 2024, the company achieved revenue of 172 million, a year-on-year increase of 0.49%, and a net profit of 37 million, a decline of 27.69% [2][3] - The gross margin for H1 2024 was 40.39%, down 1.93 percentage points year-on-year, while the net profit margin was 21.68%, down 8.30 percentage points [2][3] - The operating cash flow for H1 2024 was 356,500, a significant decrease of 98.87% year-on-year [2][3] - The company’s total revenue projections for 2024, 2025, and 2026 are 495 million, 660 million, and 892.5 million respectively, with corresponding growth rates of 38.98%, 33.33%, and 35.23% [2][3]