Core Viewpoint - The company has successfully developed key components for its dexterous hand, including hollow cup motors, and has received bulk orders from over 10 leading enterprises in the industry [1] Group 1 - The company possesses comprehensive design and R&D capabilities for key components of the dexterous hand [1] - The company has achieved sample submissions and bulk orders from more than 10 industry-leading enterprises [1]

Core Viewpoint - The Robot Index ETF has shown a significant increase of 21.60% over the past three months, indicating strong investor interest in the robotics sector [2] Fund Flows - The latest net inflow for the Robot Index ETF is 1.9541 million, with a total of 26.518 million accumulated over the last 20 trading days [2] Index Composition - The Robot Index closely tracks the CSI Robot Index, which includes system solution providers, digital workshop and production line integrators, automation equipment manufacturers, and other robotics-related listed companies [2] - As of March 31, 2025, the top ten weighted stocks in the CSI Robot Index are Huichuan Technology, iFlytek, Stone Technology, Dahua Technology, Zhongkong Technology, Shuanghuan Transmission, Dazhong Laser, Robot, Julun Intelligent, and Tuobang Technology, collectively accounting for 50.95% of the index [2] Industry Insights - According to Guojin Securities, embodied intelligence is considered the strongest application of AI, with intelligent driving and humanoid robots being the two most important directions [2] - In 2024, the robotics industry is expected to be dominated by major players, as robotics is a key battleground for large model companies, serving as both an entry point for real-world data and an exit for commercial monetization [2] - By 2025, the trend of open-source large models, represented by DeepSeek, is anticipated to accelerate, leading to a decrease in costs and barriers, with robots as application terminals entering a phase of diversification [2] - The barriers in the robotics sector are gradually shifting from cognitive logic to hardware iteration and scenario-specific challenges [2]

Core Viewpoint - The Robot ETF (562500) continues to experience a downward adjustment trend, with a recent decline of 1.99% as of April 3, 2025, despite a strong performance over the past three months, where it has accumulated an 18.82% increase, ranking in the top 20% among comparable funds [3][4]. Performance Summary - As of April 2, 2025, the Robot ETF has seen a total net inflow of 4.37 billion yuan over the last five trading days, with an average daily net inflow of approximately 87.33 million yuan [3]. - The ETF's scale has increased by 95.44 million yuan over the past week, placing it in the top 20% among comparable funds [3]. - The ETF's shares have grown by 401 million shares in the past week, also ranking in the top 20% among comparable funds [3]. - Since its inception, the Robot ETF has achieved a maximum single-month return of 26.22% and an average monthly return of 7.74%, with a total annual profit percentage of 66.67% [3]. Risk and Fee Structure - The Robot ETF has a relatively low drawdown of 0.31% compared to its benchmark, indicating lower risk among comparable funds [4]. - The management fee for the Robot ETF is 0.50%, and the custody fee is 0.10%, which are the lowest among comparable funds [4]. - The tracking error over the past two months is 0.010%, demonstrating the highest tracking precision among comparable funds [4]. ETF Composition - The Robot ETF closely tracks the CSI Robot Index, which includes companies involved in system solutions, digital workshops, automation equipment manufacturing, and other robot-related sectors [4]. - Notable stocks within the ETF include Huichuan Technology (0.89% increase), Keda Xunfei (-0.29% decrease), and Stone Technology (-10.31% decrease) [6].

