Leaderdrive(SH:688017) Guoyuan Securities·2024-09-06 04:00Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 64.45 yuan over a 6-month period [5][12]. Core Insights - The company reported a revenue of 172 million yuan in H1 2024, a year-on-year increase of 0.49%, while the net profit attributable to shareholders decreased by 27.69% to 37 million yuan due to pressures in downstream markets such as industrial and intelligent robots [2]. - The company is focusing on the rapid development of intelligent robots, which is expected to drive demand for harmonic reducers, with the global market for humanoid robots projected to exceed 20 billion USD by 2030 [3]. - The company is optimizing its product structure and expanding its mechatronic products into new applications, achieving international advanced levels in technology [4]. Financial Performance - Revenue projections for 2024-2026 are estimated at 410 million, 511 million, and 690 million yuan, respectively, with net profits expected to be 94 million, 113 million, and 147 million yuan [5]. - The company’s expense ratios have increased, with a period expense ratio of 22.53% in H1 2024, up 12.01 percentage points year-on-year, primarily due to overseas business expansion [2]. - The research and development expense ratio stands at 14.46%, reflecting the company's commitment to innovation [2].