Leaderdrive(688017) 长江证券·2024-02-25 16:00Investment Rating - The report maintains a "Buy" rating for the company, with an expectation of significant growth driven by product diversification and humanoid robotics [6][7] Core Views - The company's revenue growth turned positive for the first time in six quarters, indicating a gradual recovery in demand [2][5] - The company is strategically positioned in the smart robotics and high-end equipment sectors, with continuous innovation in harmonic reducer technology and related products [2][5] - The humanoid robotics industry is advancing steadily, with potential for significant growth, and the company is well-positioned to benefit from this trend due to its cost, technology, and capacity advantages [6] Financial Performance - In 2023, the company reported revenue of 357 million yuan, a year-on-year decrease of 19.90%, and a net profit attributable to the parent company of 84 million yuan, a year-on-year decrease of 45.80% [5] - In Q4 2023, the company achieved revenue of 103 million yuan, a year-on-year increase of 1.73%, and a net profit attributable to the parent company of 12 million yuan, a year-on-year decrease of 57.23% [2][5] - The company's gross margin in 2023 was 42%, with a net profit margin of 24% [11] Industry and Market Trends - The domestic industrial robot market showed signs of recovery, with a 3.4% year-on-year increase in December 2023, and a cumulative production of 430,000 units for the year, a decrease of 2.2% [5] - The collaborative robot market grew significantly, with a 34% year-on-year increase in Q4 2023, driven by the rapid development of lightweight robots [5] - Tesla's advancements in humanoid robotics, particularly the Gen-2 model, are expected to drive demand for harmonic reducers, a key component in which the company specializes [6] Product and Technology Development - The company has developed a liquid-controlled grinding device, which has been tested in multiple application scenarios, showcasing its innovation in micro-electro-hydraulic servo technology [2][5] - The company is expanding its product line in high-precision CNC rotary tables and electromechanical integrated actuators, catering to various emerging application scenarios [5] Future Outlook - The company is expected to achieve net profits of 120 million yuan and 226 million yuan in 2024 and 2025, respectively, with corresponding P/E ratios of 186x and 99x [6] - The company's strategic focus on core components and functional parts, combined with its expertise in mechanical, electrical, and hydraulic technologies, is expected to enhance its product barriers and open up new growth opportunities [6]