ZD Leader(SZ:002896) EBSCN·2024-04-16 16:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months [13][23]. Core Insights - The company's 2023 performance met expectations, with a focus on independent research and technological innovation, maintaining a high level of R&D investment [14][22]. - The company is strategically positioned in the "reducer + motor + driver" integrated product architecture, aligning with market demands for miniaturization and integration in humanoid robots [14][12]. - The report highlights the acceleration of domestic substitution in the precision reducer and motor sectors, benefiting from the "Made in China 2025" initiative [12][3]. Financial Performance Summary - In 2023, the company achieved operating revenue of 1.086 billion yuan, a year-on-year increase of 20.99%, and a net profit attributable to shareholders of 73 million yuan, up 10.22% year-on-year [2][4]. - The fourth quarter of 2023 saw operating revenue of 264 million yuan, a 15.50% increase year-on-year, but a decline of 6.43% compared to Q3 [2]. - The company's revenue and profit forecasts for 2024-2026 indicate continued growth, with projected net profits of 97 million yuan in 2024, 124 million yuan in 2025, and 161 million yuan in 2026 [23][4]. Product Segment Performance - The intelligent execution unit segment saw significant growth, with revenue reaching 485 million yuan in 2023, a 57.89% increase year-on-year [11]. - The precision reducer segment generated 240 million yuan in revenue, reflecting an 18.33% year-on-year increase, while the reducer motor segment experienced a decline of 8.19% [11]. Industry Context - The report emphasizes the expected growth in the humanoid robot market, which is anticipated to drive demand for precision reducers, positioning the company as a key beneficiary in this sector [23][12]. - The domestic market for key components in robotics is projected to reach a 70% market share by 2025, further supporting the company's growth trajectory [12].