Leaderdrive(SH:688017) Shanxi Securities·2025-05-15 08:03Investment Rating - The report assigns an "Accumulate-A" rating for the company, indicating a positive outlook for its stock performance in the near term [1][9]. Core Insights - The company has shown signs of performance recovery in Q1 2025, with a revenue increase of 19.65% year-on-year, and a return to profitability with a net profit of 0.20 billion yuan [2][4]. - The company is focusing on expanding its product offerings and high-end application scenarios, particularly in the semiconductor and robotics sectors, which presents significant growth opportunities [5][6]. - The company is actively enhancing its production capacity and pursuing globalization strategies, including establishing sales teams in key international markets and acquiring a German company to strengthen its European presence [6][8]. Financial Performance - In 2024, the company achieved a revenue of 3.87 billion yuan, reflecting an 8.77% year-on-year growth, while the net profit decreased by 33.26% to 0.56 billion yuan [2][11]. - The gross margin and net margin for 2024 were reported at 37.54% and 14.41%, respectively, both showing a decline compared to the previous year [4][11]. - The company expects significant growth in earnings per share (EPS) from 0.54 yuan in 2025 to 0.83 yuan in 2027, indicating a positive trend in profitability [9][11]. Product Development and Market Position - The company is a leader in the domestic harmonic reducer market, with ongoing optimization and iteration of its products to meet high-end market demands [5][9]. - The company has successfully penetrated the semiconductor equipment market, meeting stringent requirements for low vibration and high reliability [5]. - The company is also advancing its planetary roller screw technology, which addresses high precision and long lifespan challenges, thereby enhancing its product portfolio [6]. Market Outlook - The report anticipates that the company's EPS will grow significantly over the next few years, with projected P/E ratios decreasing from 271.4 in 2025 to 175.4 in 2027, suggesting an improving valuation as earnings grow [9][11]. - The company is well-positioned to capitalize on the recovery in the industrial robotics sector, with a reported 3.93% year-on-year growth in revenue from industrial and service robot components [4][11].