Leaderdrive(SH:688017) Soochow Securities·2024-05-05 01:30Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's performance is under short-term pressure due to a slowdown in downstream demand in the industrial robot sector, but the mechatronics business has a promising outlook [3] - The company is expected to benefit from the growth in humanoid robots and is increasing market efforts for its mechatronics products [3] Financial Performance Summary - In 2023, the company achieved total revenue of 356.17 million yuan, a year-on-year decrease of 20.1%, and a net profit attributable to shareholders of 84.16 million yuan, down 45.8% [3] - The revenue from harmonic reducers and metal parts was 317 million yuan, down 23.8%, while the mechatronics product revenue increased by 30.8% to 33.55 million yuan [3] - The gross profit margin for 2023 was 41.1%, a decrease of 7.6 percentage points year-on-year, primarily due to intensified competition and reduced demand [3] - The company forecasts total revenue of 495 million yuan for 2024, with a projected net profit of 110.46 million yuan, reflecting a recovery in demand [2][3] Earnings Forecast and Valuation - The report adjusts the net profit forecasts for 2024 and 2025 to 110.46 million yuan and 152.73 million yuan, respectively, with a 2026 forecast of 211.77 million yuan [3] - The current stock price corresponds to dynamic P/E ratios of 182, 131, and 95 for 2024, 2025, and 2026, respectively [3]