投资要点
　　事件：公司发布26年三季报，26Q1-3实现营收19.09亿元，同比+46.8%，归母净利润2.99亿元，同比+86.8%，扣非归母净利润2.91亿元，同比+87.8%；毛利率39.2%，同比+0.1pct，归母净利率15.7%，同比+3.4pct。其中Q3营收6.61亿元，同环比+61.7%/-8.4%，归母净利润1.06亿元，同环比+156.1%/-13.1%，扣非归母净利润1.04亿元，同环比+165.8%/-11.7%；毛利率39.3%，同环比-0.4/+0.0pct，归母净利率16.0%，同环比+5.9/-0.9pct。其中Q3剔除股份支付影响后归母净利润1.23亿元，同比+105.4%，业绩接近前期预告上限，超市场预期。
　　聚焦六大核心行业、半导体&光通信客户持续突破：公司26Q1-3伺服系统收入10.08亿元，同比+58.6%，其中Q3收入3.47亿元，同比+66.5%。公司重点覆盖半导体封装测试的固晶、划片、键合、分选四大设备场景，并向光通信耦合、AOI等设备延伸，运动控制卡、步进、伺服、PLC等产品已进入半导体前后段设备客户，由单品向工艺整体方案拓展。其次，渠道改革同步推进，经销占比已提升至约56%，其中约一半为准直销模式，兼顾大客户技术对接与渠道服务。公司通过高端编码器自制、国产芯片替代及自动化产线升级消化原材料涨价，支撑客户拓展与盈利稳定。
　　机器人多品类批量交付、订单与产能同步扩张：公司定位零部件及解决方案供应商，无框力矩电机26全年在手订单超过100万台，公司预计全年交付80—90万台，目前月产能15万台，正扩建自动化产线、向年产300万台迈进；谐波、行星及一体轮三类模组在手订单超过6万台，交付加速放量。同时，公司已与近300家国内外机器人企业及模组厂商合作，进入80%以上人形机器人整机厂商供应体系，通过核心零部件供应、关节及灵巧手联合开发、代工组装等模式拓展客户。公司预计全年机器人相关业务订单2—3亿元，随着下游量产及自身产能释放，有望逐步贡献增量。
　　费用率明显下降、策略性备货影响现金流：公司26Q1-3期间费用4.58亿元，同比+29.1%，期间费用率24.0%，同比-3.3pct；销售/管理/研发/财务费用率7.0%/5.6%/11.1%/0.2%，同比-1.9/+0.3/-1.7/-0.0pct。26Q1-3经营活动现金净额-0.52亿元，同比减少2.42亿元，主要系策略性备货及减少票据贴现。26Q3末应收账款/存货/合同负债8.30/6.24/0.14亿元，同比+35.4%/+58.4%/+107.9%。
　　盈利预测与投资评级：我们维持公司26-28年归母净利润预测4.06/6.08/8.36亿元，同比+80%/+50%/+37%，对应现价PE分别为38/26/19倍。公司工控高端行业拓展及份额提升持续兑现，机器人订单与产能加快落地，维持“买入”评级。
　　风险提示：下游需求不及预期等。

China Leadshine Technology has reported 3Q26 results. Revenue rose by 46.77% YoY to RMB1,909mn in 9M26. The attributable net profit grew by 86.80% YoY to RMB299mn. The recurring net profit rose by 87.81% YoY to RMB291mn. Excluding share-based payments, the attributable net profit reached RMB352mn, up by 86.65% YoY. For 3Q, revenue rose by 61.70% YoY but fell by 8.36% QoQ to RMB661mn. The attributable net profit grew by 156.10% YoY but dropped by 13.12% QoQ to RMB106mn. The recurring net profit rose by 165.84% YoY but fell by 11.75% QoQ to RMB104mn. The QoQ decline reflects a high base from concentrated revenue recognition in 2Q. We expect the servo business to sustain rapid growth, with channel reforms to open incremental markets such as semiconductors and optical communications. Coupled with ramped-up robot orders, we expect the company’s multi-business synergies to support continued earnings growth. Maintain BUY.
Multiple measures have protected gross margin
Revenue from servo systems, which is the company’s core business, rose by 58.64% YoY to RMB1,008mn in 9M26. For 3Q, revenue grew by 66.47% YoY to RMB347mn. The company’s gross margin was 39.21% for 9M26, up by 0.13pp YoY. For 3Q, the gross margin was 39.33%, down by 0.41pp YoY but up by 0.02pp QoQ, broadly stable. While holding prices on most products, the company offset rising raw-material costs through systematic measures: in-house high-end encoders, domestic chip substitution, product-mix upgrades such as a higher share of high-end L8 servos, scale effects, and automated production lines. For 9M26, the selling/administrative/R&D/financial expense ratios were 7.01/5.65/11.08/ 0.24%, (-1.89pp/+0.33pp/-1.69pp/-0.03pp YoY). The total expense ratio fell by 3.29pp YoY to 23.98%.
