Leaderdrive(688017) 湘财证券·2024-11-22 06:31Investment Rating - The report maintains an "Accumulate" rating for the company [3][6]. Core Views - The company reported a revenue of approximately 276 million yuan for 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 about 59 million yuan [4][6]. - The company is expected to benefit from the growing demand for humanoid robots and plans to increase production capacity for harmonic reducers and mechatronic products [5][6]. - Despite short-term pressure on profitability due to increased competition in the smart robotics sector and rising expense ratios, the long-term outlook remains positive due to anticipated growth in the harmonic reducer market [6][32]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of approximately 104 million yuan, a year-on-year increase of 25.59%, while the net profit attributable to shareholders was 22 million yuan, up 1.63% year-on-year [4]. - The gross profit margin decreased by 2.20 percentage points to 39.53%, and the net profit margin fell by 7.37 percentage points to 21.71% due to rising sales, R&D, and financial costs [4][6]. Market Outlook - The company is positioned as a leader in the domestic harmonic reducer market and is expected to benefit from the increasing demand for humanoid robots, which presents a significant growth opportunity [5][6]. - The company has received approval for a 2 billion yuan capital increase project aimed at expanding production capacity to meet market demands [5][6]. Future Projections - Revenue projections for 2024-2026 are estimated at 398 million, 478 million, and 617 million yuan, with year-on-year growth rates of 11.7%, 20.0%, and 29.3%, respectively. Net profit projections for the same period are 82 million, 106 million, and 139 million yuan, with growth rates of -2.0%, 28.4%, and 30.9% [6][32].