Leaderdrive(688017) 长江证券·2025-05-13 02:44Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a steady revenue growth in 2024, achieving revenue of 387 million, a year-on-year increase of 8.77%, primarily driven by increased sales of harmonic reducers and mechatronic actuators [6][12] - The company is deeply engaged in the humanoid robotics sector, focusing on the production capabilities of core components such as harmonic reducers and planetary roller screws, with expectations for progress in overseas client validations [6][12] Summary by Sections Financial Performance - In 2024, the company achieved a net profit of 56 million, a decrease of 33.26% year-on-year, and a non-recurring net profit of 46 million, down 38.09% year-on-year [6][12] - For Q1 2025, the company reported revenue of 98 million, a year-on-year increase of 19.65%, with a net profit of 20 million, up 0.66% year-on-year [6][12] Product and Market Development - The company sold 246,500 harmonic reducers in 2024, an increase of 16.56% year-on-year, and 7,076 mechatronic products, up 24.16% year-on-year [12] - The company is enhancing its product competitiveness by focusing on miniaturization technology for harmonic reducers, achieving over 30% weight reduction while maintaining output [12] Strategic Initiatives - The company completed the annual production capacity expansion project for 500,000 precision reducers in 2024 and is launching a new generation of precision transmission devices in 2025 [12] - The company is expanding its global market presence through acquisitions, including the acquisition of German company Haux, and establishing sales and R&D platforms in Singapore and Germany [12] Future Projections - The company is expected to achieve net profits of 80 million and 115 million in 2025 and 2026, respectively, with corresponding PE ratios of 327x and 227x [12]