Investment Rating - The report maintains a "Buy" rating for the company, with expected PE ratios of 19x, 14x, and 11x for 2024, 2025, and 2026 respectively [10] Core Views - The company achieved double-digit growth in both revenue and profit in H1 2024, driven by industry recovery and market share gains in key sectors [1] - The company's overseas expansion strategy is showing results, with overseas revenue accounting for over 50% of total revenue and expected to grow further [7] - AI terminal applications are expected to drive demand growth in the smart controller industry, benefiting the company's strong product capabilities [1] - The company's share buyback program demonstrates confidence in future growth and supports long-term sustainable development [22][23] Financial Performance - Revenue is forecasted to grow from RMB 8,875 million in 2022 to RMB 15,642 million in 2026, with a CAGR of 19.8%-20.7% [6] - Net profit attributable to shareholders is expected to increase from RMB 583 million in 2022 to RMB 1,198 million in 2026, with a CAGR of 28.7%-40.1% [6] - Gross margin is projected to improve from 20.1% in 2022 to 25.1% in 2026 [13] - ROE is forecasted to increase from 10.0% in 2022 to 13.3% in 2026 [6] Business Development - The company has successfully launched new products in the new energy sector, including charging piles, BMS, and PCS, contributing to incremental growth [1] - Overseas markets, particularly in Europe and America, have seen breakthroughs in energy storage business with major customers [7] - The company is focusing on multi-scenario comprehensive energy storage solutions and digital empowerment to accelerate energy transformation [7] Valuation Metrics - The company's P/E ratio is expected to decline from 22.9x in 2022 to 11.2x in 2026 [6] - P/B ratio is projected to decrease from 2.3x in 2022 to 1.5x in 2026 [6] - EV/EBITDA is forecasted to drop from 13.9x in 2022 to 7.4x in 2026 [13] Shareholder Returns - The company has implemented a share buyback program, repurchasing 10,342,300 shares (0.83% of total shares) at an average price of RMB 6.34-9.15 per share [22] - EPS is expected to grow from RMB 0.47 in 2022 to RMB 0.96 in 2026 [6]

Investment Rating - The report indicates a positive outlook for the company, with a projected net profit increase of 40%-60% for the first half of 2024 [41]. Core Insights - The company, Tuobang Co., Ltd., holds a leading position in the smart controller industry with a market share of 77% [2]. - The company has achieved continuous revenue growth for 11 years, with a revenue of 8.99 billion in 2023, reflecting a year-on-year increase of 1.3% [37]. - The first quarter of 2024 showed significant growth, with revenue reaching 2.32 billion, up 16.2% year-on-year, and a net profit of 180 million, up 82.3% year-on-year [37]. - The company has diversified its product offerings, including applications in humanoid robots and low-altitude drones, leveraging its core technologies in electric control, motors, batteries, and power supplies [28][52]. Summary by Sections Company Overview and Performance - Tuobang Co., Ltd. specializes in smart control system solutions, focusing on the development, production, and sales of various customized solutions across multiple industries [28]. - The company has a robust performance in the first quarter of 2024, with a strong order backlog of 170 million [16]. Market Dynamics - The smart controller market in China is projected to reach approximately 3.4 trillion by 2023, with an expected compound annual growth rate of 12.3% over the next five years [48]. - The company has established stable partnerships with various domestic and international brands in the charging pile business, showcasing its competitive edge in core technologies [54]. Recent Developments - The acquisition of Shenzhen Yankong Automation Technology Co., Ltd. has strengthened the company's capabilities in the robotics sector [19]. - The company is actively involved in the development of new products, including high-voltage fast charging technology for electric vehicles [6].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 14.35 CNY based on a 24x PE valuation for 2024 [3][11]. Core Insights - The company is expected to achieve a net profit of 361-413 million CNY in the first half of 2024, representing a year-on-year growth of 40%-60% [11]. - The company has established a comprehensive technology system called "Four Electric One Network" to provide customized smart control solutions across four major sectors: home appliances, tools, new energy, and industrial applications [11]. - The new energy sector is identified as a future growth driver, with the company introducing new products such as PCS and integrated solar storage systems, which are expected to contribute to revenue growth [11]. - The company has a strong overseas production capacity, with over 50% of its revenue coming from international markets, which is anticipated to increase further [11]. Financial Summary - Total revenue is projected to grow from 8,992 million CNY in 2023 to 10,487 million CNY in 2024, reflecting a growth rate of 16.6% [2]. - The net profit is expected to rise from 516 million CNY in 2023 to 745 million CNY in 2024, indicating a growth rate of 44.6% [2]. - Earnings per share (EPS) is forecasted to increase from 0.41 CNY in 2023 to 0.60 CNY in 2024 [2].

业绩快速增长毛利率持续提升，智能控制器龙头保持行业竞争力 我们的点评如下： 2024 年上半年，行业景气度回暖，公司头部客户市占率及高价值产品持续 提升，实现了收入和利润的双增长。家电、工具需求已恢复正常，新能源 行业随着需求的恢复也在加速出清，公司以充电桩、BMS、PCS 为代表的 新产品已推向市场并贡献增量。单季度看，24Q2 实现归母净利润 1.86~2.37 亿元，同比增长约 14.8%~46.7%，扣非净利润 1.86~2.37 亿元，同比增长约 14.5%~45.7%。24Q2 收入延续了一季度增长的态势，毛利率持续提升，扣 除汇兑收益影响的情况下，实现了扣非净利润同比大幅提升。 人工智能时代，智能控制的应用场景更加广泛，行业有望加速发展。公司 积累了丰富的技术平台和产品平台，在市场化竞争时代，有产品力的公司 将实现优势增长。同时公司在流程体系建设、运营方面具有成熟经验，全 球化的战略布局，将助力海外市场的拓展，进一步提升市场份额，夯实头 部优势。 盈利预测与投资建议：智能化大趋势下，公司有望长期持续成长，叠加组 织优化、降本增效等举措，有望保持收入和利润持续增长。未来随外部因 素逐步解除、短期和 ...

