证券研究报告 非金融公司 | 公司点评 | 拓邦股份 (002139) 2024 年半年报点评: Q2 营收创新高，盈利能力改善 请务必阅读报告末页的重要声明 2024年08月01日 证券研究报告 |报告要点 公司发布 2024 年半年度报告，营业收入为 50.16 亿元,同比增长 17. 85%;归母净利润为 3.89 亿元，同比增长 50.68%; 扣非归母净利润为 3.73 亿元，同比增长 46.85%。公司 Q2 营收单季 创新高，毛利率提升源于对老业务的降本增效，增加新产品提升盈利能力以及人民币小幅贬 值。海外基地布局成效凸显，四大板块业务营收均实现双位数增长。我们认为智能控制器行业 未来仍有较大发展机遇，公司为行业龙头，有望持续受益。 | 分析师及联系人 张宁 张建宇 SAC: S0590523120003 SAC: S0590524050003 请务必阅读报告末页的重要声明 1 / 5 非金融公司 | 公司点评 2024年08月01日 拓邦股份(002139) 2024 年半年报点评: Q2 营收创新高,盈利能力改善 投资要点 A 事件: | --- | --- | |------------- ...

证券代码：002139 证券简称：拓邦股份 深圳拓邦股份有限公司 2024 年 7 月 30 日、31 日、8 月 1 日投资者关系活动记录表 编号：2024010 特定对象调研 分析师会议 投资者关 媒体采访 业绩说明会 系活动类 新闻发布会 路演活动 别 其他： 7 月 30 日：20:30—21:30（电话会议） 天风证券、招商基金、创富兆业、太平资管、中国人保、中金公司、汇丰 晋信、承珞投资、睿远基金、海金投资、国联证券、招商证券、德邦基金、 华创证券、Regents Capital、长江证券、长城证券、博时基金、笃诚投资、 中银基金、鹏华基金、Pictet Asset Management、华安财保、枫瑞资管、筌 笠资管、创金合信、道合投资、泉果基金、永赢基金、泰信基金、前海登 程、世诚投资、中银国际、Rays Capital、兴合基金、中邮人寿、中欧基 参与单位 金、健顺投资、合众资产、中银国际、花旗、上海人寿、长城财险、圆信 名称、时 永丰、循远资管、中国人寿、彤源投资、银华基金、米仓资管、名禹资管、 间 华夏未来、东方证券、星元投资、正圆投资、国泰基金、富国基金、国泰 基金、瑞泉基金、沃胜私募 ...

证券代码：002139 证券简称：拓邦股份 公告编号：2024047 深圳拓邦股份有限公司 关于回购股份进展情况的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、回购方案基本情况 深圳拓邦股份有限公司（以下简称"公司"或"本公司"）于 2024 年 1 月 23 日召开的第八届董事会第六次（临时）会议审议通过了《关于回购公司股份方案 的议案》，公司拟使用自有资金以集中竞价交易方式回购公司股份，用于后期实 施的员工持股计划或股权激励，回购资金总额不低于人民币 3,000 万元且不超过 人民币 5,000 万元，回购价格不超过人民币 13.00 元/股（含），回购股份实施期 限为自公司第八届董事会第六次（临时）会议审议通过回购股份方案之日起 12 个月内。2024 年 1 月 24 日，公司披露了《回购股份报告书》，有关内容详见公 司刊登在《证券时报》和巨潮资讯网（http://www.cninfo.com.cn）的相关公告。 购公司股份 10,342,300 股，占公司总股本比例的 0.83%，最高成交价为人民币 9.15 元/股，最低成交价为人民币 ...

公司报告 | 半年报点评 业绩快速增长各业务持续向好，不断提升盈利能力 事件：公司发布 2024 年半年报，24H1 实现营收 50.16 亿元，同比增长 17.85%，归母净利润 3.89 亿元，同比增长 50.68%，扣非归母净利润 3.73 亿元，同比增长 46.85%。24Q2 实现营收 26.98 亿元，创单季度新高，同比 /环比增长 19.31%/16.37%，归母净利润 2.13 亿元，同比/环比增长 31.85%/21.38%，扣非归母净利润 2.04 亿元，同比/环比增长 25.18%/20.32%， 24Q2 汇率同比波动较小，剔除汇兑损益影响扣非净利润同比大幅增长。 我们的点评如下： 行业景气度回升紧抓机遇，各业务板块持续向好 各业务板块来看——1）工具板块 ：24H1 行业景气度恢复，下游库存见底。 公司工具业务收入 19.59 亿元，同比增长 20.90%，毛利率 24.62%，同比提 升 1.12 个百分点。公司持续推动行业创新，发挥技术平台、产品平台优势， 基于不同的产品定位，为客户提供差异化方案，并拓展工具使用周边场景 的产品应用机会，同时公司凭借"出海"领先优势，以卓越的运营 ...

