Leaderdrive(688017) 天风证券·2024-11-09 14:28Investment Rating - The report maintains a "Buy" rating for the company [5][3] Core Views - The company reported a revenue of 276 million yuan for the first three quarters of 2024, representing an 8.64% year-on-year growth, while the net profit attributable to the parent company was 59 million yuan, a decrease of 18.85% year-on-year [1] - The gross margin and net margin for the first three quarters were 39.53% and 21.71%, respectively, showing a decline of 2.2 and 7.4 percentage points year-on-year [2] - The company is experiencing a recovery in Q3, with revenue reaching 103.5 million yuan, a year-on-year increase of 25.59% and a quarter-on-quarter increase of 14.44% [2] - The demand for harmonic reducers is expected to grow significantly due to the rapid development of the robotics industry, which will benefit the company's automated production model [3] - The company is increasing its R&D efforts, holding 160 valid patents as of June 30, 2024, and applying new technologies to its products [2] Financial Summary - The company forecasts net profits of 85.46 million yuan, 110.76 million yuan, and 150.14 million yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 1.55%, 29.6%, and 35.6% [3][4] - The projected revenue for 2024 is 390.78 million yuan, with a growth rate of 9.72% [4] - The company's P/E ratios for 2024, 2025, and 2026 are projected to be 242.10, 186.81, and 137.81, respectively [4][9]