Leaderdrive(688017) 国盛证券·2024-11-01 01:46Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company has shown significant recovery in Q3 2024, with a revenue of 1.04 billion yuan, representing a year-on-year growth of 25.59%, and a net profit of 0.22 billion yuan, up 1.63% year-on-year [1]. - Continuous investment in R&D is evident, with R&D expenses reaching 0.36 billion yuan in the first three quarters of 2024, a 14.49% increase year-on-year, indicating a strategic focus on innovation [1]. - The company is expanding its product lines, particularly in industrial automation and robotics, which is expected to contribute to future growth [1][2]. Financial Summary - For the first three quarters of 2024, the company achieved a total revenue of 2.76 billion yuan, an 8.64% increase year-on-year, while the net profit attributable to shareholders was 0.59 billion yuan, down 18.85% year-on-year [1]. - The projected revenues for 2024, 2025, and 2026 are 4.21 billion yuan, 5.70 billion yuan, and 7.40 billion yuan respectively, with net profits expected to be 1.02 billion yuan, 1.43 billion yuan, and 2.03 billion yuan [2][3]. - The company's P/E ratio for 2024 is projected at 151.4X, indicating a high valuation relative to earnings [2][3]. Market Position and Strategy - The company is focusing on the trend of mechatronics and has developed a new generation of mechatronic products, which is expected to strengthen its leading position in the industry [2]. - The strategic emphasis on high-end equipment and innovative technologies is aimed at expanding market reach and addressing new application scenarios [2].