Leaderdrive(SH:688017) Huachuang Securities·2025-05-06 11:18Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [18]. Core Insights - The company achieved a revenue of 387 million yuan in 2024, representing a year-on-year growth of 8.77%. However, the net profit attributable to the parent company decreased by 33.26% to 56 million yuan [2][5]. - In Q1 2025, the company reported a revenue of 98 million yuan, a year-on-year increase of 19.65%, with a slight increase in net profit attributable to the parent company by 0.66% to 20 million yuan [2]. - The company is progressing steadily in capacity enhancement, having completed the construction and debugging of an intelligent production line for precision reducers, with plans for gradual capacity ramp-up in 2025 [9]. Financial Performance Summary - The total revenue forecast for 2025 is 479 million yuan, with a projected growth rate of 23.6%. The net profit is expected to rebound to 87 million yuan, reflecting a growth rate of 55.6% [5][10]. - The earnings per share (EPS) for 2025 is estimated at 0.48 yuan, with a price-to-earnings (P/E) ratio of 309 times [5][10]. - The company’s total market capitalization is approximately 27.015 billion yuan, with a circulating market value of about 24.884 billion yuan [6]. Product and Market Development - The company is focusing on expanding its product line, particularly in harmonic reducers and planetary roller screws, to enhance its market competitiveness and service capabilities [9]. - The company has successfully completed a directional issuance of shares to fund new projects, including the "Next Generation Precision Transmission Device Intelligent Manufacturing Project," which is set to commence in 2025 [9]. Market Comparison - Over the past 12 months, the company's stock has experienced a decline of 51%, contrasting with a 14% increase in the CSI 300 index [8].