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 18.63 CNY [2][6]. Core Insights - The company achieved a revenue of 10.501 billion CNY in 2024, representing a year-on-year increase of 16.78%, and a net profit attributable to shareholders of 671 million CNY, up 30.25% year-on-year [2][6]. - The company is implementing a refined operational strategy, effectively reducing costs through innovative design, supplier management, and enhanced production efficiency, resulting in a gross margin of 22.97% and a net margin of 6.40% for 2024 [6][7]. - The company has diversified its business segments, with revenue from tools and home appliances, digital energy and smart vehicles, and robotics reaching 7.981 billion CNY, 2.052 billion CNY, and 468 million CNY respectively, with varying growth rates across segments [6][7]. Financial Performance Summary - In 2024, the company reported total revenue of 10.501 billion CNY, with a year-on-year growth rate of 16.8% projected for 2025 [7]. - The net profit attributable to shareholders is expected to grow to 830 million CNY in 2025, reflecting a growth rate of 23.6% [7]. - The company’s earnings per share (EPS) is projected to increase from 0.54 CNY in 2024 to 0.67 CNY in 2025 [7]. Business Segment Analysis - The tools and home appliances segment saw a revenue increase of 25.48%, while the digital energy and smart vehicle segment experienced a decline of 6.32% [6]. - The robotics segment achieved a gross margin of 28.68%, focusing on service robots and industrial applications, with significant advancements in product integration and performance metrics [6][7]. Future Projections - Revenue forecasts for the company are 12.558 billion CNY in 2025, 14.738 billion CNY in 2026, and 17.311 billion CNY in 2027, with corresponding net profits of 830 million CNY, 1.034 billion CNY, and 1.276 billion CNY respectively [7][8]. - The company is expected to maintain a competitive edge in the smart control sector, with increasing overseas production capacity and breakthroughs in robotics [6][7].

Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Insights - The controller industry is recovering, and the company's market share is expected to increase, with positive trends in its main business. The digital energy, smart automotive, and robotics sectors are opening up new growth 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 respectively, representing year-on-year growth of 33%, 26%, and 25%, with corresponding PE ratios of 22, 17, and 14 [2][5]. Financial Performance - In 2024, the company achieved operating revenue of 10.501 billion, a year-on-year increase of 16.78%, and a net profit attributable to the parent company of 0.671 billion, up 30.25% year-on-year. In Q4 2024, the operating revenue was 2.802 billion, a 6.48% increase year-on-year, while the net profit was 0.119 billion, a decrease of 14.30% year-on-year [5][10]. Business Segments - **Tools and Home Appliances**: This segment generated revenue of 7.981 billion, a year-on-year increase of 25.48%, with a gross margin of 23.17%. The smart controller is the core product, with a shipment volume of 178 million units, up 28.5% year-on-year [10]. - **Digital Energy and Smart Automotive**: This segment reported revenue of 2.052 billion, a decline of 6.32%, with a gross margin of 20.91%. The company has made significant progress in overseas markets, particularly in large-scale energy storage applications [10]. - **Robotics**: The robotics segment achieved sales revenue of 0.468 billion, a year-on-year increase of 6.09%, with a gross margin of 28.68%. The company is focusing on humanoid robots and has developed a product platform for hollow cup motors [10].

Core Insights - The battery swapping concept saw a rise of 0.52% on April 2, with a net inflow of 206 million yuan from major funds, indicating positive investor sentiment in this sector [1] - Out of 45 stocks in this concept, 28 stocks increased while 17 stocks decreased, reflecting a generally favorable market condition [1] Company Summaries - **Beiqi Blue Valley (600733)**: Latest price at 8.77 yuan, with a rise of 0.69% and a net inflow of 108 million yuan, accounting for 6.3% of the total net inflow [2] - **Zhongheng Electric (002364)**: Latest price at 15.49 yuan, with a significant increase of 4.52% and a net inflow of 100 million yuan, representing 12.68% of the total net inflow [2] - **Tongyu Communication (002792)**: Latest price at 14.79 yuan, with a rise of 4.89% and a net inflow of 45.385 million yuan, making up 11.41% of the total net inflow [2] - **Tuobang Co., Ltd. (002139)**: Latest price at 15.09 yuan, with an increase of 2.31% and a net inflow of 44.045 million yuan, which is 9.15% of the total net inflow [2] - **Aima Technology (603529)**: Latest price at 46.97 yuan, with a rise of 1.45% and a net inflow of 27.336 million yuan, accounting for 14.52% of the total net inflow [2] - **Qianli Technology (601777)**: Latest price at 8.57 yuan, with an increase of 2.27% and a net inflow of 20.908 million yuan, representing 5.4% of the total net inflow [2] - **Shandong Weida (002026)**: Latest price at 11.7 yuan, with a rise of 4.46% and a net inflow of 18.459 million yuan, which is 5.0% of the total net inflow [2] - **Bohui Precision (688097)**: Latest price at 30.15 yuan, with an increase of 1.82% and a net inflow of 13.670 million yuan, accounting for 10.13% of the total net inflow [2] - **Guodian Nari (600406)**: Latest price at 21.9 yuan, with a slight decrease of 0.95% and a net inflow of 12.139 million yuan, representing 2.84% of the total net inflow [2] - **Jinguang Co., Ltd. (300510)**: Latest price at 4.39 yuan, with an increase of 1.62% and a net inflow of 6.782 million yuan, which is 4.57% of the total net inflow [2]

