Summary of Conference Call Company Overview - The conference call involves **Tuo Fang Co., Ltd.** and features a discussion led by **Mr. Wen**, the company's representative [1] Key Points and Arguments - The meeting follows a standard three-step process, starting with an introduction and overview by the host [1] Additional Important Content - The call is structured to facilitate a comprehensive understanding of the company's performance and future outlook, indicating a focus on transparency and engagement with stakeholders [1]

Stock Code 002139.SZ Co-Innovating A Smarter Future Basis of preparation The Report is prepared based on the Self-regulatory Guidelines for the Companies Listed on the Shenzhen Stock Exchange No. 1 - Standardized Operation of the Companies Listed on the Main Board and the Self-regulatory Guide for the Companies Listed on the Shenzhen Stock Exchange No. 1 - Business Processing, with reference to the GRI Standards and in conjunction with the actual situation of Topband. The disclosures of indicators in the Re ...

[Table_Title] 评级：买入（维持） 市场价格：9.25 元 [Table_Profit] 基本状况 总股本(百万股) 1,268 流通股本(百万股) 1,044 市价(元) 9.25 市值(百万元) 11,725 流通市值(百万元) 9,654 研究助理：杨雷 Q1 业绩超预期，需求复苏降本增效 ◼ 公告摘要：公司发布 2024 年一季报，报告期实现营收 23.18 亿元，同比增长 16. 2%，归母净利润 1.76 亿元，同比增长 82.29%，扣非后归母净利润 1.69 亿元， 同比增长 85.48%。 公司点评 来源：wind，中泰证券研究所 | --- | --- | --- | |----------|-------|--------------------------------------------------------------| | | 评级 | 说明 | | | 买入 | 预期未来 6~12 个月内相对同期基准指数涨幅在 15% 以上 | | | 增持 | 预期未来 6~12 个月内相对同期基准指数涨幅在 5%~15% 之间 | | 股票评级 | 持有 | 预期未来 6~ ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% relative to the industry index in the next six months [15]. Core Views - The company reported a strong performance in Q1 2024, with revenue of 2.318 billion yuan, a year-on-year increase of 16.20%, and a net profit attributable to shareholders of 176 million yuan, up 82.29% year-on-year [18]. - The company is focusing on enhancing its profitability through increased investment in innovative businesses, particularly in the new energy sector, which is expected to contribute significantly to future growth [3][4]. - The company has implemented a share buyback program, indicating confidence in its long-term prospects and commitment to enhancing shareholder value [19]. Financial Summary - Revenue is projected to grow from 8,992 million yuan in 2023 to 10,746 million yuan in 2024, reflecting a year-on-year growth rate of 19.5% [2]. - Net profit attributable to shareholders is expected to increase from 516 million yuan in 2023 to 647 million yuan in 2024, representing a growth rate of 25.5% [2]. - The company's ROE is forecasted to improve from 8.0% in 2023 to 9.4% in 2024 [2]. - The latest diluted EPS is projected to rise from 0.41 yuan in 2023 to 0.51 yuan in 2024 [2]. Business Performance - The company has seen growth across all four major business segments, with the fastest growth in the new energy sector, driven by the introduction of control and power products [4]. - The home appliance segment is focusing on expanding its market share in key categories such as white goods and innovative small appliances [4]. - The company is also investing in core technologies related to mobile robotics and servo drives, aiming to establish a fourth growth curve [3].

拓邦股份（002139） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|---------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 8,875 | 8,992 | 10,063 | 10,970 | 11,950 | | 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） | 0.46 | 0.41 | 0.51 | 0.62 | 0.73 | | P/E （现价 & 最新摊薄） | 20.11 | 22.74 | 18.19 ...

