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.

深圳拓邦股份有限公司 法定代表人： 主管会计工作的负责人： 会计机构负责人： 注：以上数值均保留两位小数，若出现总数与各分项数值之和尾数不符的情况，均为四舍五入原因造成。 3 1 | | | | | | 2024 年上 | 2024 年 上半年 | 2024 年 | 2024 年 6 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 其它关联资金 | | 往来方与上 | 上市公司核 | 年期 2024 | 半年往来 | 往来资 | 上半年偿 | 月 日 30 | 往来形 | （经营性往 | | 往来 | | 市公司的关 | 算的会计科 | 初往来资金 | 累计发生 | 金的利 | 还累计发 | 往来资金 | 成原因 | 来、非经营性 | | | | 联关系 | 目 | 余额 | 金额（不 | | | | | 往来） | | | | | | | 含利息） | 息（如 | 生金额 | 余额 | | | | | | | | | | 有） | | | | | | 控股股东、实 | 不适用 | 不适用 | 不适用 | ...

Financial Performance - The company achieved a revenue of 5.016 billion yuan in the first half of 2024, representing a year-on-year growth of 17.85%[12] - The net profit attributable to shareholders reached 389 million yuan, a year-on-year increase of 50.68%[12] - The second quarter revenue reached 2.698 billion yuan, marking a new high for quarterly revenue with a quarter-on-quarter growth of 16.37%[12] - The company’s cash flow from operating activities in the second quarter was 371 million yuan, an increase of 272.82% quarter-on-quarter[12] - The company reported a total profit of 15,671,738.92 CNY for the current period, after accounting for various income and expenses[25] - The company received government subsidies amounting to 15,418,390.00 CNY, which positively impacted its financial performance[25] - The company reversed impairment provisions for receivables totaling 3,369,846.80 CNY, indicating improved asset quality[25] - The company's operating revenue for the reporting period was ¥5,015,785,165.59, an increase of 17.85% compared to ¥4,256,121,153.72 in the same period last year[70] - Net profit attributable to shareholders was ¥388,828,515.18, representing a growth of 50.68% from ¥258,040,692.16 year-on-year[70] - The net profit after deducting non-recurring gains and losses was ¥373,156,776.26, up 46.85% from ¥254,103,854.80 in the previous year[70] - Basic and diluted earnings per share increased by 55.00% to ¥0.31 from ¥0.20[70] Revenue Segmentation - The tools segment generated 1.959 billion yuan in revenue, growing by 20.90% year-on-year, with a gross margin of 24.62%[12] - The new energy segment reported sales revenue of 1.04 billion yuan, reflecting a year-on-year growth of 13.74%[18] - The energy storage business achieved revenue of 760 million yuan, also growing by 13.74% year-on-year[18] - The revenue from the new energy vehicle business reached 280 million CNY, representing a year-on-year growth of 14.43%[109] - The home appliance segment achieved sales revenue of 1.773 billion CNY, an increase of 18.15% year-on-year[118] Market Position and Strategy - The company established a leading position in the smart control field, providing customized solutions across four major industries: home appliances, tools, new energy, and industrial[10] - The company is actively expanding into new markets and product categories to increase market share and maintain stable growth[17] - The company focuses on smart control system solutions, enhancing its technological innovation capabilities to meet market demands[83] - The company aims to expand its market presence through continuous optimization and upgrading of its technology platforms[83] - The company's market share in tools increased from 36.05% in 2023 to 39.05% by the end of the reporting period[116] Technological Development - The company plans to enhance its IoT platform, integrating advanced technologies for better energy management and efficiency[28] - The company is focused on developing electric control technologies, with significant expertise in automation and intelligent control systems[29] - The digital energy management cloud platform utilizes big data and AI to provide energy monitoring, analysis, and optimization services, helping users reduce energy consumption[88] - The company has established several advanced motor product platforms, successfully applied in electric tools, automation equipment, and new energy vehicles[80] - The company has accumulated core technologies in electric control, battery management systems, motors, and IoT, providing customized solutions for clients[116] Investment and Projects - The total amount of raised funds used in the reporting period was 183.2 million CNY, with a cumulative usage of 1.534 billion CNY[128] - The total committed investment for the TuoBang East China Regional Operation Center project is CNY 565.44 million, with a cumulative investment of CNY 483.02 million, achieving 100% of the investment progress[137] - The TuoBang Huizhou Second Industrial Park project has a committed investment of CNY 736.85 million, with CNY 45.40 million invested to date, also achieving 100% of the investment progress[137] - The TuoBang Nantong Industrial Park Phase I project (Lithium Battery Project) has a total investment of CNY 610 million, with CNY 95.78 million invested so far, reaching 88.90% of the investment progress[137] - The company has reported a total of CNY 160.23 million in committed investment projects, with a cumulative investment of CNY 153.46 million, resulting in a slight loss of CNY 13.07 million[137] Risks and Challenges - The company faces potential risks including market demand decline due to macroeconomic conditions and intensified industry competition[55] - The company faces risks from rapid technological updates in the smart controller industry, which may affect market share and profitability[162] - The company is exposed to foreign exchange risks due to nearly 60% of its revenue coming from exports, and it plans to mitigate this through various financial strategies[169] - The company has experienced changes in project feasibility due to market demand and planning adjustments, necessitating strategic shifts in project implementation[149] Shareholder Matters - The company does not plan to distribute cash dividends or issue bonus shares for the current period[41] - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the semi-annual period[173] - The 2021 restricted stock incentive plan involves granting a total of up to 34 million shares to 1,250 incentive objects, with a vesting schedule of 30% after 12 months, 30% after 24 months, and 40% after 36 months[175][180] - The number of shares granted under the 2021 incentive plan was adjusted to 33.95 million shares, with the number of incentive objects reduced to 1,246[187] - The company completed the registration of 18,705,400 new shares and 14,838,920 repurchased shares under the 2021 incentive plan on December 17, 2021[194]

