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 Viewpoint - In 2024, the company "restarts growth," with operating revenue exceeding 10 billion yuan for the first time, achieving a year-on-year growth rate returning to double digits, and overall profitability and operational efficiency significantly improved, enhancing operational health [1] Group 1: Financial Performance - In 2024, the company achieved operating 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% year-on-year [2][3] - The company reported a net profit margin of 6.39%, an increase of 0.66 percentage points year-on-year, and a comprehensive gross margin of 22.97%, up 0.66 percentage points [7] Group 2: Business Growth and Strategy - The company's core business segments, including tools and home appliances, achieved operating revenue of 7.981 billion yuan in 2024, with a year-on-year growth of 25.48%, and both segments saw revenue growth rates exceeding 20% [4] - The company is focusing on a "two-step" strategy to enhance customer demand and optimize component product capabilities while deepening core technologies to create new growth opportunities [3] Group 3: Innovation and Future Outlook - The company has established a product platform in the robotics field, including servo drives and motors, and has successfully delivered samples to over 10 leading industry enterprises for humanoid robot applications [5] - The digital energy and smart automotive sectors are expected to open up broad long-term growth opportunities, despite a decline in revenue for digital energy due to falling market prices [4] Group 4: Global Expansion - The company accelerated its international market presence, with overseas manufacturing platform output exceeding 2.2 billion yuan, growing over 70%, benefiting from its global layout in countries like Vietnam, India, Romania, and Mexico [8]

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]

Core Insights - The article discusses the financial performance and technological advancements of two Shenzhen companies, Topband Co., Ltd. and Zhenbang Intelligent, in the humanoid robot industry [1][5]. Company Performance - Topband Co., Ltd. reported a revenue of 10.501 billion yuan for 2024, a year-on-year increase of 16.78%, with a net profit of 671 million yuan, up 30.25% [2][4]. - Zhenbang Intelligent achieved a revenue of 1.402 billion yuan in 2024, reflecting a year-on-year growth of 14.37%, but its net profit declined by 2.26% to 203 million yuan [5][6]. Market Position and Competition - Topband holds a leading market share of 13% in the intelligent robot controller sector, while Zhenbang follows with a 2% share, indicating a competitive landscape [1][2]. - Topband focuses on core components like motors and dexterous hand modules, while Zhenbang is exploring intelligent control systems and AI algorithms [2][5]. Technological Development - Topband has established a product platform for servo drives, motors, and motion control, achieving mass production of 8mm and 10mm hollow cup motors, which are characterized by high precision and low power consumption [3][4]. - Zhenbang is concentrating on optimizing intelligent control systems and AI algorithms but has not yet developed competitive core components in the humanoid robot market [5][6]. Research and Development - Topband increased its R&D investment to 9.07% of revenue, focusing on breakthroughs in low-voltage multi-axis bus servo drive technology and dexterous hand modules [4][6]. - Zhenbang's R&D expenditure reached 86.1628 million yuan, accounting for 6.15% of its revenue, with efforts to integrate large model technology into its products [6]. Future Outlook - The humanoid robot industry is expected to mature, with the integration of core component supply chains and intelligent control technologies becoming critical for competitive advantage [6].

Summary of the Conference Call for拓邦股份 Company Overview - **Company**: 拓邦股份 (Tuobang Co., Ltd.) - **Date**: March 27, 2025 Key Points Industry and Market Trends - The A-share market has experienced different style rotations over the years, with expectations for a bull market in the large technology sector from 2025 to 2027, coinciding with a significant AI industry transformation [3][4] - High dividend stocks are expected to perform well from 2022 to 2024, while the AI industry is projected to grow rapidly, with domestic companies entering a growth inflection point starting from Q3 2024 [5] Company Growth Strategy - **Growth Strategy**: The company has restarted its growth strategy, aiming for revenue to exceed 10 billion yuan for the first time in 2025, with a return to double-digit growth rates [3][6] - **Business Segmentation**: The company has restructured its business into three main segments: basic business, tools, and home appliances, with a focus on digital energy and smart vehicles within the new energy sector [3][7] Financial Performance - In 2024, the tools and home appliances segment generated nearly 8 billion yuan in revenue, a year-on-year increase of 25.48%, with a gross margin of 23.17% [3][9] - The digital energy and smart vehicle segment saw revenues of nearly 2.1 billion yuan, a decline of 6.32%, but with a gross margin improvement to 21% [3][9] - The smart vehicle sector experienced a revenue growth of 120% [3][9] Business Development - The digital energy sector aims to provide comprehensive energy storage solutions, with expectations for growth recovery as industry adjustments stabilize [3][11] - The smart vehicle segment is developing a product matrix focused on electrification and advanced intelligent driving, with successful commercialization of liquid-cooled ultra-fast charging systems [3][11] - The robotics business is focusing on humanoid, service, and industrial robots, leveraging products like hollow cup motors to penetrate the market [3][12] International Expansion - The company has accelerated its international market expansion, with overseas production capacity accounting for about 25% of total capacity, and plans to increase this in the next three years [3][15][17] - The company is confident in enhancing its market share in international markets, particularly in Southeast Asia, Romania, and Mexico [3][18] Future Outlook - The company anticipates continued improvement in gross margins and net profit margins, with a return to double-digit ROE [3][20][28] - The strategic focus for 2025 includes expanding core business shares, achieving breakthroughs in AI-related businesses, and accelerating international market penetration [3][35] - The company aims to leverage the integration of control technology and AI to evolve into a leading AI business expert, capitalizing on the growth opportunities in the AI and robotics sectors [3][36] Challenges and Risks - The company acknowledges potential fluctuations in the US-China tariff situation but believes its global layout mitigates significant impacts [3][30] - The competitive landscape is expected to favor companies with global operational capabilities, emphasizing the importance of innovation and specialization in the industry [3][34] Conclusion - The company is positioned for robust growth, driven by strategic initiatives in AI, international expansion, and a focus on high-margin segments, with a clear vision for becoming a leader in the smart control and AI sectors [3][36]

