Leaderdrive(688017) 江海证券·2024-09-12 06:09Investment Rating - The investment rating for the company is "Accumulate (Maintain)" with a current price of 63.99 CNY and a target price of 67.50 CNY over a 6-month period [1]. Core Insights - The company reported a total revenue of 172 million CNY for the first half of 2024, reflecting a year-on-year increase of 0.49%, while the net profit attributable to shareholders decreased by 27.69% to 37 million CNY, primarily due to increased operating expenses [3][5]. - The second quarter of 2024 saw revenue growth both year-on-year (+8.96%) and quarter-on-quarter (+10.44%), although net profit faced a decline due to rising sales and management expenses [3]. - The company is increasing its R&D investments to strengthen its market position, with R&D expenses rising by 16.79% year-on-year in the first half of 2024 [3]. - The company is actively expanding into overseas markets, with the commercialization of humanoid robots expected to create significant growth opportunities [3]. Financial Summary - For 2024, the company is projected to achieve revenues of 410 million CNY, with a year-on-year growth of 15.2%, and a net profit of 76 million CNY, reflecting a decline of 10% [5]. - The company’s financial ratios indicate a return on equity (ROE) of 3.7% for 2024, with earnings per share (EPS) expected to be 0.45 CNY [5][7]. - The estimated price-to-earnings (P/E) ratio for 2024 is 142.6 times, which is expected to decrease to 84.7 times by 2026 [5][7].