Leaderdrive(SH:688017) EBSCN·2025-04-30 13:13Investment Rating - The report maintains a rating of "Accumulate" for the company [5] Core Views - In 2024, the company achieved a revenue of 387 million yuan, representing a year-on-year growth of 8.8%, while the net profit attributable to shareholders decreased by 33.3% to 56 million yuan [1][2] - The decline in profit is attributed to reduced cash management income, decreased fiscal subsidies, increased sales expenses due to ongoing product development and overseas market expansion, and a significant drop in the gross margin of key products [2] - The company is focusing on optimizing and iterating its products in line with the development of intelligent robotics, with plans to ramp up production capacity steadily by 2025 [3] Revenue and Profitability Summary - The company's revenue from harmonic reducers and metal parts was 325 million yuan, a 2.6% increase year-on-year, with a gross margin of 36.1%, down 5.0 percentage points [2] - Revenue from mechatronic products surged by 56.7% to 53 million yuan, with a gross margin of 41.14%, slightly up by 0.1 percentage points [2] - Revenue from intelligent automation equipment skyrocketed by 97.9% to 5 million yuan, with a gross margin of 50.9%, an increase of 63.4 percentage points [2] Financial Forecast and Valuation - The forecast for net profit attributable to shareholders is adjusted to 80 million yuan for 2025 and 102 million yuan for 2026, with a new estimate of 130 million yuan for 2027 [3] - The company is expected to benefit significantly from the future commercialization of humanoid robots, reinforcing its position as a leading domestic harmonic reducer manufacturer [3] Key Financial Metrics - The company reported a gross margin of 37.5% in 2024, down from 41.1% in 2023 [11] - The projected revenue growth rates for the coming years are 14.76% for 2025, 16.77% for 2026, and 21.42% for 2027 [4] - The estimated P/E ratios are projected to decrease from 459 in 2024 to 201 in 2027, indicating a potential improvement in valuation over time [12]