证券研究报告 公 司 报 告│ 公 司 年 报 点 评 拓邦股份(002139) 需求逐步恢复，24Q1 单季度业绩亮眼 事件： 2024 年 4 月 22 日，公司发布 2024 年一季报，报告期内实现营业收入 23.18 亿元，同比增长 16.20%；实现归母净利润 1.76 亿元，同比增长 82.29%； 实现扣除非经常性损益的归母净利润 1.69 亿元，同比增长 85.48%。 ➢ 优势业务板块份额持续提升，新兴业务市场稳步拓展 1）工具：公司在头部客户份额保持稳定的同时实现新品拓展。2）家电：优 势品类市占提升。3）新能源：控制、电源类产品逐步推向市场。 ➢ 高价值品类占比提升，驱动毛利率提升 公司 2024Q1 毛利率为 23.65%，同比提升 1.77pct，相较于 2023 年全年提 升 1.34pct，环比提升 0.83pct。毛利率提升主要由于 2024Q1 公司自主可 控新品及高价值品类出货量增加，叠加高价库存逐步出清，共同推动毛利 率提升。 ➢ 销售、管理费用率环比下降，降本增效效率提高 2024Q1 公司销售/管理/研发/财务费用率分别为 3.50%/3.67%/7.87%/- 0. ...

1 《拓邦股份-年报点评报告:收入稳步 增长，毛利率同比提升，持续国际化布 局》 2024-04-01 2 《拓邦股份-季报点评:受下游需求影 响业绩承压，毛利率持续改善》 2023-10-27 3 《拓邦股份-半年报点评:营收净利润 双增长，盈利能力同比提升》 2023-08-18 | --- | --- | --- | --- | --- | --- | |-----------------------|-----------|-----------|-----------|-----------|-----------| | 资产负债表 ( 百万元 ) | 2022 | 2023 | 2024E | 2025E | 2026E | | 货币资金 | 1,403.03 | 1,550.45 | 2,699.88 | 3,260.33 | 3,922.23 | | 应收票据及应收账款 | 2,601.53 | 2,485.97 | 2,913.79 | 2,882.35 | 3,916.18 | | 预付账款 | 53.01 | 44.09 | 44.40 | 73.63 | 81.87 | | 存货 | ...

拓邦股份（002139.SZ） 买入 下游需求逐步修复，毛利率同环比提升 下游需求逐步显现拐点，一季度营收实现平稳增长。公司发布 2024 年一季 报，实现营业收入 23.2 亿元，同比增长 16.2%；实现归母净利润 1.8 亿元， 同比增长 82.3%；实现扣非归母净利润 1.7 亿元，同比增长 85.5%。 收入方面，随着行业库存恢复正常水位，传统需求逐步修复，且公司新兴业 务加速拓展，工具、家电、新能源和工业等四大板块实现同比增长。其中新 能源板块增速最快，主要系控制、电源类产品逐步推向市场，贡献增量。 毛利率实现同环比提升。一季度公司毛利率为 23.7%，同比提升 1.8pct，环 比提升 0.83pct。主要原因是公司创新产品出货量增加，同时高价库存逐步 出清、持续推进降本增效。费用率方面，公司加大市场开拓力度，销售费用 率同比提升；加大研发投入，核心聚焦新能源板块以及移动机器人、伺服驱 动和控制技术等核心技术开发。基于此，公司销售费用率/研发费用率分别 提升 0.5/0.9pct 至 3.5%/7.9%，管理费用率同比下降 1.0pct 至 3.7%。财务 费用受益于汇兑收益显著减少，一季度公司 ...

