Leaderdrive(688017) 国元证券·2024-10-31 06:38Investment Rating - The investment rating for the company is "Add" [1] Core Insights - The company reported steady revenue growth, achieving a revenue of 276 million yuan in the first three quarters of 2024, representing a year-on-year increase of 8.64%. However, the net profit attributable to shareholders decreased by 18.85% to 59 million yuan [2] - In Q3 2024, the company achieved a revenue of 104 million yuan, a year-on-year increase of 25.59%, with a net profit of 22 million yuan, up 1.63% year-on-year [2] - The profit margin is under pressure, with a gross margin of 39.53%, down 2.20 percentage points year-on-year. The increase in sales expense ratio is attributed to the company's active overseas market expansion [2] - The humanoid robot market is projected to reach a trillion-level market, and the company's harmonic reducers are expected to benefit from this growth as they can be applied to multiple joints of humanoid robots [2] - The company is focusing on R&D investment and overseas expansion, with a commitment to automated production and optimizing large-scale production costs [2] Financial Forecast - The company is expected to achieve revenues of 410 million yuan, 511 million yuan, and 690 million yuan for the years 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is forecasted to be 88 million yuan, 106 million yuan, and 134 million yuan for the same years [3] - The corresponding EPS for 2024, 2025, and 2026 is projected to be 0.52 yuan, 0.63 yuan, and 0.79 yuan per share, with P/E ratios of 170, 142, and 112 times, respectively [3]