Leaderdrive(SH:688017) Soochow Securities·2025-04-30 10:06Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - In 2024, the company achieved revenue of 387.41 million yuan, a year-on-year increase of 8.77%, but the net profit attributable to the parent company was 56.17 million yuan, a year-on-year decrease of 33.26%. The divergence between revenue and profit growth is attributed to a decline in gross margin, an increase in expense ratios, and higher asset/credit impairment losses [2] - In Q1 2025, the company returned to profit growth with a revenue of 98 million yuan, a year-on-year increase of 19.65%, and a net profit of 20 million yuan, a year-on-year increase of 0.66% [2] Summary by Sections Revenue and Profitability - The company’s revenue for 2024 was 387.41 million yuan, with a year-on-year growth of 8.77%. The net profit attributable to the parent company was 56.17 million yuan, down 33.26% year-on-year. The decline in profit growth was due to a decrease in gross margin and an increase in expense ratios [2][3] - In Q1 2025, the company reported a revenue of 98 million yuan, up 19.65% year-on-year, and a net profit of 20 million yuan, up 0.66% year-on-year, indicating a recovery in profitability [2] Margin Analysis - The gross margin for 2024 was 37.54%, down 3.60 percentage points year-on-year, while the gross margin for Q1 2025 was 34.06%, down 8.49 percentage points year-on-year. The decline in gross margin is attributed to intense market competition and increased depreciation [3] - The net profit margin for 2024 was 14.41%, down 9.41 percentage points year-on-year, while the net profit margin for Q1 2025 was 21.49%, down 3.85 percentage points year-on-year [3] Capacity and Product Development - The company successfully completed the expansion project for 500,000 precision reducers in 2024 and plans to steadily ramp up production capacity in 2025. A new project for intelligent manufacturing of next-generation precision transmission devices is set to start in 2025, which is expected to add 1 million harmonic reducers and 200,000 mechatronic products to annual capacity [4] - The company is focusing on lightweight technology breakthroughs for harmonic reducers aimed at the humanoid robot industry, achieving over 30% weight reduction under the same output conditions [4] Financial Forecasts - The company maintains its forecast for net profit attributable to the parent company at 103 million yuan for 2025 and 144 million yuan for 2026, with an expected net profit of 210 million yuan for 2027. The current stock price corresponds to dynamic P/E ratios of 249, 179, and 123 times for 2025, 2026, and 2027 respectively [4]