Investment Rating - The report maintains a "Buy" rating for the company [2][9]. Core Insights - The controller industry is recovering, and the company's market share is expected to increase, with positive performance in its main business. The digital energy, smart automotive, and robotics sectors are opening up new opportunities. The projected net profit attributable to the parent company for 2025-2027 is estimated at 0.89 billion, 1.12 billion, and 1.40 billion yuan, representing year-on-year growth of 33%, 25%, and 25% respectively [2][6]. Financial Performance - In Q1 2025, the company achieved operating revenue of 2.671 billion yuan, a year-on-year increase of 15.24%. The net profit attributable to the parent company was 197 million yuan, up 12.10% year-on-year [6]. - The gross profit margin for Q1 2025 was 23.79%, reflecting a year-on-year increase of 0.14 percentage points and a quarter-on-quarter increase of 2.85 percentage points [6]. Business Segments - The tools and home appliances segment is accelerating its international expansion, enhancing market share through innovative solutions. The smart automotive and robotics sectors are performing well, with significant advancements in charging stations and laser radar motors benefiting from the increased penetration of advanced driving technologies [6]. - The digital energy business faced revenue decline due to industry destocking and battery price reductions, but the company is adjusting its product structure to target the overseas energy storage market, which is expected to create new growth opportunities [6]. Cost Management and Cash Flow - The company experienced pressure on cost management, with total sales, management, and R&D expenses reaching 435 million yuan, an increase of 0.87 billion yuan year-on-year. This was primarily due to increased investments in emerging fields such as AI, digital energy, and robotics, as well as rising costs associated with overseas market expansion and equity incentives [6]. - The net cash flow from operating activities was 58 million yuan, a decline of 41.34% year-on-year, mainly due to increased salary payments from personnel expansion [6]. Market Position - The company holds a leading position in the smart control solutions for tools and home appliances. In the tools sector, the market share is steadily increasing, while in the home appliances sector, the company is expected to benefit from the trend of appliances evolving from "functional devices" to "smart home entities" [6].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company is expected to achieve a revenue of 10.542 billion yuan in 2024, representing a year-on-year growth of 17.23%. The net profit attributable to shareholders is projected to be 670 million yuan, reflecting a 30% increase year-on-year [1][10]. - The company is making strides towards intelligence with a focus on various sectors, including tools, home appliances, and smart automotive applications, which are showing robust growth [2][3]. - The gross profit margin for 2024 is forecasted to be 22.97%, an increase of 0.66 percentage points year-on-year, indicating improved operational efficiency and cost management [3][16]. Revenue and Profit Forecast - The company is expected to maintain its profit forecasts for 2025-2026 and has added a new forecast for 2027, with projected net profits of 850 million, 1.01 billion, and 1.19 billion yuan for 2025, 2026, and 2027 respectively [4][32]. - The revenue forecast for 2025 is estimated at 12.236 billion yuan, with a growth rate of 16.5% [5][32]. Business Segments Performance - The tools and home appliances segment remains the core business, with a revenue of 7.981 billion yuan in 2024, a year-on-year increase of 25.5%, accounting for 76% of total revenue [2][5]. - The smart automotive sector is rapidly growing, with a revenue of 380 million yuan in 2024, marking a significant year-on-year increase of 121.1% [2][29]. - The robotics segment is also expanding, with a revenue of 468 million yuan in 2024, reflecting a growth of 6.09% [2][29]. Financial Metrics - The company’s management expenses have decreased by 8.4% year-on-year, contributing to improved profitability [3][16]. - The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 20, 16, and 14 respectively, indicating a favorable valuation compared to earnings growth [4][31].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's main business is experiencing a recovery in demand, with significant growth in the smart automotive and robotics sectors, leading to an upward adjustment in profit forecasts [10] - The company achieved a revenue of 10.501 billion yuan in 2024, a year-on-year increase of 16.78%, and a net profit of 6.71 billion yuan, up 30.25% year-on-year [2][10] - The company is focusing on three strategic areas to support accelerated growth: expanding component business, breakthrough in AI integrated products, and enhancing overseas market operations [9][10] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 10.501 billion yuan, with a net profit of 6.71 billion yuan, reflecting a year-on-year growth of 30.25% [2] - For Q1 2025, total revenue reached 2.671 billion yuan, a 15.24% increase year-on-year, with a net profit of 197 million yuan, up 12.1% [2] Business Segments - The smart controller segment is the core business, with a shipment of 178 million units in 2024, a 28.5% increase year-on-year [5] - The efficient motor segment saw a shipment of 3.53 million units, doubling year-on-year, leading the industry [5] - The battery pack segment shipped 564 MWh, a 27% increase year-on-year [5] - The tools and home appliances sector generated revenue of 7.981 billion yuan, up 25.48% year-on-year, while the digital energy and smart automotive sectors reported revenues of 2.052 billion yuan and 380 million yuan, respectively [5][6] Strategic Initiatives - The company is actively repurchasing shares and maintaining cash dividends, distributing 0.7 yuan per 10 shares in 2024 [8] - The three strategic focuses for 2025 include expanding the component business, advancing AI integrated products, and enhancing overseas market capabilities [9] Profit Forecasts - The revenue forecasts for 2025-2027 have been adjusted to 11.882 billion yuan, 13.737 billion yuan, and 16.028 billion yuan, respectively [10] - The earnings per share are projected to be 0.64 yuan for 2025, with a corresponding PE ratio of 20.89 [10][12]

