Investment Rating - The report maintains a "Buy" rating for Tuobang Co Ltd (002139 SZ) [2][4] Core Views - Tuobang Co Ltd is a leading player in the smart controller industry with broad growth potential [1] - The company has established a comprehensive technology system covering "four electrics and one network" (electric control, motor, battery, power supply, and IoT platform) [1] - Tuobang provides customized smart control solutions for four major industries: home appliances, tools, new energy, and industrial applications [1] Business Segments Analysis Tools Business - The tools business accounted for 39 05% of total revenue in H1 2024, up from 36 05% in 2023 [1] - Focuses on high-value industrial and professional-grade products [1] - Expanding application scenarios and developing new business opportunities in high-power products [1] Home Appliance Business - Achieved revenue of 1 773 billion yuan in H1 2024, an 18 15% year-on-year increase [1] - Strengthened partnerships with leading home appliance brands in Europe, America, Japan, and emerging markets [1] - Significant growth in air conditioning products, particularly in overseas markets [1] New Energy Business - Generated 1 040 billion yuan in revenue in H1 2024, up 13 74% year-on-year [1] - Core technologies include "1 charge, 1 core, 1 cloud, 3S" (charging, battery core, cloud platform, BMS, PCS, EMS) [1] - Focuses on energy storage and new energy vehicle applications [1] Financial Projections - 2024/2025 net profit forecasts revised down to 722/922 million yuan, representing 10%/8% reductions [2] - 2026 net profit forecast introduced at 1 114 billion yuan [2] - PE ratios projected at 19X/15X/12X for 2024/2025/2026 [2] Key Financial Metrics - Revenue growth expected to maintain around 16% annually from 2024 to 2026 [3] - Net profit margin projected to increase from 6 9% in 2024 to 7 9% in 2026 [7] - ROE expected to improve from 10 4% in 2024 to 12 8% in 2026 [7] - Gross margin forecast to rise from 22 5% in 2024 to 23 6% in 2026 [7] Valuation Metrics - Current price: 10 79 yuan [4] - Market capitalization: 13 453 billion yuan [4] - 52-week price range: 6 22-12 43 yuan [4] - 3-month turnover rate: 93 58% [4]

丨证券研究报告丨 公司研究丨点评报告丨拓邦股份（002139.SZ） [Table_Title] 拓邦股份 2024 年半年报业绩点评： 行业景气度修复明显，盈利能力持续向上 | --- | --- | --- | |------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------|-------| | | | | | 报告要点 | | | | [Table_Summary] | 总体来看，物联网行业自今年年初起，下游补库叠加需求复苏，行业增速恢复明显，公司 24H1 | | | 实现营收同比增长 17.85% ；同时随着上游高价原料消化 & 改善， 24H1 毛利率同比 +2.32pct | 汇兑等不利因素减弱，公司盈利能力 ，后续公司不断推出高附加值业务及自主可控创新品类带来的 | | | 持稳定增长。 | 产品结 ...

证券研究报告 | 公司动态点评 2024 年 07 月 31 日 拓邦股份（002139.SZ） Q2 业绩表现亮眼，行业景气度持续回暖，看好公司长期稳健发展 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|-------|-------|--------|--------|--------|------------------------------------------|-----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 8,875 | 8,992 | 10,773 | 12,960 | 15,642 | 股票信息 | | | 增长率 yoy （ % ） | 14.3 | 1.3 | 19.8 | 20.3 | 20.7 | | | | 归母净利润（百万元） | 583 | 516 | 722 | 930 | 1,198 | 行业 | 电 ...

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 ...

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]

证 券 研 究 报 告 半年度业绩同比高增，利润率改善成效显著 目标价：14.35 元 当前价：10.18 元 7 月 30 日，公司发布《2024 半年度报告》，2024 年上半年实现营业收入 50.16 亿元（同比+17.85%），归母净利润 3.89 亿元（同比+50.68%）。 评论： 其他电子零组件Ⅲ 2024 年 07 月 31 日 证券分析师：欧子兴 市场表现对比图(近 12 个月) -43% -28% -13% 3% 23/07 23/10 23/12 24/03 24/05 24/07 2023-07-31~2024-07-30 拓邦股份 沪深300 《拓邦股份（002139）2024 年半年度业绩预告点 评：半年度业绩快速增长，行业景气度加速恢复》 2024-07-04 《拓邦股份（002139）2023 年三季报点评：毛利 率同比提升明显，等待需求复苏》 2023-11-09 《拓邦股份（002139）2023 年半年报点评：盈利 能力持续改善，静候需求拐点》 2023-08-29 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 未经许可，禁止转载 元。参考可 ...

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 ...