ZD Leader(002896) 平安证券·2025-04-21 04:17Investment Rating - The report maintains a "Recommended" rating for the company, with a current stock price of 84.77 yuan [1]. Core Views - The company has shown a significant improvement in the gross margin of its reducers, demonstrating scalable precision manufacturing capabilities [1][7]. - In 2024, the company achieved a revenue of 976 million yuan, a year-on-year decrease of 10.10%, while the net profit attributable to shareholders was 72.55 million yuan, a decrease of 0.82% year-on-year [4][7]. - The company has a strong market position in small and micro gear motors and has made technological breakthroughs in precision reducers, competing effectively against foreign companies [8]. Financial Performance Summary - Revenue and Profitability: The company’s revenue is projected to recover to 1,084 million yuan in 2025, with a net profit of 89 million yuan, reflecting a year-on-year growth of 23.2% [6][10]. - Gross Margin: The gross margin for 2024 is reported at 25.9%, an increase of 3.02 percentage points year-on-year, indicating improved cost management [7][10]. - Earnings Per Share (EPS): The EPS is expected to grow from 0.48 yuan in 2024 to 0.59 yuan in 2025, with further increases projected in subsequent years [6][10]. Product and Market Position - The company focuses on key components in the mechanical transmission and control application fields, with a product structure that includes reducers, gear motors, and intelligent actuators [8]. - The main products, including gear motors and precision reducers, have shown sales growth, with the precision reducer's gross margin increasing by 10.57 percentage points year-on-year [7][8]. - The company is actively expanding into humanoid robot components, positioning itself well in the growing market for robotics [8]. Financial Ratios and Projections - Return on Equity (ROE): The ROE is projected to improve from 6.2% in 2024 to 8.7% by 2027, indicating enhanced profitability [10]. - Debt Ratios: The asset-liability ratio is expected to decrease from 28.3% in 2024 to 24.7% in 2027, reflecting a stronger balance sheet [10]. - Cash Flow: Operating cash flow is projected to be 131 million yuan in 2025, indicating healthy cash generation capabilities [11].