证券代码：002139 证券简称：拓邦股份 深圳拓邦股份有限公司 2025年4月10日投资者关系活动记录表 编号：2025004 投资者关系活动类别 ☐特定对象调研 ☐分析师会议 ☐媒体采访 业绩说明会 ☐新闻发布会 ☐路演活动 ☐现场参观 ☐其他 参与单位名称及人员 姓名 线上参与公司2024年度网上业绩说明会的投资者 时间 2025年04月10日 15:00-17:00 地点 价值在线（https://www.ir-online.cn/）网络互动 上市公司接待人员姓名 董事长、总经理：武永强 独立董事：李序蒙 副总经理、董事会秘书：文朝晖 财务总监：罗木晨 投资者关系活动主要内 容介绍 1.行业以后的发展前景怎样？ 回复：行业发展的前景非常好，空间大。近年来，得 益于下游产业渗透率的不断提高以及应用场景的持续扩 展，全球智能控制器市场呈现出稳步增长的趋势。技术的 不断进步不仅加快了产品的更新换代速度，也为智能控制 器行业描绘了一幅更为广阔的前景画卷。我们正处于智能 技术革命的前沿，智能控制器与人工智能、机器人技术的 深度融合正在重新定义我们的生活和工作方式，开启前所 未有的可能性。展望未来，随着技术创新的 ...

拓邦股份：灵巧手相关部件已实现10家以上行业龙头企业送样并获得批量订单 智通财经4月9日电，拓邦股份在互动平台表示，公司具备灵巧手上的包含空心杯电机在内的执行器模组 的各关键部件的全面设计研发能力，已实现10家以上行业龙头企业送样并获得批量订单。 ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 18.63 CNY [2][6]. Core Insights - The company achieved a revenue of 10.501 billion CNY in 2024, representing a year-on-year increase of 16.78%, and a net profit attributable to shareholders of 671 million CNY, up 30.25% year-on-year [2][6]. - The company is implementing a refined operational strategy, effectively reducing costs through innovative design, supplier management, and enhanced production efficiency, resulting in a gross margin of 22.97% and a net margin of 6.40% for 2024 [6][7]. - The company has diversified its business segments, with revenue from tools and home appliances, digital energy and smart vehicles, and robotics reaching 7.981 billion CNY, 2.052 billion CNY, and 468 million CNY respectively, with varying growth rates across segments [6][7]. Financial Performance Summary - In 2024, the company reported total revenue of 10.501 billion CNY, with a year-on-year growth rate of 16.8% projected for 2025 [7]. - The net profit attributable to shareholders is expected to grow to 830 million CNY in 2025, reflecting a growth rate of 23.6% [7]. - The company’s earnings per share (EPS) is projected to increase from 0.54 CNY in 2024 to 0.67 CNY in 2025 [7]. Business Segment Analysis - The tools and home appliances segment saw a revenue increase of 25.48%, while the digital energy and smart vehicle segment experienced a decline of 6.32% [6]. - The robotics segment achieved a gross margin of 28.68%, focusing on service robots and industrial applications, with significant advancements in product integration and performance metrics [6][7]. Future Projections - Revenue forecasts for the company are 12.558 billion CNY in 2025, 14.738 billion CNY in 2026, and 17.311 billion CNY in 2027, with corresponding net profits of 830 million CNY, 1.034 billion CNY, and 1.276 billion CNY respectively [7][8]. - The company is expected to maintain a competitive edge in the smart control sector, with increasing overseas production capacity and breakthroughs in robotics [6][7].

Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Insights - The controller industry is recovering, and the company's market share is expected to increase, with positive trends in its main business. The digital energy, smart automotive, and robotics sectors are opening up new growth opportunities. The projected net profit attributable to the parent company for 2025-2027 is estimated at 0.89 billion, 1.12 billion, and 1.40 billion respectively, representing year-on-year growth of 33%, 26%, and 25%, with corresponding PE ratios of 22, 17, and 14 [2][5]. Financial Performance - In 2024, the company achieved operating revenue of 10.501 billion, a year-on-year increase of 16.78%, and a net profit attributable to the parent company of 0.671 billion, up 30.25% year-on-year. In Q4 2024, the operating revenue was 2.802 billion, a 6.48% increase year-on-year, while the net profit was 0.119 billion, a decrease of 14.30% year-on-year [5][10]. Business Segments - **Tools and Home Appliances**: This segment generated revenue of 7.981 billion, a year-on-year increase of 25.48%, with a gross margin of 23.17%. The smart controller is the core product, with a shipment volume of 178 million units, up 28.5% year-on-year [10]. - **Digital Energy and Smart Automotive**: This segment reported revenue of 2.052 billion, a decline of 6.32%, with a gross margin of 20.91%. The company has made significant progress in overseas markets, particularly in large-scale energy storage applications [10]. - **Robotics**: The robotics segment achieved sales revenue of 0.468 billion, a year-on-year increase of 6.09%, with a gross margin of 28.68%. The company is focusing on humanoid robots and has developed a product platform for hollow cup motors [10].

Group 1: Company Growth and Financial Targets - The company plans to launch an equity incentive plan by the end of 2024, targeting an average growth rate of 15% for revenue and over 20% for net profit excluding non-recurring items, reflecting confidence in future development [2] - Key growth areas for 2025 include the basic sector, lithium battery tools, home appliances, digital energy, and smart vehicles, with expectations for healthy growth across these segments [2] Group 2: Robotics and AI Product Development - The company is focusing on AI products, with expectations for rapid market promotion in 2025, moving from initial development to broader market adoption [3] - AI lawnmowers are being introduced to the European and American markets, automating tasks that previously required high labor costs, showcasing advancements in navigation and collision avoidance technology [3] - The humanoid robot sector is being developed with a focus on hollow cup motors, with significant progress in product development and market application anticipated [4][5] Group 3: Financial Performance and Margins - The company's gross margin has shown a steady increase from 20.14% in 2022 to 22.97% in 2024, with expectations for continued improvement in 2025 through new product launches and cost reduction measures [6] - Fluctuations in gross margin are attributed to changes in customer and product structure, as well as accounting policy adjustments [6] Group 4: Competitive Advantages and Market Position - The company has established a competitive edge in the hollow cup motor market, with a 100% year-on-year increase in shipments, totaling 3.53 million units in 2024 [7] - The company is recognized for breaking the monopoly in the hollow cup motor sector and has developed a comprehensive technical capability from design to mass production [7] Group 5: Regulatory and Market Challenges - The impact of the EU's Forced Labor Law on the company is expected to be limited, as the majority of revenue comes from diverse international markets [8] - The company is actively pursuing digital transformation and operational efficiency improvements to mitigate potential impacts from trade tensions and tariffs [8]

