China Leadshine Technology (SZ:002979) Dongguan Securities·2025-04-30 06:04Investment Rating - The report maintains a "Buy" rating for the company [1][6]. Core Views - The company has shown an increase in profitability with a significant rise in PLC product revenue [6]. - The company continues to invest in R&D, enhancing its core competitiveness, particularly in servo and PLC products [6]. - The company is focusing on the robotics sector, particularly dexterous hand solutions, which are expected to drive growth [6]. - Earnings per share (EPS) forecasts for 2025-2027 are projected at 0.86, 1.06, and 1.30 yuan, with corresponding price-to-earnings (PE) ratios of 52, 42, and 35 [6][7]. Financial Performance Summary - In 2024, the company achieved revenue of 1.584 billion yuan, a year-on-year increase of 11.93%, and a net profit of 200 million yuan, up 44.67% [6][7]. - For Q1 2025, the company reported revenue of 390 million yuan, a year-on-year increase of 2.36%, and a net profit of 56 million yuan, up 2.25% [6]. - The gross margin for 2024 was 38.45%, and the net margin was 13.22% [6]. Business Segment Performance - The servo system business generated revenue of 709 million yuan in 2024, growing by 11.37% year-on-year [6]. - The PLC product revenue saw a remarkable increase of 88.16% year-on-year [6]. - The company has successfully developed a range of core products in the robotics sector, including high-density motors and servo systems [6].