Leaderdrive(688017) Soochow Securities·2024-10-31 00:32Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's Q3 performance shows a recovery in revenue growth, driven by a rebound in demand from the 3C sector and increased sales of industrial robots [1] - The competitive landscape is intensifying, leading to lower profit margins, but the company is expected to benefit from the long-term growth potential in humanoid robots and enhanced market efforts in mechatronic products [1] - The profit forecasts for 2024-2026 have been adjusted downward due to a slow recovery in downstream demand, yet the company retains growth potential in the humanoid robot sector [1] Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved revenue of 276 million, a year-on-year increase of 8.64%, while net profit attributable to shareholders was 59 million, a decline of 18.85% [1] - For Q3 alone, revenue reached 104 million, up 25.59% year-on-year and 14.44% quarter-on-quarter, with net profit at 22 million, a year-on-year increase of 1.63% and a quarter-on-quarter increase of 34.61% [1] Profitability - The gross profit margin for the first three quarters of 2024 was 39.5%, down 2.2 percentage points year-on-year, attributed to slowing demand and increased competition [1] - The net profit margin for the same period was 21.7%, down 7.4 percentage points year-on-year, due to declining gross margins and rising operating expenses [1] Market Opportunities - The company is positioned as a leader in harmonic reducers, which are crucial for humanoid robots, and is expected to benefit from the growing market for these robots [1] - The mechatronic products are being increasingly integrated into new technologies, enhancing the company's competitive edge in high-precision industrial applications [1] Earnings Forecasts - The revised net profit forecasts for 2024, 2025, and 2026 are 73 million, 103 million, and 144 million respectively, with corresponding dynamic P/E ratios of 201, 142, and 102 [1]