Financial Performance Expectations - The company expects a net profit attributable to shareholders of between 361.257 million yuan and 412.865 million yuan for the first half of 2024, representing a year-on-year growth of 40% to 60% compared to 258.041 million yuan in the same period last year [3]. - The net profit after deducting non-recurring gains and losses is projected to be between 355.745 million yuan and 406.566 million yuan, also reflecting a year-on-year growth of 40% to 60% compared to 254.104 million yuan last year [3]. - Basic earnings per share are anticipated to be between 0.29 yuan and 0.33 yuan, compared to 0.20 yuan per share in the same period last year [3]. - The gross profit margin has continued to improve, indicating a positive trend in operational efficiency and profitability [3]. - The financial data provided in the earnings forecast is preliminary and has not been audited by an accounting firm, with final figures to be disclosed in the 2024 semi-annual report [10]. - The company advises investors to exercise caution and be aware of investment risks related to the preliminary nature of the financial data [10]. Market and Product Development - The company has seen a recovery in industry demand, particularly in home appliances and tools, with new products like charging piles, BMS, and PCS contributing to revenue growth [9]. - The company is leveraging its technological and product platforms to enhance its competitive advantage in the market, aiming for increased market share through global strategic expansion [4]. - The company emphasizes the importance of product capability in achieving growth in a competitive market environment [4]. - The company is optimistic about the acceleration of industry development in the era of artificial intelligence, which is expected to further enhance its market position [4].

根据《上市公司股份回购规则》、《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关规定，公司在回购期间应当在每个月的前 3 个交易日 内公告截至上月末的回购进展情况。现将公司回购股份进展情况公告如下： 证券代码：002139 证券简称：拓邦股份 公告编号：2024041 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《 ...

证券代码：002139 证券简称：拓邦股份 公告编号：2024040 深圳拓邦股份有限公司 关于回购股份进展情况的公告 截至 2024 年 5 月 31 日，公司通过回购专用证券账户以集中竞价交易方式回 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。 公司于 2024 年 2 月 5 日召开第八 ...

证券代码：002139 证券简称：拓邦股份 公告编号：2024038 深圳拓邦股份有限公司 第八届董事会第十一次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 深圳拓邦股份有限公司（以下简称"公司"）第八届董事会第十一次会议于 2024年5月29日以现场、通讯相结合的方式在公司会议室召开。召开本次会议的 通知已于2024年5月24日以书面、电话、电子邮件等方式通知各位董事。本次会 议由董事长武永强先生主持，会议应参会的董事7名，实际参会的董事7名。会议 符合《中华人民共和国公司法》和《公司章程》的有关规定。会议表决情况如下： 二、董事会会议审议情况 《关于收购研控自动化剩余股权的公告》详见2024年5月30日的《证券时报》 和巨潮资讯网（http://www.cninfo.com.cn）。 表决结果：同意7票，反对0票，弃权0票。 三、备查文件 1．第八届董事会第十一次会议决议。 特此公告。 深圳拓邦股份有限公司董事会 2024 年 5 月 30 日 1 1．审议通过了《关于收购研控自动化剩余股权的议案》 ...

证券代码：002139 证券简称：拓邦股份 公告编号：2024039 深圳拓邦股份有限公司 关于收购深圳研控自动化科技股份有限公司剩余股权的公告 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。 重要内容提示： 1、本次交易不构成关联交易，亦不构成《上市公司重大资产重组管理办法》 规定的重大资产重组情形。根据《深圳证券交易所股票上市规则》、《公司章程》 相关规定，本次交易事项在董事会审批权限范围内，无需提交股东大会审议。 2、本次交易完成后，公司将持有深圳研控自动化科技股份有限公司100%的 股权。 一、交易概述 深圳拓邦股份有限公司（简称"公司"）第八届董事会第十一次会议审议通过 了《关于收购研控自动化剩余股权的议案》，决定使用现金16,506.80万元收购深 圳研控自动化科技股份有限公司（以下简称"研控自动化"或"标的公司"）28.46% 的股权。2024年5月29日，公司与研控自动化股东朱聚中先生、深圳市研讯投资 企业（有限合伙）、深圳市研运投资企业（有限合伙）签署了《股份转让协议》。 本次交易完成后，公司将持有研控自动化100%的股权。 本次交易不构成关 ...

| --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------|-----------------|---------------------|----------------------------------------|-----------------------------------------| | 2024 年 05 月 15 日 \n拓邦股份（ 002139.SZ ） \n下游复苏叠加出海战略，业绩拐点已现 \n投资要点： | 投资评级 \n股价 | 电子 \n(2024-05-14) | 公司研究●证券研究报告 \n\| 增持-B(首次 | 公司快报 \n其他电子零组件Ⅲ ) \n10.33 元 | | 事件：近期，公司发布 2023 年年报和 2024 年一季报。 2023 年，公司实现营业收 | 交易数据 | | | | | 入 89.92 亿元，同比增长 1.32% ...