ZD Leader(002896) 长城证券·2024-04-25 05:32Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for the stock over the next six months [2][11]. Core Views - The company is focusing on the integration of electromechanical systems and is gradually achieving domestic substitution for precision reducer products. The revenue for 2023 reached 1.086 billion yuan, a year-on-year increase of 20.99%, while the net profit attributable to shareholders was 73 million yuan, up 10.22% year-on-year [2][3][11]. - The company's gross margin and net margin have slightly declined, attributed to changes in product structure and sales models. The gross margin for 2023 was 22.88%, down 1.22 percentage points year-on-year [3]. - The rapid development of the intelligent execution unit business has significantly contributed to revenue growth, with total revenue from this segment reaching 485 million yuan in 2023, a year-on-year increase of 57.89% [4]. Financial Summary - Revenue Growth: The company reported a revenue of 1,086 million yuan in 2023, with a year-on-year growth rate of 21.0%. Forecasts for 2024, 2025, and 2026 are 1,276 million yuan, 1,531 million yuan, and 1,715 million yuan respectively, with growth rates of 17.5%, 20.0%, and 12.0% [2][11]. - Net Profit: The net profit attributable to shareholders for 2023 was 73 million yuan, with projections of 124 million yuan, 130 million yuan, and 153 million yuan for the following years [2][11]. - R&D Investment: The company has increased its R&D investment to 70 million yuan in 2023, a 31.35% increase year-on-year, indicating a strong commitment to innovation [3][4]. - Key Financial Ratios: The report highlights a projected EPS of 0.82 yuan, 0.86 yuan, and 1.01 yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 38.2, 36.3, and 30.9 [2][11]. Industry Context - The trend towards domestic substitution in the robotics sector is expected to drive continued growth in the precision reducer business, with the company positioned to benefit from this shift. The revenue from precision reducers in 2023 was 240 million yuan [4]. - The intelligent manufacturing sector is anticipated to see a significant increase in demand, aligning with national strategies aimed at enhancing domestic production capabilities [4][7].