Leaderdrive(SH:688017) Soochow Securities·2025-08-18 12:14Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved significant revenue and profit growth in H1 2025, with revenue reaching 251 million yuan, up 45.82% year-on-year, and net profit of 53 million yuan, also up 45.87% year-on-year, driven by strong downstream demand and strategic order and capacity growth [2] - The company's gross margin decreased to 34.77%, down 5.62 percentage points year-on-year, while the net profit margin remained stable at 21.91%, down 0.23 percentage points year-on-year [3][4] - The company is steadily increasing its production capacity and is intensifying its focus on humanoid robot products, with plans to add significant production capacity for precision reducers and mechatronic products [5] Revenue and Profit Forecast - The company forecasts total revenue of 544.61 million yuan for 2025, representing a 40.58% year-on-year increase, and a net profit of 103.49 million yuan, reflecting an 84.25% year-on-year growth [1][12] - The projected earnings per share (EPS) for 2025 is 0.56 yuan, with a price-to-earnings (P/E) ratio of 262.73 based on the current price [1][12] Financial Performance - In H1 2025, the company reported a revenue of 251 million yuan, with a notable contribution from mechatronic products, which grew by 69.66% year-on-year [2] - The company's operating expenses ratio decreased to 16.65%, down 5.88 percentage points year-on-year, indicating improved cost management [3] Market Position and Strategy - The company is focusing on technological advancements in lightweight harmonic reducers for humanoid robots, aiming for a weight reduction of over 30% while maintaining output [5] - The company has successfully developed high-precision, high-load, long-life planetary rolling screw technology for humanoid robot applications [5]