China Leadshine Technology (002979) 东吴证券·2025-04-25 02:35Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 and Q1 2025 is in line with market expectations, with 2024 revenue reaching 1.58 billion yuan, a year-on-year increase of 12%, and net profit attributable to shareholders at 200 million yuan, a year-on-year increase of 45% [8] - The company is experiencing steady growth in its motion control products, with significant contributions from the servo system and control technology segments [8] - The launch of the dexterous hand solution positions the company as a key player in the humanoid robot sector, with ongoing development of a general robot motion control system [8] Financial Performance Summary - Revenue projections for the company are as follows: 2023A at 1.415 billion yuan, 2024A at 1.584 billion yuan, 2025E at 2.071 billion yuan, 2026E at 2.599 billion yuan, and 2027E at 3.236 billion yuan, with respective year-on-year growth rates of 5.79%, 11.93%, 30.74%, 25.49%, and 24.48% [1] - Net profit attributable to shareholders is projected to be 138.57 million yuan in 2023A, 200.47 million yuan in 2024A, 281.52 million yuan in 2025E, 367.58 million yuan in 2026E, and 480.28 million yuan in 2027E, with year-on-year growth rates of -37.10%, 44.67%, 40.43%, 30.57%, and 30.66% respectively [1] - The latest diluted EPS is expected to be 0.45 yuan in 2023A, 0.65 yuan in 2024A, 0.92 yuan in 2025E, 1.20 yuan in 2026E, and 1.57 yuan in 2027E [1] Market and Product Insights - The company has established a strong market presence in the servo system segment, achieving a market share of 4% in 2024, second only to the industry leader [8] - The company is expanding its distribution channels, with over 200 quality distributors introduced by the end of 2024, which is expected to drive revenue growth [8] - The 3C semiconductor industry has shown significant contributions to revenue, while the new energy sector faces challenges due to overcapacity and reduced capital expenditures [8]