证券代码：002139 证券简称：拓邦股份 公告编号：2024043 深圳拓邦股份有限公司 第八届董事会第十二次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 表决结果：同意7票，反对0票，弃权0票。 《2024年半年度募集资金年度存放与实际使用情况公告》全文详见2024年7 月31日的《证券时报》和巨潮资讯网（http://www.cninfo.com.cn）。 特此公告。 深圳拓邦股份有限公司董事会 2024 年 7 月 31 日 1 深圳拓邦股份有限公司（以下简称"公司"）第八届董事会第十二次会议于 2024年7月29日下午14:30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7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： 一、审议通过了《关于<2024年半年度报告>及摘要的议案》 表决结果：同意7票，反对0票，弃权0票。 《2024年半年度报告摘要 ...

证券代码：002139 证券简称：拓邦股份 公告编号：2024046 深圳拓邦股份有限公司 关于 2024 年半年度募集资金存放与实际使用情况公告 本公司及董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。 该次募集资金已于 2019 年 3 月 13 日全部到位，瑞华会计师事务所（特殊普 通合伙）对其到位情况进行了审验，并出具了"瑞华验字[2019]48270001 号"《验 资报告》。 （2）2021 年非公开发行股票募集资金 经中国证券监督管理委员会《关于核准深圳拓邦股份有限公司非公开发行股 1 证券代码：002139 票的批复》（证监许可[2020]1865 号）的核准，公司向特定对象非公开发行人民 币普通股 92,105,263 股，面值为每股人民币 1 元，发行价格为每股人民币 11.40 元，募集资金总额为人民 1,049,999,998.20 元，扣除与发行有关的费用人民币 13,152,929.49 元（不含税金额），实际可使用募集资金净额为人民币 1,036,847,068.71 元。 根据中国证监会发布的《上市公司监管指引第 2 号——上市公司募集资 ...

证券代码：002139 证券简称：拓邦股份 公告编号：2024044 深圳拓邦股份有限公司 第八届监事会第八次会议决议公告 一、审议通过了《关于<2024年半年度报告及摘要>的议案》 表决结果：同意3票，反对0票，弃权0票。 特此公告。 深圳拓邦股份有限公司监事会 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"）第八届监事会第八次会议于2024 年7月29日下午15:00以现场、通讯相结合的方式召开。召开本次会议的通知已于 2024年7月24日以书面、电话、电子邮件等方式通知各位监事。本次会议由监事 会主席戴惠娟女士主持，会议应到监事3名，实到监事3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： 经审核，监事会认为董事会编制和审核公司《2024年半年度报告》及摘要的 程序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整，不 存在任何虚假记载、误导性陈述或者重大遗漏。 表决结果：同意3票，反对0票，弃权0票。 二、审议通过了《关于<2024年半年度募集资金存放与使用情况的专 ...