China Leadshine Technology (002979) 国泰君安·2024-09-18 12:41Investment Rating - The investment rating for the company is "Buy" [3]. Core Views - The company has successfully implemented a dual strategy of direct sales and distribution, leading to rapid revenue growth in South China and East China, with promising progress in humanoid robot new products [2][8]. - The company maintains a "Buy" rating and has raised the target price to 32.50 yuan, reflecting a significant increase in expected earnings per share (EPS) for 2024, 2025, and 2026 [8]. - The humanoid robot market is projected to grow significantly, with a compound annual growth rate (CAGR) of 19.6% globally and 23.8% in China from 2024 to 2030, indicating a broad market opportunity for the company [8]. Financial Performance - In the first half of 2024, the company achieved revenue of 823 million yuan, a year-on-year increase of 15.46%, and a net profit attributable to shareholders of 116 million yuan, up 54.29% [8]. - The company's revenue from servo business reached 340 million yuan in H1 2024, growing by 38.2%, while control technology business revenue was 121 million yuan, up 40.7% [8]. - The company’s net profit for 2024 is projected to be 227 million yuan, with a significant increase in EPS from 0.45 yuan in 2023 to 0.74 yuan in 2024 [9]. Market Strategy - The company has shifted its sales strategy from primarily direct sales to a balanced approach of direct and distribution sales, with distribution revenue share increasing from 7.04% in 2021 to 28.01% in 2023 [8]. - The company has established over 50 sales service outlets globally and set up 15 regional offices, enhancing its market presence [8]. - The East China region has shown an average annual growth rate of 31.4% from 2020 to 2023, indicating effective strategic deployment in a high-end industrial manufacturing hub [8].