Leaderdrive(SH:688017) Guoyuan Securities·2025-11-07 09:12Investment Rating - The report maintains a "Buy" rating for the company [4][7] Core Insights - The company has shown significant revenue growth, achieving a revenue of 407 million yuan in Q1-Q3 2025, representing a year-on-year increase of 47.36%. The net profit attributable to the parent company reached 94 million yuan, up 59.21% year-on-year [1] - The gross margin has slightly declined to 36.60%, down 2.93 percentage points year-on-year, while the expense ratio has improved, decreasing by 4.26 percentage points to 17.14% [2] - The company is capitalizing on industry opportunities, particularly in the industrial robot sector, benefiting from the expansion of new energy vehicle production, recovery in the consumer electronics sector, and accelerated localization of semiconductor equipment. The humanoid robot segment is also progressing from research to small-scale production, opening new growth avenues [3] Financial Performance Summary - For 2025-2027, the company is projected to achieve revenues of 570 million, 827 million, and 1.197 billion yuan, with net profits of 120 million, 179 million, and 257 million yuan respectively. The corresponding EPS is expected to be 0.65, 0.97, and 1.40 yuan per share, with PE ratios of 231, 154, and 107 times [4][6]