ZD Leader(002896) 西南证券·2024-08-27 06:04Investment Rating - The report maintains a "Hold" rating for the company [1] Core Views - The company reported a significant increase in gross margin and a substantial growth in net profit for Q2 2024, despite a decline in revenue due to weak downstream demand [1] - The precision reducer segment showed a notable improvement in gross margin, contributing to the overall margin increase [1] - Future profit forecasts indicate a compound annual growth rate (CAGR) of 27% for net profit from 2024 to 2026 [1] Financial Performance Summary - For H1 2024, the company achieved revenue of 505 million yuan, a year-on-year decrease of 6.37%, while net profit attributable to shareholders was 44 million yuan, a year-on-year increase of 30.86% [1] - In Q2 2024, revenue was 283 million yuan, down 11.93% year-on-year but up 26.90% quarter-on-quarter; net profit was 27 million yuan, up 49.25% year-on-year and 65.84% quarter-on-quarter [1] - The gross margin for H1 2024 was 24.54%, an increase of 3.37 percentage points year-on-year, with a net margin of 8.60%, up 2.44 percentage points year-on-year [1] Business Segment Performance - Revenue from the decelerating motor segment was 165 million yuan, down 1.54% year-on-year; precision reducers generated 126 million yuan, up 3.19% year-on-year; and smart execution units brought in 206 million yuan, down 14.52% year-on-year [1] - The gross margin for precision reducers in H1 2024 was 21.38%, an increase of 11.92 percentage points year-on-year, while the gross margin for decelerating motors was 26.66%, down 2.11 percentage points [1] Profit Forecasts - The company is expected to achieve net profits of 95 million yuan, 121 million yuan, and 150 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 0.63, 0.80, and 0.99 yuan [2][6] - The projected revenue growth rates for the next three years are 22.41% for 2024, 15.49% for 2025, and 15.19% for 2026 [2][6]