Channel development facilitates penetration into KA markets
According to company filings, the company continues to upgrade its channel system. By 3Q26, the mix had shifted from 80% direct sales and 20% distribution to about 56% distribution and 44% direct sales. Roughly 50% of distribution uses a quasi-direct model, where the company works directly with key accounts (KAs) on technical planning, solutions, and pricing, while distributors handle execution and service. This helps the company penetrate KAs in semiconductors, optical modules, and high-end machine tools, where coverage was previously weak. In semiconductors and optical communications, the company now offers integrated process-plus-system solutions across packaging and testing, covering die bonding, dicing, bonding, and sorting equipment, and is extending into optical coupling and AOI equipment. Its full product lineup has entered both front-end and back-end semiconductor equipment. We expect channel reforms to improve access to key accounts, and import substitution in semiconductor equipment to accelerate, supporting continued rapid growth in these businesses.
Earnings forecasts and valuation
We maintain our 2026/2027/2028 attributable net profit forecasts at RMB355/445/ 538mn. Comparable companies trade at 34x 2027E PE on iFinD consensus (previous: 44x 2026E PE). Given the company’s large AI exposure downstream, we think that it deserves a valuation premium. We apply 45x 2027E PE (previous: 63x 2026 PE), deriving our target price of RMB63.45 (previous: RMB70.56).
Risks: downstream demand volatility, intensifying competition, slower development of the humanoid robot business than we expect.

　　公司公布26年三季报：26Q1-Q3实现营收19.09亿元（yoy+46.77%），归母净利2.99亿元（yoy+86.80%），扣非净利2.91亿元（yoy+87.81%），扣除股份支付后归母净利3.52亿元（yoy+86.65%）；其中Q3单季度实现营收6.61亿元（yoy+61.70%/qoq-8.36%），归母净利1.06亿元（yoy+156.10%/qoq-13.12%），扣非净利1.04亿元（yoy+165.84%/qoq-11.75%）。公司Q2收入确认较为集中，高基数下Q3业绩环比小幅下滑。我们认为，公司伺服主业保持较快增长，渠道改革打开半导体、光通讯等增量市场，叠加机器人业务订单加速兑现，多业务协同有望支撑公司业绩持续增长，维持“买入”评级。
　　伺服业务收入增速较快，多措并举保障毛利率水平
　　公司伺服系统26Q1-Q3累计实现营业收入10.08亿元，同比增长58.64%，Q3单季度实现营业收入3.47亿元，同比增长66.47%，主业保持快速增长。公司26Q1-Q3毛利率39.21%，同比+0.13pct；其中Q3单季度毛利率39.33%，同比-0.41pct/环比+0.02pct，基本保持稳定。公司在大部分产品不涨价的同时，通过高端编码器自制、国产芯片替代、产品结构升级（伺服L8等高端型占比提升）、规模效应、自动化产线升级等系统性降本措施消化原材料涨价。期间费用率方面，公司Q1-Q3销售/管理/研发/财务费用率分别为7.01%/5.65%/11.08%/0.24%，分别同比-1.89/+0.33/-1.69/-0.03pct。公司合计期间费用率达23.98%，同比-3.29pct，明显下降。
　　渠道建设拓宽客户覆盖，半导体及光通讯业务加速放量
　　根据公司公告，公司持续推进渠道体系升级，截至Q3已由原先直销80%、经销20%的结构调整为经销约56%、直销44%，其中经销业务约50%采用准直销模式，由公司直接对接大客户开展技术规划、方案及价格沟通，经销商负责交易执行与服务落地，推动公司加速切入半导体、光模块及高端机床等此前覆盖较弱的大客户市场。半导体及光通讯方面，公司已围绕封装、测试环节形成覆盖固晶、划片、键合、分选等设备场景的“工艺+系统”整体解决方案，并向光通讯耦合、AOI等设备延伸，全产品系列均已实现半导体前后段设备导入。我们认为，随着渠道改革提升大客户触达效率，叠加半导体设备国产替代加速，公司相关业务有望延续较快增长。
　　机器人业务订单快速增长，产能扩张支撑后续放量
　　根据公司公告，公司机器人相关业务进入加速放量阶段，公司预计全年订单规模有望达2-3亿元。其中，无框力矩电机全年在手订单超100万台，预计全年交付80-90万台，目前月产能已达15万台，并正扩建自动化产线、向年产300万台产能迈进；关节模组方面，谐波、行星及一体轮三类产品订单快速增长，在手订单超6万台，交付及产能建设同步提速。灵巧手业务增长较快，当前低自由度产品采用连杆路线，定位中等性能、低成本，主要面向商业及消费等大批量场景；公司同时推进直驱路线高自由度灵巧手研发，面向数据采集、科研及工业等高端应用，后续有望进一步完善机器人核心部件产品矩阵、打开增量空间。