Group 1: Company Growth and Financial Targets - The company plans to launch an equity incentive plan by the end of 2024, targeting an average growth rate of 15% for revenue and over 20% for net profit excluding non-recurring items, reflecting confidence in future development [2] - Key growth areas for 2025 include the basic sector, lithium battery tools, home appliances, digital energy, and smart vehicles, with expectations for healthy growth across these segments [2] Group 2: Robotics and AI Product Development - The company is focusing on AI products, with expectations for rapid market promotion in 2025, moving from initial development to broader market adoption [3] - AI lawnmowers are being introduced to the European and American markets, automating tasks that previously required high labor costs, showcasing advancements in navigation and collision avoidance technology [3] - The humanoid robot sector is being developed with a focus on hollow cup motors, with significant progress in product development and market application anticipated [4][5] Group 3: Financial Performance and Margins - The company's gross margin has shown a steady increase from 20.14% in 2022 to 22.97% in 2024, with expectations for continued improvement in 2025 through new product launches and cost reduction measures [6] - Fluctuations in gross margin are attributed to changes in customer and product structure, as well as accounting policy adjustments [6] Group 4: Competitive Advantages and Market Position - The company has established a competitive edge in the hollow cup motor market, with a 100% year-on-year increase in shipments, totaling 3.53 million units in 2024 [7] - The company is recognized for breaking the monopoly in the hollow cup motor sector and has developed a comprehensive technical capability from design to mass production [7] Group 5: Regulatory and Market Challenges - The impact of the EU's Forced Labor Law on the company is expected to be limited, as the majority of revenue comes from diverse international markets [8] - The company is actively pursuing digital transformation and operational efficiency improvements to mitigate potential impacts from trade tensions and tariffs [8]

Summary of TuoBang Co., Ltd. Conference Call Company Overview - TuoBang Co., Ltd. operates primarily in three business segments: tools and home appliances, digital energy and smart automotive, and robotics. The tools and home appliances segment accounts for nearly 75% of revenue, with an expected growth rate of about 20% in the coming years. The digital energy and smart automotive segment represents approximately 20%, while the robotics segment currently accounts for less than 5%, indicating a future growth opportunity for the company [3][4][5]. Financial Performance - In 2024, TuoBang achieved revenue exceeding 10 billion, a year-on-year increase of 16.78%. The net profit attributable to shareholders reached 671 million, up 30% year-on-year, while the net profit excluding non-recurring items was 642 million, reflecting a 25.4% increase. This performance indicates significant success in the company's growth strategy [4][5]. - Over the past decade, TuoBang's revenue has grown tenfold, with a compound annual growth rate (CAGR) of 25% for net profit excluding non-recurring items, driven by increased demand for smart products and continuous investment in technological innovation [6]. Business Segment Performance - The tools and home appliances segment saw a revenue increase of 25.48%, with a gross margin improvement to 23.17%. This growth is attributed to recovering downstream demand and expansion in overseas markets [9]. - The digital energy and smart automotive segment, while smaller in scale (approximately 400 million), is experiencing rapid growth through high-end technology market entry and collaboration with top-tier clients [10][11]. - The robotics segment, although not showing high growth in the reporting period, has a higher gross margin compared to other segments and is expected to be a significant profit growth point in the future [12]. Strategic Developments - TuoBang aims to expand its business structure over the next five years, targeting the digital energy segment to become the largest segment. The company plans to enhance its market share in tools and home appliances to 10% [4][15]. - The company is focusing on AI technology development, particularly in smart controllers and robotics, to capitalize on emerging market opportunities [7][27]. - TuoBang's strategy for 2025 includes expanding its smart controller business, achieving breakthroughs in AI-integrated products, and accelerating international market expansion [27][29]. Market Trends and Competitive Landscape - The tools and home appliances market is expected to grow steadily over the next three to five years, with TuoBang aiming to double its market share to 10% [16][17]. - AI technology is driving the transformation of traditional devices into smart products, enhancing product value and expanding application scenarios, which presents significant growth potential for TuoBang [18]. - The company has competitive advantages in the humanoid robotics sector, particularly through its hollow cup motor technology, which has been developed over a decade [22][23]. Challenges and Future Outlook - The fourth quarter of 2024 saw a decline in gross margin due to product mix differences and accounting policy adjustments, with expectations for improvement in 2025 [13][14]. - TuoBang is navigating challenges in the global supply chain and trade environment by enhancing its adaptability and aiming for significant growth from 10 billion to 100 billion in revenue [28][30]. Conclusion - TuoBang Co., Ltd. is positioned for robust growth across its business segments, leveraging technological advancements and strategic market expansions. The company is focused on enhancing its competitive edge in the evolving landscape of smart products and robotics, while also addressing challenges in profitability and market dynamics.

