ZD Leader(002896) 华鑫证券·2024-03-30 16:00Investment Rating - The report gives a "Buy" investment rating for the company, marking its first coverage [6]. Core Views - The company focuses on the reducer and motor industry, continuously improving its integrated product layout, which includes the development of integrated intelligent execution units combining reducers, motors, and drivers [6][8]. - The intelligent execution unit business is experiencing rapid growth, with a revenue increase of 80.11% in the first half of 2023 [6]. - The robotics business presents significant growth opportunities, driven by advancements in technology and decreasing costs of automation equipment [6]. Summary by Sections Company Overview - The company has specialized in the production and research of core components such as reducers and motors since its establishment [6]. - It has developed various products over the years, including brushless DC reducers and servo precision planetary reducers [6]. Financial Performance - In the first three quarters of 2023, the company achieved a revenue of 822 million yuan, a year-on-year increase of 22.86%, and a net profit of 57 million yuan, up 34.53% [6]. - The revenue forecast for 2023-2025 is projected to be 1.128 billion, 1.322 billion, and 1.589 billion yuan, respectively, with corresponding EPS of 0.53, 0.62, and 0.78 yuan [6][8]. Market Position and Growth Potential - The company plans to utilize funds from a convertible bond issuance to build production lines for robotic components and intelligent execution units, which is expected to enhance its market share in the industrial robotics supply chain [6]. - The report highlights that precision reducers account for over 30% of the cost of industrial robots, indicating a strong demand for the company's products in this sector [6].