　　盈利预测与估值
　　我们维持公司26-28年归母净利润预测为3.55/4.45/5.38亿元。可比公司2027年iFind一致预期PE为34倍（前值26年44倍），考虑到公司业务下游AI敞口较大，应享有一定的估值溢价，给予公司27年45倍PE估值（前值26年63倍），调整对应目标价为63.45元（前值70.56元）。
　　风险提示：下游需求波动风险，市场竞争加剧风险，人形机器人业务发展不及预期风险。

　　投资要点
　　事件：公司发布26Q3业绩预告。预计26Q1-3营收18.86—19.51亿元，同比+45%～+50%，归母净利润2.72—3.04亿元，同比+70%～+90%，扣非归母净利润2.64—2.95亿元，同比+70%～+90%；其中Q3预计营收6.34—6.75亿元，同比+55%～+65%，归母净利润0.91—1.07亿元，同比+120%～+160%。按中值计算，前三季度营收19.18亿元，同比+48%，归母净利润2.88亿元，同比+80%，归母净利率15.0%，同比+2.7pct；Q3营收6.54亿元，同环比+60%/-9%，归母净利润0.99亿元，同环比+140%/-19%，归母净利率15.1%，同环比+5.0/-1.7pct，业绩符合市场预期。
　　高端行业拓展持续推进、产品升级&降本推动飞轮加速运转：公司持续开拓半导体、高端机床等战略行业，在半导体封装、测试领域重点覆盖固晶、划片、键合、分选四大设备场景，并向光通信耦合、AOI等设备延伸，由单品向工艺整体方案升级，高端客户及新兴行业收入贡献逐步提升。同时通过高端编码器自制、国产芯片替代、产品结构升级及自动化产线改造等消化原材料涨价，我们预计毛利率保持稳定。
　　机器人产品实现批量交付、客户覆盖持续拓宽：公司无框力矩电机、行星及谐波关节模组、一体轮模组、空心杯电机及灵巧手等多个品类已进入批量交付。截至9月，公司与近300家国内外机器人企业及模组厂商开展合作，已进入80%以上人形机器人整机厂商供应体系，核心零部件与组件协同布局，有望随下游量产持续放量。
　　盈利预测与投资评级：考虑到公司订单景气度超预期，我们上调公司26-28年归母净利润预测为4.06/6.08/8.36亿元（此前为3.95/5.85/8.08亿元），同比+80%/+50%/+37%，对应现价PE分别为42/28/21倍。公司工控业务增长提速，国产替代及高端行业拓展持续兑现，机器人业务空间广阔，维持“买入”评级。
　　风险提示：下游需求不及预期，机器人业务进展不及预期，竞争加剧。

For 1H26, revenue/attributable net profit (NP)/recurring NP were RMB1,247/194/
188mn (+39.92/+62.79/+61.59% YoY), and the NP excluding share-based compensation was RMB229mn (+77.94% YoY). For 2Q26, revenue/attributable NP/recurring NP were RMB722/122/118mn (+44.10/+92.49/+87.97% YoY, +37.37/+68.48/+67.59% QoQ). We think that the company's core motion control business delivered robust growth, as it disclosed that its frameless torque motor order backlog exceeded 1mn units as of 1H26, making the growth trajectory more visible. Maintain BUY.
Servo revenue grew rapidly
By product, for 1H26, servo/stepper/control technology revenues were RMB661/382/198mn (+54.82/+22.50/+37.08% YoY). The GPMs increased by 1.34/1.19/1.11pp YoY to 28.97/43.85/63.80%, driving the overall GPM up by 0.37pp YoY to 39.15%. 1) Servos: The company has built a complete product matrix centered on a battery-free servo system that combines L8S with the 27-bit high-precision M series. According to MIR data cited by the company, its 1H26 market share ranked second among domestic servo brands. 2) Steppers: The company launched the flagship five-phase stepper product DM5 series, which is used in semiconductors, including optical communications, high-end machine tools, and lasers. 3) Control technology: The large/medium/small PLCs launched over the past two years have made good progress in the market. In PC-based products, the company launched the DMC-S series of ultra-high-performance bus cards and pulse cards. It took the lead in China in enabling an ultra-short bus cycle of 62.5μs and high-speed pulse control of 50μs, making it an important solution provider for customers in high-end manufacturing sectors such as semiconductors, including optical communications.