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company is expected to "restart growth" in 2024, with revenue surpassing 10 billion yuan for the first time, achieving a year-on-year growth rate of 16.78% [2][3] - The company's core business segments, including tools and home appliances, show strong growth potential, while innovative sectors such as digital energy, smart vehicles, robotics, and AI systems present optimistic long-term growth prospects [3][4][12] Summary by Sections 1. Revenue Growth - In 2024, the company achieved a revenue of 10.501 billion yuan, a year-on-year increase of 16.78%, and a net profit attributable to shareholders of 671 million yuan, up 30.25% [2][3] - The company is implementing a "two-step" strategy to enhance customer demand and optimize product capabilities, which has led to a significant increase in revenue [3] 2. Traditional and Innovative Business Growth - The tools and home appliances segment generated 7.981 billion yuan in revenue, reflecting a year-on-year growth of 25.48%, with both segments growing over 20% [4] - The digital energy and smart vehicle sectors reported a revenue of 2.052 billion yuan, with a decline of 6.32%, while the smart vehicle segment grew by 121.07% to 380 million yuan [8] 3. Operational Health and Profitability - The company maintained a gross margin of 22.97%, an increase of 0.66 percentage points, and a net profit margin of 6.39%, also up by 0.66 percentage points [10] - The net cash flow from operating activities reached 1.092 billion yuan, indicating strong operational health [10] 4. Global Expansion and Competitive Edge - The company accelerated its international market presence, with overseas manufacturing platforms generating over 2.2 billion yuan in revenue, a growth of over 70% [11] - The global layout in countries like Vietnam, India, Romania, and Mexico enhances the company's competitive capabilities [11] 5. Future Growth Projections - The company anticipates revenues of 12.556 billion yuan, 15.021 billion yuan, and 17.991 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 840 million yuan, 1.068 billion yuan, and 1.393 billion yuan [12][13]

Core Viewpoint - In 2024, the company "restarts growth," with operating revenue exceeding 10 billion yuan for the first time, achieving a year-on-year growth rate returning to double digits, and overall profitability and operational efficiency significantly improved, enhancing operational health [1] Group 1: Financial Performance - In 2024, the company achieved operating revenue of 10.501 billion yuan, a year-on-year increase of 16.78%, and a net profit attributable to shareholders of 671 million yuan, up 30.25% year-on-year [2][3] - The company reported a net profit margin of 6.39%, an increase of 0.66 percentage points year-on-year, and a comprehensive gross margin of 22.97%, up 0.66 percentage points [7] Group 2: Business Growth and Strategy - The company's core business segments, including tools and home appliances, achieved operating revenue of 7.981 billion yuan in 2024, with a year-on-year growth of 25.48%, and both segments saw revenue growth rates exceeding 20% [4] - The company is focusing on a "two-step" strategy to enhance customer demand and optimize component product capabilities while deepening core technologies to create new growth opportunities [3] Group 3: Innovation and Future Outlook - The company has established a product platform in the robotics field, including servo drives and motors, and has successfully delivered samples to over 10 leading industry enterprises for humanoid robot applications [5] - The digital energy and smart automotive sectors are expected to open up broad long-term growth opportunities, despite a decline in revenue for digital energy due to falling market prices [4] Group 4: Global Expansion - The company accelerated its international market presence, with overseas manufacturing platform output exceeding 2.2 billion yuan, growing over 70%, benefiting from its global layout in countries like Vietnam, India, Romania, and Mexico [8]