证券研究报告·公司点评报告·电子 拓邦股份（002139） 2024 年半年报业绩点评： 下游需求回暖，新 产品赋能新兴领域 2024 年 07 月 31 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|---------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 8875 | 8992 | 10063 | 10970 | 11950 | | 同比（ % ） | 14.27 | 1.32 | 11.91 | 9.02 | 8.93 | | 归母净利润（百万元） | 583.00 | 515.51 | 644.62 | 779.88 | 925.70 | | 同比（ % ） | 3.19 | (11.58) | 25.04 | 20.98 | 18.70 | | EPS- 最新摊薄（元 / 股） | 0.47 | 0 ...

Financial Data and Key Metrics - Revenue for H1 2024 reached 5.016 billion CNY, up 18% YoY, with net profit at 389 million CNY, a 51% YoY increase [3][12] - Q2 2024 set a record for single-quarter revenue, growing 19.31% YoY [3] - Gross margin improved to 23.9%, driven by technological innovation, higher-value products, and favorable currency effects [10][12] - Net margin doubled to 7.44%, despite impacts from overseas bases and new business investments [10] - Operating cash flow reached historical highs, with Q2 cash flow at 370 million CNY, up 270% QoQ [18] Business Line Performance - Tools segment revenue reached nearly 2 billion CNY, up 21%, accounting for 39% of total revenue [10] - Home appliances segment revenue grew 18% to 1.77 billion CNY, driven by smart and low-carbon upgrades [10] - New energy segment grew 14%, despite challenges in the lithium battery market [10] - Industrial segment, though smaller, showed rapid growth potential, particularly in robotics and motor technologies [11] Market Performance - Overseas sales accounted for 65% of total revenue, with overseas base revenue growing 73% YoY, contributing about 30% of overseas sales [3][12] - The company is expanding its global capacity, with overseas capacity expected to increase from 20% to 30-40% in the coming years [21] Strategic Direction and Industry Competition - The company is focusing on robotics, motor technologies (especially hollow-cup motors), and new energy applications like charging, inverters, and energy storage [6][11][24] - It is also exploring opportunities in smart home appliances and industrial automation, aiming for long-term growth in these sectors [11][26] - To mitigate the impact of US-China trade friction, the company has adjusted its global capacity layout, including expanding production in Vietnam and considering Mexico and Romania [23] Management Commentary on Operating Environment and Future Outlook - Management highlighted the company's strong market position and technological advantages, expecting stable growth across economic cycles [6][12] - The company is optimistic about the growth potential in the new energy sector, which is expected to become the largest segment within three years [26] - Management emphasized the importance of R&D investment, product competitiveness, and brand building to sustain long-term growth [12] Other Important Information - The company has implemented cost-reduction and efficiency-improvement measures, which have contributed to margin expansion [10] - It is actively preparing for market demand by optimizing production capacity and inventory management [21] Q&A Summary Q: What are the key highlights of the H1 2024 report? - Net profit grew 50%, exceeding the forecast range of 40%-60%, with revenue up nearly 20% and gross margin reaching 24.1%, a historical high [15] Q: How is the company ensuring sustainable growth in the smart controller industry? - The company has achieved three consecutive quarters of revenue growth, driven by overseas market performance and technological innovation [15] Q: What are the specific financial results for H1 2024? - Revenue was 5.016 billion CNY, up 18% YoY, with net profit at 389 million CNY, up 51% YoY [16] Q: How is the company's gross margin performing? - Gross margin improved to 23.9%, with net margin doubling to 7.44% despite rising costs from new business investments [17] Q: What are the growth strategies for the tools segment? - Growth is driven by increased market share with key clients, product line expansion, and entry into the garden tools market [20] Q: How is the company addressing US-China trade friction? - The company has adjusted its global capacity layout, including expanding production in Vietnam and considering Mexico and Romania [23] Q: What are the latest developments in hollow-cup motors for industrial robots? - The company has made early progress in hollow-cup motors, with applications in drones and robotics, and expects significant contributions in the next 2-3 years [24] Q: What is the long-term market outlook for the company? - The home appliances market is estimated at 60 billion CNY, with the company targeting a doubling of its current 4-5% market share [26] - The new energy sector is expected to become the largest segment within three years, driven by applications in charging, inverters, and energy storage [26]