Summary of TuoBang Co., Ltd. Conference Call Company Overview - TuoBang Co., Ltd. operates primarily in three business segments: tools and home appliances, digital energy and smart automotive, and robotics. The tools and home appliances segment accounts for nearly 75% of revenue, with an expected growth rate of about 20% in the coming years. The digital energy and smart automotive segment represents approximately 20%, while the robotics segment currently accounts for less than 5%, indicating a future growth opportunity for the company [3][4][5]. Financial Performance - In 2024, TuoBang achieved revenue exceeding 10 billion, a year-on-year increase of 16.78%. The net profit attributable to shareholders reached 671 million, up 30% year-on-year, while the net profit excluding non-recurring items was 642 million, reflecting a 25.4% increase. This performance indicates significant success in the company's growth strategy [4][5]. - Over the past decade, TuoBang's revenue has grown tenfold, with a compound annual growth rate (CAGR) of 25% for net profit excluding non-recurring items, driven by increased demand for smart products and continuous investment in technological innovation [6]. Business Segment Performance - The tools and home appliances segment saw a revenue increase of 25.48%, with a gross margin improvement to 23.17%. This growth is attributed to recovering downstream demand and expansion in overseas markets [9]. - The digital energy and smart automotive segment, while smaller in scale (approximately 400 million), is experiencing rapid growth through high-end technology market entry and collaboration with top-tier clients [10][11]. - The robotics segment, although not showing high growth in the reporting period, has a higher gross margin compared to other segments and is expected to be a significant profit growth point in the future [12]. Strategic Developments - TuoBang aims to expand its business structure over the next five years, targeting the digital energy segment to become the largest segment. The company plans to enhance its market share in tools and home appliances to 10% [4][15]. - The company is focusing on AI technology development, particularly in smart controllers and robotics, to capitalize on emerging market opportunities [7][27]. - TuoBang's strategy for 2025 includes expanding its smart controller business, achieving breakthroughs in AI-integrated products, and accelerating international market expansion [27][29]. Market Trends and Competitive Landscape - The tools and home appliances market is expected to grow steadily over the next three to five years, with TuoBang aiming to double its market share to 10% [16][17]. - AI technology is driving the transformation of traditional devices into smart products, enhancing product value and expanding application scenarios, which presents significant growth potential for TuoBang [18]. - The company has competitive advantages in the humanoid robotics sector, particularly through its hollow cup motor technology, which has been developed over a decade [22][23]. Challenges and Future Outlook - The fourth quarter of 2024 saw a decline in gross margin due to product mix differences and accounting policy adjustments, with expectations for improvement in 2025 [13][14]. - TuoBang is navigating challenges in the global supply chain and trade environment by enhancing its adaptability and aiming for significant growth from 10 billion to 100 billion in revenue [28][30]. Conclusion - TuoBang Co., Ltd. is positioned for robust growth across its business segments, leveraging technological advancements and strategic market expansions. The company is focused on enhancing its competitive edge in the evolving landscape of smart products and robotics, while also addressing challenges in profitability and market dynamics.

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company is expected to "restart growth" in 2024, with revenue surpassing 10 billion yuan for the first time, achieving a year-on-year growth rate of 16.78% [2][3] - The company's core business segments, including tools and home appliances, show strong growth potential, while innovative sectors such as digital energy, smart vehicles, robotics, and AI systems present optimistic long-term growth prospects [3][4][12] Summary by Sections 1. Revenue Growth - In 2024, the company achieved a revenue of 10.501 billion yuan, a year-on-year increase of 16.78%, and a net profit attributable to shareholders of 671 million yuan, up 30.25% [2][3] - The company is implementing a "two-step" strategy to enhance customer demand and optimize product capabilities, which has led to a significant increase in revenue [3] 2. Traditional and Innovative Business Growth - The tools and home appliances segment generated 7.981 billion yuan in revenue, reflecting a year-on-year growth of 25.48%, with both segments growing over 20% [4] - The digital energy and smart vehicle sectors reported a revenue of 2.052 billion yuan, with a decline of 6.32%, while the smart vehicle segment grew by 121.07% to 380 million yuan [8] 3. Operational Health and Profitability - The company maintained a gross margin of 22.97%, an increase of 0.66 percentage points, and a net profit margin of 6.39%, also up by 0.66 percentage points [10] - The net cash flow from operating activities reached 1.092 billion yuan, indicating strong operational health [10] 4. Global Expansion and Competitive Edge - The company accelerated its international market presence, with overseas manufacturing platforms generating over 2.2 billion yuan in revenue, a growth of over 70% [11] - The global layout in countries like Vietnam, India, Romania, and Mexico enhances the company's competitive capabilities [11] 5. Future Growth Projections - The company anticipates revenues of 12.556 billion yuan, 15.021 billion yuan, and 17.991 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 840 million yuan, 1.068 billion yuan, and 1.393 billion yuan [12][13]

