Leaderdrive(SH:688017) CSC SECURITIES (HK) LTD·2026-01-30 10:24Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside in the stock price [8][9]. Core Insights - The company is expected to achieve a net profit of RMB 1.2-1.3 billion in 2025, representing a year-on-year growth of 105%-131%. The adjusted net profit is projected to be RMB 0.9-1.1 billion, with a growth of 95%-127% [9][12]. - The growth is attributed to the recovery in the domestic industrial robot market, with a year-on-year production increase of 28%. The company has also gained market share due to its strong product competitiveness [12]. - The company is expanding its production capacity, with a current capacity of 790,000 harmonic reducers per year and plans to add 1 million harmonic reducers and 200,000 mechatronic products through new projects [12]. Summary by Sections Company Overview - The company operates in the mechanical equipment industry, with a current A-share price of RMB 212.46 and a market capitalization of RMB 38.95 billion [2]. Recent Ratings - The company has received "Buy" ratings in previous reports dated August 18, 2025, and October 31, 2025, with respective closing prices of RMB 148.3 and RMB 159.9 [3]. Product Portfolio - The product mix includes harmonic reducers and metal components (78.3%), mechatronic products (16.6%), and intelligent automation equipment (3.2%) [4]. Financial Performance - The company forecasts a net profit of RMB 124 million in 2025, with a significant increase in earnings per share (EPS) to RMB 0.68, reflecting a year-on-year growth of 103.28% [11][12]. - The projected net profits for 2026 and 2027 are RMB 181 million and RMB 253 million, respectively, with corresponding EPS of RMB 0.99 and RMB 1.38 [12]. Market Position - The company is positioned as a leader in the harmonic reducer market, benefiting from the anticipated surge in humanoid robot production, with global shipments expected to increase by approximately 508% [12].