Investment Rating - The report maintains a "Recommend" rating for the company with a target price of 14.35 yuan, based on a 24x PE valuation for 2024, implying a target market cap of 17.886 billion yuan [1][3] Core Views - The company achieved significant growth in H1 2024, with revenue of 5.016 billion yuan (+17.85% YoY) and net profit attributable to shareholders of 389 million yuan (+50.68% YoY) [1] - Profitability improved notably, with gross margin reaching 23.90% (+2.32 ppts YoY) and net margin at 7.77% (+1.7 ppts YoY) [11] - The tool segment led growth, with revenue of 1.959 billion yuan (+20.90% YoY) and gross margin of 24.62% (+1.1 ppts YoY) [11] - New energy business maintained rapid growth, with energy storage revenue of 760 million yuan (+13.74% YoY) and new energy vehicle revenue of 280 million yuan (+14.43% YoY) [11] Financial Performance - Revenue is expected to grow from 10.487 billion yuan in 2024E to 14.714 billion yuan in 2026E, with a CAGR of 18.2% [4][15] - Net profit attributable to shareholders is projected to increase from 745 million yuan in 2024E to 1.112 billion yuan in 2026E, with a CAGR of 22.8% [4][15] - ROE is forecasted to improve from 10.7% in 2024E to 12.7% in 2026E, while ROIC is expected to rise from 10.2% to 11.9% over the same period [4] Business Segments - The company operates in four main segments: tools (1.959 billion yuan, +20.90% YoY), home appliances (1.773 billion yuan, +18.15% YoY), new energy (1.040 billion yuan, +13.74% YoY), and industrial control (156 million yuan, +13.82% YoY) [11] - The tool segment benefits from electrification and cordless trends, while the home appliance segment sees growth from AI, IoT, and smart home technologies [11] - New energy business focuses on energy storage and new energy vehicles, with a "1 charge, 1 core, 1 cloud, 3S" strategy [11] Valuation - The company is trading at 17x 2024E PE and 1.8x 2024E PB, with an EV/EBITDA of 14x for 2024E [4][15] - EPS is expected to grow from 0.60 yuan in 2024E to 0.89 yuan in 2026E [4][15]

来源：公司年报、国金证券研究所 事件简评 同比增长 31.85%，环比增长 21.38%。 经营分析 行业回暖，公司业绩持续快速增长：2024 年上半年，行业景气度 回暖，公司不断扩大国内外业务，通过加大技术创新力度、增强产 品力、提升内部运营能力，同时加速市场出海、加大新兴产业领域 应用，扩大与头部客户的合作，提高市场份额。报告期内各业务板 块均实现收入和毛利率的双增长。报告期实现综合毛利率 23.90%， 同比提升 2.32 个百分点，各板块毛利率同比均有提升。二季度 实现收入 26.98 亿元，创单季度收入新高。二季度经营活动现金 净流量实现 3.71 亿元，环比增加 272.82%。 下游库存见底，各版块收入均实现增长：分业务看，2024 年上半 年行业景气度恢复，下游库存见底。公司工具业务实现 19.59 亿 元，同比增长 20.90%。随着家电库存消化及行业景气度回升，家 电板块实现销售收入 17.73 亿元，同比增长 18.15%。公司积极把 握大储、工商业储能、新能源汽车充电等增量市场机遇，新能源板 块实现销售收入 10.40 亿元，同比增长 13.74%。其中储能业务 实现收入 7.6 亿元 ...

证券研究报告 利润高速增长，下游需求复苏趋势显现 分业务来看，工具板块实现营收 19.59 亿元，同比增长 20.90%，主要受益 于行业景气度恢复，下游库存见底；公司聚焦头部客户及高价值产品，持续 提升销售额，并以卓越的运营能力，满足头部客户多区域供应需求。家电板 块实现营收 17.73 亿元，同比增长 18.15%，公司以平台化优势赋能客户， 在多家欧美、日系、新兴市场头部家电客户中实现份额提升。新能源板块营 收同比增长 13.74%至 10.4 亿元，公司积极拓展户储、工商储等多领域的产 品应用。工业板块营收同比增长 13.82%至 1.56 亿元，其中，伺服驱动及电 机系统业务同比增长 16%，公司正积极与国内人形机器人客户推进合作。 看好公司长期发展，维持"增持"评级 | --- | --- | --- | --- | --- | --- | |-----------------------------------|--------|---------|--------|--------|--------| | 经营预测指标与估值 \n会计年度 | 2022 | 2023 | 2024E | 202 ...

Key Points Summary Industry/Company Involved - [1] The content of the memo pertains to a specific industry and company, although the name is not explicitly mentioned. Core Views and Arguments - [2] The memo highlights the company's efforts to increase its market share. - [3] The primary focus is on the company's operating data to support the argument. Other Important Content - [4] The memo does not provide specific details about the industry or company, such as the name, sector, or geographical focus. - [5] The memo does not mention any financial figures or performance metrics. - [6] The memo does not discuss any potential risks or challenges faced by the company or industry.