证券代码：002139 证券简称：拓邦股份 公告编号：2025023 深圳拓邦股份有限公司 关于取消监事会并修订《公司章程》及相关制度的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 深圳拓邦股份有限公司（以下简称"公司"）于 2025 年 3 月 26 日召开了第八 届董事会第十八次会议及第八届监事会第十三次会议，审议通过了《关于取消监 事会并修订<公司章程>的议案》及《关于修订<深圳拓邦股份有限公司董事会审 计委员会工作细则>的议案》，其中《关于取消监事会并修订<公司章程>的议案》 尚需提交股东大会审议，现将有关情况公告如下： 一、取消监事会并修订《公司章程》及相关制度的原因及依据 根据《中华人民共和国公司法》（2023 年修订）的相关规定，结合公司实际 情况，公司将不再设置监事会，监事会的职权由董事会审计委员会行使，《深圳 拓邦股份有限公司监事会议事规则》等监事会相关制度相应废止，同时《深圳拓 邦股份有限公司章程》中相关条款及《深圳拓邦股份有限公司董事会审计委员会 议事规则》亦作出相应修订。 二、《公司章程》的修订情况 根据《中华人民共和国公司法》（20 ...

证券代码：002139 证券简称：拓邦股份 公告编号：2025019 深圳拓邦股份有限公司 《关于举办 2024 年度网上业绩说明会的通知》 3、投资者参与方式： （1）登录"价值在线"路演平台(https://eseb.cn/1mOKuF6PKO4)； （2）使用微信扫描下方小程序码： 二、公司出席人员 1、董事长、总经理武永强先生，独立董事李序蒙先生； 本公司及监事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 深圳拓邦股份有限公司（以下简称"公司"）已于2025年3月28日披露《2024 年年度报告》及其摘要，为方便广大投资者更加全面深入地了解公司的战略规划 及实际经营情况，公司定于2025年4月10日（星期四）下午15:00-17:00举行2024 年度业绩说明会。 一、 业绩说明会召开时间和方式 1、召开时间：2025年4月10日（星期四）下午15:00-17:00 2、召开方式：远程网络 特此公告。 深圳拓邦股份有限公司董事会 2025年3月28日 2 1 2、副总经理、董事会秘书文朝晖女士，财务总监罗木晨先生。 三、问题征集 为提高交流效率，公司现提前向投资 ...

证券代码：002139 证券简称：拓邦股份 公告编号：2025022 深圳拓邦股份有限公司 《关于董事会战略委员会更名并修订相关议事规则的公告》 本公司及监事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 深圳拓邦股份有限公司（以下简称"公司"）于2025年3月26日召开了第八届 董事会第十八次会议，审议通过了公司《关于董事会战略委员会更名并修订相关 议事规则的议案》。现将有关情况公告如下： 为进一步健全公司战略发展规划和投资决策程序，深入贯彻新发展理念，推 动公司高质量、可持续发展，公司将董事会下设的"董事会战略委员会"更名为"董 事会战略与ESG委员会"，在原有职责基础上增加了ESG相关职责，并相应修改 《深圳拓邦股份有限公司董事会战略委员会议事规则》。本次调整仅为董事会战 略委员会名称和职责调整，其组成及成员职位不做调整。 特此公告。 深圳拓邦股份有限公司董事会 2025年3月28日 1 ...