Leaderdrive(SH:688017) Xiangcai Securities·2024-09-20 01:40Investment Rating - The report initiates coverage on the company with a "Buy" rating, indicating a projected investment return exceeding the market benchmark by 15% over the next 6-12 months [9]. Core Insights - The company reported a slight revenue increase in the first half of 2024, achieving approximately 172 million yuan, a year-on-year growth of 0.49%. However, the net profit attributable to shareholders decreased by 27.69% to about 37 million yuan [5][25]. - The company is positioned as a leader in the harmonic reducer industry, with expectations for growth driven by the rising demand for humanoid robots and related technologies [7][25]. - Despite short-term performance pressures due to increased competition and rising costs, the long-term outlook remains positive, with anticipated revenue growth of 8.6%, 18.5%, and 23.2% for the years 2024, 2025, and 2026, respectively [9][25]. Financial Performance Summary - In the first half of 2024, the company experienced a decline in net profit margins, with a gross margin of 40.39%, down 1.93 percentage points year-on-year, and a net profit margin of 21.68%, down 8.30 percentage points [6]. - The company’s operating cash flow was approximately 356,500 yuan, a significant decrease of 98.86% year-on-year, primarily due to an increase in bank acceptance bills received [5]. - The company’s R&D investments continue to grow, with 23 invention patents and 14 utility model patents obtained in the first half of 2024, reinforcing its technological advantage in the harmonic reducer sector [7]. Market Outlook - The humanoid robot market is expected to grow rapidly, with companies like Tesla planning to deploy their Optimus robot by 2025, which will drive demand for harmonic reducers as a key component [7]. - The company plans to expand its production capacity significantly, with a project approved to increase annual production of harmonic reducers and mechatronic products, aligning with market growth opportunities [7]. Valuation Metrics - The projected earnings per share (EPS) for 2024, 2025, and 2026 are estimated at 0.50, 0.51, and 0.58 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 121.78, 118.34, and 104.62 [10][25].