ZD Leader(002896) 东吴证券·2025-03-05 12:08Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Viewpoints - The company is a leading enterprise in precision reducers and is expected to benefit significantly from the industrialization of humanoid robots [1][4] - The company has a strong focus on the production and R&D of reducers and motors, transitioning from single components to integrated electromechanical solutions [2][4] - The precision reducer market is projected to expand due to the increasing demand for humanoid robots, with significant growth potential in the coming years [3][35] Summary by Sections Company Overview - The company, originally established as Cixi Zhongda Electric Motor Factory in 1998, has evolved into a key player in the reducer and motor industry, successfully listed on the Shenzhen Stock Exchange in 2017 [2][13] - It specializes in the production of reducers, geared motors, and other core components, leveraging its advanced R&D capabilities and manufacturing processes to provide comprehensive power transmission and control solutions [2][4] Market Potential - The global humanoid robot market is expected to see substantial growth, with projected demand reaching 3 million units in 2025 and 1.165 billion units by 2034, leading to a corresponding increase in the precision reducer market [3][35] - The company is well-positioned to capture this market growth due to its established relationships with domestic robot manufacturers and its comprehensive product offerings [4][35] Financial Projections - The company is expected to achieve a net profit of 0.73 billion CNY in 2024, with projections of 0.83 billion CNY in 2025 and 0.98 billion CNY in 2026, reflecting a strong growth trajectory [1][42] - Revenue forecasts for the company's main business segments include 4.36 billion CNY for smart execution units, 2.04 billion CNY for precision reducers, and 3.08 billion CNY for geared motors from 2024 to 2026 [41][42] Competitive Position - The company has a diverse product range, including planetary reducers, harmonic reducers, and RV reducers, which enhances its competitive edge in the market [4][38] - The company is actively expanding its production capacity and product offerings to meet the growing demand in the humanoid robot sector, with a recent investment of 175 million CNY in new production lines [4][39]