Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a revenue of 2.67 billion yuan in Q1 2025, representing a year-on-year growth of 15%, and a net profit attributable to shareholders of 197 million yuan, up 12% year-on-year [1][2] - The company's gross margin improved to 24%, an increase of 0.14 percentage points year-on-year and 2.85 percentage points quarter-on-quarter [1] - The tools and home appliances segment showed robust growth, while the smart automotive and robotics segments maintained high growth rates [1][2] - The digital energy business experienced a decline in revenue due to technological upgrades and product structure adjustments [2] - The robotics business saw rapid growth in various products, including lawn mowers and service robots, with significant market breakthroughs in commercial cooking machines [2] Financial Summary - For 2024, the company is expected to achieve a revenue of 10.5 billion yuan, a year-on-year increase of 17%, and a net profit of 671 million yuan, up 30% year-on-year [7] - The revenue structure is as follows: tools and home appliances account for 76%, digital energy and smart automotive for 20%, and robotics for 4% [7] - The company aims for revenue targets of 11.6 billion yuan, 13.8 billion yuan, and 16 billion yuan for 2025, 2026, and 2027 respectively, with net profit targets of 800 million yuan, 960 million yuan, and 1.15 billion yuan [7] - The projected P/E ratios for 2025-2027 are 19, 15, and 12 respectively, indicating a low valuation with high growth potential [7] Market Position - The company is positioned as a leader in smart controllers in China, with its hollow cup motors for humanoid robots expected to open new market opportunities [7] - The company has established a leading position in the hollow cup motor market, with mass production capabilities and a strong technical foundation [7]

拓邦股份（002139） 证券研究报告 营收净利润持续增长，智能汽车及机器人业务保持高增速 事件：公司发布 2025 年一季报，25Q1 实现收入 26.71 亿元，同比增长 15.24%，归母净利润 1.97 亿元，同比增长 12.10%，扣非归母净利润 1.87 亿元，同比增长 10.37%。 我们的点评如下： 毛利率持续提升，对新领域加大研发投入 公司 25Q1 毛利率 23.79%，同比提升 0.14 个百分点，环比提升 2.85 个百分 点。公司 25Q1 三项费用（销售费用、研发费用、管理费用）4.35 亿元， 同比增加 8656 万元，上升幅度为 24.83%。主要原因为公司加大对 AI+、数 字能源、智能汽车、机器人等新业务领域的研发投入，加速海外市场及供 应链能力的构建，股权激励费用同比增加。 公司报告 | 季报点评 各业务来看： 1）工具和家电业务加速增长。公司持续加大与高价值客户的合作，发挥 国际化布局与综合技术竞争优势，围绕技术迭代和市场需求变化，针对细 分应用场景进行产品创新，扩大市场份额。 2）智能汽车业务及机器人业务保持高增速。其中充电桩产品在海外市场 应用加快，国内增加与各城市 ...