Overall expense ratio under robust control
For 1H26, the sales/administrative/R&D/financial expense ratios were 6.98/5.50/ 10.83/0.21% (-1.44/+0.80/-0.76/-0.03pp YoY). The overall expense ratio declined by 1.43pp YoY to 23.52%. The increase in the administrative expense ratio was mainly due to equity incentives and management consulting fees. Absolute R&D investment still increased by 30.80% YoY to RMB135mn in 1H26, showing the company’s emphasis on R&D. The net operating cash flow fell by 14.01% YoY to RMB43mn, mainly due to higher accounts receivable and strategic inventory stocking in response to rising raw material prices. Overall profitability improved.
Robot component orders improve earnings visibility
The company supplies a series of servo control components and module solutions to robot OEMs. According to the company, as of end-1H26, its frameless torque motor order backlog exceeded 1mn units, and it is building automated manufacturing capacity of 3mn units per year. The company has completed R&D of planetary joint modules, harmonic joint modules, and high-degree-of-freedom dexterous hands, and has started batch supply. It has obtained orders from nearly 100 mainstream robotics OEMs and has begun large-scale supply. Its robot component segment's growth outlook is becoming more visible.
Earnings forecasts and valuation
We maintain our 2026/2027/2028 attributable NP forecasts at RMB355/445/ 538mn. To reflect the company’s large AI exposure, we value the stock at 63x 2026E PE, above its peers' average of 44x on iFinD consensus (previous: 55x). Our updated target price is RMB70.56 (previous: RMB72.80, based on 65x PE).
Risks: fluctuations in downstream demand, intensified competition, and weaker- than-expected development of the humanoid robotics component segment.

　　公司发布2025年年报及2026年一季报：2025年营收18.74亿元，同比+18.28%；归母净利润2.25亿元，同比+12.42%；扣非后归母净利润2.17亿元，同比+10.53%。2026Q1，公司实现营收5.25亿元，同比+34.55%；归母净利润7212万元，同比+29.20%；扣非后归母净利润7015万元，同比+30.83%。
　　盈利能力维持高位。2025年，公司毛利率39%，同比+0.55pct；净利率12.44%，同比-0.78pct；期间费用率27.22%，同比+2.2pct，其中销售/管理/研发/财务费率分别为8.8%/5.5%/12.63%/0.29%，分别同比+1.06/+0.82/+0.33/-0.01pct。2026Q1公司毛利率38.94%，同比+0.59pct；净利率14.02%，同比-0.55pct；期间费用率25.67%，同比+1.05pct，其中销售/管理/研发/财务费率分别为8.1%/5.62%/11.71%/0.24%，分别同比+0.83/+0.9/-0.68/+0pct。
　　智能装备运动控制爆品战略推进，加大研发投入，布局全球市场。（1）步进系统：2025年营收6.53亿元，同比+7.7%，聚焦中高端技术，拓展新行业应用；推出DM5系列五相步进产品，提升市场占有率及领导地位。（2）伺服系统：2025年营收9.22亿元，同比+30.03%，构建“四多”产品架构，驱动器、电机、编码器技术突破；L7、L8系列及直线伺服性能达国外同类水平，26位超高精度光编编码器量产，国产伺服市场占有率第二。（3）控制技术：2025年营收2.87亿元，同比+13.96%，重点投入大/中/小型PLC及远程IO模块；推出SC、MC、LC系列运动控制PLC，S系列小型运动控制PLC实现技术突破，PC-Based产品取得技术突破，公司小型PLC增长率41.6%，在所有品牌中全国增速第一。公司持续加大研发投入，尤其是对伺服产品、PLC产品、机器视觉、机器人核心部件等产品的研发投入，全线产品已通过CE认证，并推进UL、STO等国际认证，为开拓全球市场筑牢基础，2025年研发投入2.37亿元，占销售收入的12.63%。
　　人形业务爆发式增长，订单充足。公司于2023年成功研发出高密度无框力矩电机、中空编码器、空心杯电机及配套的微型伺服系统等核心产品，公司的机器人核心部件产品已进入国内80%主流人形机器人厂商的供应体系。2025年，公司的无框力矩电机产品交付超过12万台，取得20倍以上的增长，获得机器人行业头部厂商智元机器人“优秀供应商伙伴”；根据国内外客户的业务预期，公司目前正在建设年产200万台的自动化生产制造能力。公司的行星关节模组、谐波关节模组以及高自由度灵巧手研发成功并实现批量供应，目前已经获得数十家主流机器人客户订单，并开始规模化供货。
　　预计公司2026-2028年实现归母净利润3.06/3.81/4.72亿元，对应PE为45.9/36.8/29.7倍（2026.04.27），首次覆盖，给予“增持”评级。
　　风险提示：新产品/新客户/海外市场拓展不及预期；原材料价格波动；竞争加剧风险。