Core Viewpoint - The company reported a revenue growth of 15% and a net profit growth of 12% in Q1 2025, attributing the slower growth to a high base from the previous year, while highlighting strong performance in new business segments such as smart vehicles and robotics [2][9]. Financial Performance - In Q1 2025, the company's main revenue reached 2.671 billion yuan, a year-on-year increase of 15.24%, with a net profit of 197 million yuan, up 12.1% [9]. - The gross profit margin stood at 23.79%, indicating a stable financial performance despite challenges [9]. Business Segments - The company is experiencing high growth in its new business areas, particularly in smart vehicles and robotics, which are expected to contribute significantly to future revenues [2][4]. - The digital energy sector is anticipated to grow at a rate higher than the company's overall growth, driven by ongoing technological upgrades and product innovations [8]. Market Strategy - The company plans to enhance its market share in the home appliance and tool sectors, which currently have a revenue scale of around 4 billion yuan each, by leveraging global expansion and technological innovation [5]. - The company is focusing on high-value and high-growth customers to improve its client portfolio [5]. Product Development - The transition from components to complete machines is expected to positively impact product value and gross margins, with the company aiming to establish itself as a leader in niche markets [6]. - The company has launched several complete machine products, such as commercial cooking robots and integrated energy storage systems, which are priced significantly higher than component products [6]. Competitive Landscape - The company perceives the digital energy and smart vehicle sectors as technology-intensive industries, with expectations of achieving a gross margin higher than the company average [7]. - The company is positioned to compete effectively in the charging station and energy storage markets, leveraging its technological capabilities [8]. International Operations - The company has established overseas production capabilities, which are expected to account for over 20% of total output by 2024, with plans to increase this to 30%-40% based on customer demand [9]. - The company is actively managing currency risks through various strategies, including foreign exchange forwards and timely settlements [9].

Financial Performance - In Q1 2025, the company achieved a revenue of 267,142.72 million CNY, representing a year-on-year growth of 15.24% [2] - The net profit attributable to shareholders increased by 12.10% year-on-year [2] - Gross profit margin improved to 23.79%, up by 0.14 percentage points year-on-year and 2.85 percentage points quarter-on-quarter [2] Business Segments - The digital energy segment experienced a revenue decline due to industry destocking and falling battery prices, prompting a strategic shift towards energy storage applications [2] - The smart automotive and robotics sectors maintained high growth rates, with significant advancements in charging solutions and laser radar products [2][3] - The tools and home appliances business is expanding through partnerships with high-value clients and product innovation [2] Market Strategy - The company plans to enhance market share in the home appliance and tool sectors, which currently generate around 1 billion CNY each, by focusing on high-growth clients [6] - The transition from components to complete machines is expected to positively impact product value and profit margins, with new products priced in the tens of thousands CNY range [6] Competitive Landscape - The company aims to maintain a leading position in the digital energy and smart automotive sectors, with a focus on technology-driven growth [7] - The global market for laser radar in automotive applications is projected to reach a scale of approximately 100 billion CNY [5] International Operations - Direct exports to the U.S. represent a low percentage of total revenue, and the company is leveraging overseas production to mitigate tariff impacts [7] - Future overseas revenue is expected to account for over 20% in 2024, with plans to increase this to 30%-40% based on client demand [7] Risk Management - The company is actively managing foreign exchange risks through various strategies, including forward contracts and timely settlements [7]

Stock code Co-Innovating A Smarter Future Topband ESG Report 2024 Shenzhen Topband Co., Ltd. Topband ESG Report 2024 About the Report This is the 5th Social Responsibility Report and the 4th ESG Report issued by Shenzhen Topband Co., Ltd. since its listing, which discloses Topband's activities and performance in the main areas of sustainable development including environment, society and governance. The Report was deliberated and approved at the 18th Meeting of the 8th Board of Directors of Topband held on ...

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]

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 ...