Financial Performance - The company achieved operating revenue of ¥2,671,427,242.07, representing a year-on-year increase of 15.24%[4] - Net profit attributable to shareholders reached ¥196,885,296.32, up 12.10% compared to the same period last year[4] - The gross profit margin improved to 23.79%, an increase of 0.14 percentage points year-on-year[5] - Total operating revenue for the current period reached ¥2,671,427,242.07, an increase of 15.2% compared to ¥2,318,132,398.80 in the previous period[29] - Net profit for the current period was ¥196,725,019.80, representing a growth of 13.1% from ¥173,843,360.15 in the previous period[30] - Basic and diluted earnings per share increased to ¥0.1600 from ¥0.1400, reflecting a 14.3% rise[31] Cash Flow and Investments - The net cash flow from operating activities decreased by 41.34% to ¥58,348,277.70, primarily due to increased employee compensation[8] - Cash inflow from operating activities totaled ¥2,805,803,951.89, compared to ¥2,559,987,243.58 in the previous period, marking an increase of 9.6%[31] - The net cash flow from investing activities was CNY 87,478,925.21, a significant improvement from a negative cash flow of CNY -72,189,293.64 in the prior period[32] - Cash inflow from financing activities totaled CNY 851,229,270.21, compared to CNY 776,109,746.04 in the previous period, reflecting an increase of 9.7%[32] - The cash inflow from investment activities was CNY 473,376,195.29, compared to CNY 225,482,258.75 in the previous period, indicating a growth of 109.0%[32] Assets and Liabilities - The company’s total assets increased by 3.92% to ¥13,351,951,849.12 compared to the end of the previous year[4] - The company's total liabilities increased to ¥6,450,107,401.55 from ¥6,176,485,704.96, reflecting a growth of 4.4%[28] - The total equity attributable to shareholders of the parent company reached ¥6,901,952,220.27, an increase of 3.4% from ¥6,672,327,751.46[28] - Current assets total 8,304,505,266.28 RMB, up from 7,861,510,225.74 RMB at the start of the period[26] - Inventory has increased to 2,109,793,697.53 RMB from 1,810,510,580.57 RMB[26] Shareholder Information - The total number of common shareholders at the end of the reporting period is 106,200[19] - The top shareholder, Wu Yongqiang, holds 17.00% of shares, amounting to 212,008,715 shares, with 38,860,000 shares pledged[19] - The company repurchased a total of 18,045,600 shares during the reporting period, accounting for 1.45% of the total issued shares[20] - The proposed cash dividend for the 2024 fiscal year is 0.7 RMB per 10 shares, totaling 86.0153 million RMB, which represents 27.06% of the net profit attributable to shareholders[22] Research and Development - Research and development expenses rose by 24.83% to ¥43,519.19 million, reflecting increased investment in new business areas[7] - Research and development expenses rose to ¥226,091,001.24, up 24.0% from ¥182,427,898.31 in the prior period, indicating a focus on innovation[29] Market Expansion and Growth - The company successfully expanded its market presence in Southeast Asia, launching multiple megawatt-level projects[6] - The intelligent automotive and robotics sectors maintained high growth rates, with significant advancements in product offerings[5] Other Financial Metrics - The company reported a 450.17% increase in investment income, attributed to enhanced cash management returns[14] - The company’s weighted average return on equity was 2.90%, up from 2.77% in the previous year[4] - The company experienced a foreign exchange gain of CNY 24,334,404.17, compared to CNY 15,971,896.37 in the previous period[32] - The total cash flow net increase for the period was CNY 259,326,060.39, a decrease of 64.6% from CNY 732,686,054.56 in the previous period[32] Audit Information - The company did not undergo an audit for the first quarter report[33]

Core Insights - The company reported a revenue of 2.671 billion yuan for the first quarter of 2025, representing a year-on-year growth of 15.24% [1] - The net profit for the same period was 197 million yuan, showing a year-on-year increase of 12.10% [1] Financial Performance - Revenue for Q1 2025: 2.671 billion yuan, up 15.24% year-on-year [1] - Net profit for Q1 2025: 197 million yuan, up 12.10% year-on-year [1]

深圳拓邦股份有限公司 2024 年年度股东大会决议公告 证券代码：002139 证券简称：拓邦股份 公告编号：2025029 深圳拓邦股份有限公司 2024 年年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1.本次股东大会没有出现否决、修改、新增议案的情形； 2.本次股东大会不涉及变更前次股东大会决议。 一、会议召开情况 1、召开时间 （1）现场会议时间：2025 年 4 月 21 日（星期一）下午 14:30。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 4 月 21 日上午 9:15-9:25、9:30-11:30，下午 13:00-15:00；通过深圳证券 交易所互联网投票系统投票的具体时间为 2025 年 4 月 21 日 9:15 至 15:00 的任 意时间。 2、现场会议召开地点：深圳市宝安区石岩街道科技二路拓邦工业园公司会 议室。 3、会议召开方式：本次股东大会采取现场投票、网络投票相结合的方式。 4、召集人：深圳拓邦股份有限公司董事会。 5、主持人：本次会议由董事长武永 ...