Core Insights - The recent research by Jian Shun Investment highlights the growth potential of Tuobang Co., which is expected to expand across multiple business segments in 2024, particularly in the smart controller industry with a global market size of nearly $2 trillion [1] - Tuobang's strategic focus for 2025 includes increasing component business share, breakthroughs in AI integrated products, and accelerating international market expansion [1] - The company aims to enhance its gross margin, which was reported at 22.97% in 2024, a year-on-year increase of 0.66%, with plans for further improvement through various measures [1] Business Performance - Tuobang's AI integrated products, such as beauty devices, lawn mowers, and cooking machines, have been launched in the market [1] - The smart automotive business is newly disclosed, facing challenges due to changes in technology routes, but aims to establish strong partnerships with leading clients [1] - The robotics segment includes service robots, humanoid robots, and industrial robots, with new product platforms for 8mm and 10mm hollow cup motors being established in 2024 [1] Market Dynamics - The tools and home appliances sectors are expected to see growth exceeding expectations in 2024, driven by recovering downstream demand and increased market share [1] - The overseas revenue contribution is projected to rise from approximately 22% in 2024 to 30%-40% in the future, with limited impact from direct exports to the U.S. [1] - The company is increasing investments in digital energy and smart automotive sectors, as well as automation in manufacturing [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 19.44 per share [6][7]. Core Views - The company is expected to achieve a revenue growth of 16.78% year-on-year in 2024, reaching RMB 10.501 billion, and a net profit growth of 30.25% to RMB 671 million, slightly below Bloomberg consensus expectations [1][4]. - The company is expanding its product offerings in new areas such as liquid cooling ultra-fast charging, core components and systems for robots, and AI+ smart hardware, which are expected to drive future growth [1][4]. - The company is well-positioned as an industry leader, benefiting from the ongoing trends of smart upgrades and the relocation of the controller supply chain [1][4]. Revenue and Profitability - The tools and home appliances segment achieved a revenue of RMB 7.981 billion in 2024, a year-on-year increase of 25.48%, driven by new product expansions and inventory replenishment in downstream channels [2]. - The digital energy and smart automotive segments generated revenues of RMB 2.052 billion, with a decline of 6.32%, while the smart automotive business saw a significant growth of 121% to RMB 380 million [2]. - The company's overall gross margin improved to 22.97% in 2024, an increase of 0.66 percentage points year-on-year, attributed to enhanced operational capabilities and product margin improvements [3]. Long-term Outlook - The report expresses optimism about the company's long-term development, particularly in the smart controller industry and its ability to capture new growth opportunities in the robotics sector [4]. - The company is expected to increase its overseas manufacturing output, which surpassed RMB 2.2 billion in 2024, marking a growth of over 70% [3]. - Future net profit forecasts for 2025 and 2026 have been adjusted downwards to RMB 808 million and RMB 972 million, respectively, due to potential impacts from tariff policy changes [4].

Financial Performance - In 2024, the company achieved a revenue of 10.501 billion CNY, a year-on-year increase of 16.78% [2] - The net profit attributable to shareholders reached 1.1 billion CNY, growing by 30.25% [2] - The non-recurring net profit was 667.42 million CNY, up by 25.42% [2] Business Segments - Tools and Home Appliances: Revenue of 7.981 billion CNY, a year-on-year increase of 25.48%, with a gross margin of 23.17% [3] - Digital Energy and Smart Automotive: Revenue of 2.052 billion CNY, a year-on-year decrease of 6.32%, with a gross margin of 20.91% [3] - Robotics: Revenue of 468 million CNY, a year-on-year increase of 6.09%, with a gross margin of 28.68% [4] Strategic Focus for 2025 - Expand component business share, targeting a global smart controller market projected to reach nearly 2 trillion USD by 2024, with China's market share increasing from 16% in 2016 to 30% in 2024 [6] - Breakthrough in AI integrated products, with successful launches of AI beauty devices, lawn mowers, and cooking machines [7] - Accelerate overseas market expansion, with current overseas production value accounting for about 22%, expected to increase to 30%-40% [13] Future Growth Opportunities - The company aims to leverage AI technology to transform home appliances from "functional devices" to "smart home entities," anticipating sustained growth in this sector [12] - The smart automotive sector is expected to see explosive growth, with a focus on electric and advanced driving applications [8] Challenges and Responses - The company acknowledges challenges in the smart automotive sector due to rapid technological changes and aims to bind key customers with flagship products [8] - The impact of tariffs on exports to the U.S. is considered limited, with strategies in place to mitigate costs through internal efficiencies [14]