Leaderdrive(SH:688017) Soochow Securities·2025-11-02 03:57Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has experienced significant revenue growth, with a 47.36% year-on-year increase in revenue for the first three quarters of 2025, reaching 407 million yuan. The net profit attributable to shareholders also rose by 59.21% year-on-year to 94 million yuan [2] - The gross margin has stabilized and improved, with a gross margin of 36.60% for the first three quarters of 2025, and a net profit margin of 23.35%, indicating strong profitability [3] - The company is actively expanding its production capacity and focusing on the humanoid robot sector, with plans to increase production capacity significantly in the coming years [4] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 407 million yuan, up 47.36% year-on-year, and a net profit of 94 million yuan, up 59.21% year-on-year. In Q3 alone, revenue was 155 million yuan, a 49.92% increase year-on-year, and net profit was 40 million yuan, an 81.19% increase year-on-year [2] - The gross margin for the first three quarters was 36.60%, down 2.93 percentage points year-on-year, while the net profit margin improved by 1.64 percentage points to 23.35% [3] Production Capacity and Strategic Focus - The company has successfully completed a project to expand its production capacity for precision reducers to 500,000 units annually and plans to further increase capacity in 2025. A new project for intelligent manufacturing of precision transmission devices is also set to start in December 2024, expected to add 1 million harmonic reducers and 200,000 mechatronic products annually [4] - The company is enhancing its product offerings in the humanoid robot sector by focusing on lightweight harmonic reducer technology, achieving over 30% weight reduction while maintaining output, and developing micro harmonic reducers suitable for dexterous hands [4] Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been adjusted upwards due to the recovery in demand for industrial robots, with projected net profits of 138 million yuan, 212 million yuan, and 322 million yuan for 2025, 2026, and 2027 respectively. The current stock price corresponds to dynamic P/E ratios of 212, 139, and 91 times for the respective years [4]