北京市中伦（深圳）律师事务所 关于深圳拓邦股份有限公司 2024 年年度股东大会的 法律意见书 二〇二五年四月 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 股东会规则》（以下简称"《股东会规则》"）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 2024 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，贵公司所提供的全部文件和说明 （包括书面及口头）均是真实的、准确的、完整的，所提供的文件副本或复印件 与正本或原件一致。 在本法律意见书中，本所律师仅对本次股东大会的召集、召开程序、出席会 议人员资格、召集人资格及会议表决程序、表决结果是否符合《公司法》和 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][8] Core Views - The company has achieved a breakthrough in revenue, surpassing 10 billion yuan in 2024, with a total revenue of 10.501 billion yuan, representing a year-on-year growth of 16.78% [5] - The company's net profit attributable to shareholders reached 671 million yuan, a year-on-year increase of 30.25% [5] - The company is focusing on R&D investments in robotics and smart driving technologies, with a significant increase in R&D expenses to 809 million yuan, accounting for 7.70% of revenue [5] - The company is expected to benefit from a favorable tariff environment and has a diversified overseas market presence, reducing risks associated with single-market dependencies [5] Financial Performance Summary - Revenue projections for the company are as follows: - 2023A: 12,276 million yuan - 2024A: 10,501 million yuan (growth rate of 16.8%) - 2025E: 12,276 million yuan (growth rate of 17%) - 2026E: 14,081 million yuan (growth rate of 15%) - 2027E: 16,045 million yuan (growth rate of 14%) [2][7] - Net profit projections are as follows: - 2023A: 516 million yuan - 2024A: 671 million yuan (growth rate of 30.2%) - 2025E: 809 million yuan (growth rate of 20.5%) - 2026E: 984 million yuan (growth rate of 21.5%) - 2027E: 1,176 million yuan (growth rate of 19.5%) [2][7] - The company's earnings per share (EPS) are projected to be: - 2024A: 0.54 yuan - 2025E: 0.65 yuan - 2026E: 0.79 yuan - 2027E: 0.94 yuan [2][7] Business Segments - The tools and home appliances segment generated revenue of 7.981 billion yuan, a year-on-year increase of 25.48% due to recovering downstream demand [5] - The digital energy and smart automotive segments reported revenue of 2.052 billion yuan, a year-on-year decrease of 6.32% [5] - The robotics segment achieved revenue of 468 million yuan, a year-on-year increase of 6.09% [5] Market Position and Strategy - The company is positioned as a leader in smart controllers in China and is actively expanding its product offerings in robotics and smart appliances [5] - The company is enhancing its brand marketing efforts to increase market influence in the complete machine business [5] - The company aims to provide comprehensive smart control solutions and services to leading global brand clients, particularly in the automotive sector [5]

Summary of Conference Call Notes on China Industrials Industry Overview - The conference call discusses the impact of recent tariff changes on the China Industrials sector, particularly focusing on the implications of the US-China trade relationship and the "China+1" strategy adopted by many exporters [1][2][3]. Key Points and Arguments 1. **Reciprocal Tariffs Announcement**: President Trump announced a 90-day pause for reciprocal tariffs, with an exception for China, where the tariff will increase to 125% from 104% [1]. 2. **Baseline Tariff Impact**: The baseline tariff of 10% is seen as manageable for US consumers and supply chains, potentially reducing the trade deficit and moderating US CPI inflation [2]. 3. **China+1 Strategy**: Many Chinese exporters have adopted a "China+1" strategy, relocating operations to mitigate tariff impacts, which is expected to benefit companies that have been oversold [1][2]. 4. **Preferred Companies**: The report highlights preferred companies in the H-shares and A-shares categories, including Shenzhou, Techtronic, and Shuanghuan Drive, which are expected to benefit from domestic consumption subsidies [1][2]. 5. **Revenue Exposure Screening**: Companies with lower revenue exposure to the US, higher retail markup multiples, and higher net margins are preferred. For example, Shenzhou has only 16% revenue exposure to the US and a high markup multiple of 4-6X [3]. 6. **Markup Rates and Tariff Absorption**: Different product categories will absorb tariffs differently, with small-ticket items like apparel facing higher markup rates (4-6X) compared to big-ticket items (1-2X) [4][8]. 7. **Price Inflation Projections**: Potential price inflation for consumer goods could range from 8% to 30%, particularly affecting demand for big-ticket items and machinery [7]. Additional Important Content - **Company Performance**: Companies like Dingli and Chervon are rated as "Sell" due to their heavy production dependence in China, indicating potential risks in their business models [1][2]. - **Market Dynamics**: The report emphasizes that the global supply chain may struggle to absorb the hefty tariffs, leading to significant price inflation in the US market [7]. - **Analyst Recommendations**: The report includes specific stock recommendations and ratings for various companies, indicating a strategic focus on those less affected by US tariffs [19][21][22]. This summary encapsulates the critical insights from the conference call regarding the China Industrials sector, highlighting the implications of tariff changes, strategic company preferences, and market dynamics.