Financial Performance - The company achieved revenue and net profit growth in Q1 2024, driven by the recovery of traditional demand and the expansion of emerging applications[6]. - The total operating revenue for the first quarter was CNY 2,318,132,398.80, an increase of 16.19% compared to CNY 1,995,012,860.06 in the same period last year[39]. - Net profit attributable to shareholders reached CNY 175,637,574.45, up 82.29% compared to the same period last year[54]. - Net profit for the period reached CNY 173,843,360.15, compared to CNY 96,496,455.30 in the previous year, marking an increase of 80.36%[83]. - Operating profit rose to CNY 193,679,902.53, up from CNY 89,584,087.37, reflecting a growth of 116.63%[83]. Margins and Costs - Gross margin for the reporting period was 23.65%, an increase of 1.77 percentage points year-on-year and 0.83 percentage points quarter-on-quarter, attributed to the increase in high-value products and effective cost reduction strategies[7]. - The total operating costs for the quarter were CNY 2,122,842,107.63, up 11.22% from CNY 1,907,811,307.13 in the previous year[39]. - Sales expenses increased by CNY 20,230,452.73, representing a growth of 33.25% due to the hiring of new sales personnel and increased travel costs[29]. - The company’s income tax expense rose by CNY 24,530,000.00, a significant increase of 348.73% due to higher profits[30]. Cash Flow and Liquidity - Cash and cash equivalents increased by 355.31 million, a growth of 94.15% compared to the same period last year, mainly due to higher net cash flow from financing activities[16]. - The net cash flow from operating activities decreased by CNY 76,190,015.00, a decline of 43.37% compared to the previous year[31]. - Cash flow from operating activities was CNY 99,471,015.01, down 43.37% year-on-year, primarily due to increased material procurement costs[57]. - The company reported a net cash flow from financing activities of CNY 689,432,436.82, an increase from CNY 395,084,608.34 in the previous year[42]. - Cash flow from financing activities increased by CNY 29,435,000, a rise of 74.50%, mainly due to higher cash received from borrowings[90]. Assets and Liabilities - The company recorded a total liability of 5.77 billion, up from 4.81 billion in the previous year, indicating a significant increase in financial obligations[24]. - The total equity attributable to shareholders of the parent company was 6.40 billion, compared to 6.28 billion in the previous year, showing a positive trend in shareholder equity[24]. - The company’s total assets at the end of the reporting period were CNY 12,253,909,107.68, a 9.57% increase from the end of the previous year[54]. - Total assets increased to CNY 12,253,909,107.68, up from CNY 11,184,119,392.80, representing a growth of 9.56%[81]. Research and Development - Research and development expenses for the quarter were CNY 182,427,898.31, an increase of 32.19% from CNY 138,055,019.40 in the same period last year[39]. - R&D expenses increased by CNY 44,370,000, a rise of 32.14% compared to the same period last year, indicating a focus on innovation[62]. Shareholder Actions - The company repurchased shares, increasing treasury stock by CNY 52,460,000, which is a 46.66% increase compared to the beginning of the period[87]. - During the reporting period, the company repurchased 7,010,700 shares, accounting for 0.55% of the total share capital, with a total payment of RMB 52,453,990[93]. - As of the end of the reporting period, the company has cumulatively repurchased 18,458,500 shares, representing 1.46% of the total share capital[93]. - The company plans to repurchase shares with a total amount not less than RMB 30 million and not exceeding RMB 50 million, with a maximum repurchase price of RMB 13 per share[92]. Future Plans and Strategies - The company continues to focus on technological innovation and product platform advantages to enhance its value chain and achieve high-value growth[6]. - The company plans to accelerate the development of its new energy sector, aiming to enhance its market share and influence in this area[55]. - The company intends to explore new industrial opportunities, focusing on mobile robotics and core control technologies to foster growth[71].

北京市中伦（深圳）律师事务所 关于深圳拓邦股份有限公司 2023 年年度股东大会的 法律意见书 二〇二四年四月 北京市中伦（深圳）律师事务所 关于深圳拓邦股份有限公司 本所律师按照律师行业公认的业务标准、道德规范和勤勉尽责的精神，对本 次股东大会召开的相关法律问题出具如下法律意见： 2023 年年度股东大会的 法律意见书 致：深圳拓邦股份有限公司（贵公司） 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共 和国证券法》（以下简称"《证券法》"）、中国证券监督管理委员会《上市公司 股东大会规则》（以下简称"《股东大会规则》"）以及《深圳拓邦股份有限公 司章程》（以下简称"《公司章程》"）的有关规定，北京市中伦（深圳）律师 事务所（以下简称"本所"）接受贵公司的委托，指派律师出席贵公司 2023 年 年度股东大会（以下简称"本次股东大会"），对本次股东大会召集与召开的程 序、出席会议人员资格、召集人的资格、表决程序和表决结果等重要事项的合法 性进行现场见证，并依法出具法律意见书。 本所律师得到贵公司的如下保证：贵公司已经提供和披露了本所律师认为为 出具本法律意见书必需的文件和全部事实情况，贵公 ...