ZD Leader(002896) 华龙证券·2025-04-22 10:23Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [4] Core Views - The company has a deep foundation in the reducer field and is expected to benefit from the mass production of humanoid robots [4][6] - The company's revenue for 2024 was 976 million yuan, a decrease of 10.1% year-on-year, while the net profit attributable to shareholders was 73 million yuan, a decrease of 0.82% year-on-year. However, the net profit after deducting non-recurring gains and losses increased by 3.26% year-on-year to 58 million yuan [4][6] - The company has a competitive advantage in supplying integrated actuators to robot manufacturers and has been focusing on the integration and modularization of its products [6][4] Financial Performance Summary - In 2024, the company achieved a gross margin of 25.9%, an increase of 3.02 percentage points year-on-year [6] - Revenue breakdown by business: - Smart execution units: 370 million yuan (-23.65% year-on-year), gross margin 25.87% (+2.21 percentage points) - Gear motors: 345 million yuan (+0.78% year-on-year), gross margin 28.55% (-0.2 percentage points) - Reducers: 243 million yuan (+1.07% year-on-year), gross margin 23.26% (+9.72 percentage points) [6] - The company is expected to achieve revenues of 1.118 billion yuan, 1.288 billion yuan, and 1.493 billion yuan in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 14.48%, 15.23%, and 15.89% [6][7] Earnings Forecast - The forecast for net profit attributable to shareholders is 91 million yuan, 107 million yuan, and 129 million yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 25.84%, 17.26%, and 20.46% [7][6] - The company has been focusing on the modularization of joint modules and has a comprehensive layout in the fields of smart execution units, servo motors, and precision reducers [6][4] Valuation Comparison - The company’s current price is 88 yuan, with a P/E ratio of 82.8 for 2023, which is lower than some comparable companies [8] - The average P/E ratio for comparable companies is significantly higher, indicating potential undervaluation [8]