Industry Outlook - The global smart controller market is experiencing steady growth due to increasing penetration rates in downstream industries and expanding application scenarios [1][2]. - The integration of smart controllers with artificial intelligence and robotics is redefining lifestyles and work methods, creating unprecedented possibilities [2]. Company Performance - The company is currently in a rapid growth phase, with good operational performance; specific performance details will be disclosed in the Q1 report on April 24, 2025 [3][4]. - The company anticipates a good performance in Q1, with results to be confirmed in the upcoming report [3]. Profitability Insights - The company maintains a higher gross margin compared to peers, attributed to significant R&D investments and efficiency improvements [4][5]. - The net profit margin is relatively low (around 5-6%) due to increased investments in new business areas and overseas operations, which are still in the cultivation phase [5][6]. Strategies for Improvement - Future strategies to enhance net profit margin include targeting high-value customers, improving product value, and optimizing management costs [5][6]. - The company is focused on reducing costs through product structure optimization and operational efficiency measures [6][7]. Market Adaptation - The company is closely monitoring international market changes and has diversified production locations to mitigate tariff risks from the U.S. [7][8]. - The overseas factories are performing well, with significant growth in production and sales, effectively reducing tariff impacts [13][19]. R&D and Innovation - The company is investing heavily in AI and robotics, with a focus on developing high-value products and maintaining a competitive edge in the market [21][24]. - The R&D investment for 2024 is projected at 9.52 billion CNY, accounting for 9.07% of revenue, with a focus on robotics, digital energy, and intelligent driving [21]. Market Communication and Investor Relations - The management acknowledges the need for improved communication with the capital market to align stock price with company performance [5][20]. - The company plans to enhance its market presence and brand recognition through increased marketing efforts and participation in trade shows [20][24].

Core Viewpoint - The 13th International Energy Storage Summit and Exhibition (ESIE 2025) has commenced in Beijing, showcasing hundreds of energy storage companies and their innovative products. Group 1: Product Highlights - Jingkong Energy showcased the liquid-cooled OmniCube-L261 and OmniCube-L418 energy storage systems, featuring modular design that saves 30% in footprint [3] - Ronghe Yuanshu presented the "AI+" intelligent trading and VPP operation platform, enhancing operational efficiency through automated market predictions and strategy adjustments [9] - New Energy An launched the UniC AG300-150 commercial energy storage system, achieving 15,000 cycles at 25°C with a SOH ≥ 70% [12][14] - Nandu Power introduced the CENTERLMAX 8.338MWh liquid-cooled energy storage system, supporting flexible configurations and achieving 96% efficiency [17] - Faraday Power displayed the 530Ah energy cell, capable of over 1.6 kWh per cell with a cycle life of 12,000 times [21] - Haichen Energy unveiled the ∞Cell 587Ah battery with 94.5% efficiency and over 10,000 cycles [22] - Chuangneng New Energy presented the new generation 472Ah energy cell and CORNEX M6 energy storage system, with a nominal energy exceeding 1510.4Wh [26] Group 2: Industry Trends - The trend towards larger capacity energy cells (500Ah+) is evident, with companies focusing on high power and efficiency to match these cells [4] - AI-driven solutions and intelligent trading capabilities are becoming focal points for commercial energy storage products [4] - The introduction of integrated solar-storage solutions is on the rise, indicating a shift towards comprehensive energy management systems [4] Group 3: Technological Innovations - Companies are increasingly adopting modular designs and advanced cooling technologies to enhance system efficiency and safety [3][8] - The use of AI and data analytics in energy management systems is being emphasized to optimize operational performance and reduce costs [9][49] - New safety features and predictive maintenance capabilities are being integrated into energy storage systems to enhance reliability and lifespan [86][89]