公司报告 | 年报点评报告 A 股总股本(百万股) 1,267.60 流通 A 股股本(百万股) 1,043.69 A 股总市值(百万元) 11,585.88 流通 A 股市值(百万元) 9,539.31 每股净资产(元) 5.04 资产负债率(%) 43.05 一年内最高/最低(元) 13.39/6.26 事件：公司发布 2023 年报，23 年实现营收 89.92 亿元，同比增长 1.32%， 归母净利润 5.16 亿元，同比下降 11.58%，扣非归母净利润 5.12 亿元，同 比增长 5.76%。 盈利预测与投资建议： 基本数据 收入稳步增长，毛利率同比提升，持续国际化布局 拓邦股份（002139） 证券研究报告 2024 年 04 月 01 日 投资评级 行业 电子/消费电子 6 个月评级 买入（维持评级） 当前价格 9.14 元 目标价格 元 四项业务板块持续增长，国际化布局出海优势凸显 创新产品占比提升，降本增效取得成效，毛利率及盈利能力提升 智能化大趋势下，公司有望长期持续成长，叠加组织优化、降本增效等举 措，有望保持收入和利润持续增长。未来随外部因素逐步解除、短期和一 次性费用投入影响减弱， ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 13.50 CNY, reflecting a 25x PE for 2024 [20][18]. Core Insights - The company achieved a revenue of 89.92 billion CNY in 2023, a year-on-year increase of 1.32%, while the net profit attributable to shareholders decreased by 11.58% to 5.16 billion CNY [14][15]. - The gross margin improved to 22.31% in 2023, up by 2.17 percentage points, primarily due to effective control of raw material costs and improvements across various segments including home appliances, power tools, and new energy [4][16]. - The company is focusing on international expansion and enhancing operational efficiency, with a notable increase in the number of key customers, which now accounts for 86% of total revenue [15][16]. Financial Summary - Revenue projections for 2024-2026 are 105.0 billion CNY, 126.15 billion CNY, and 152.13 billion CNY, with respective growth rates of 16.77%, 20.13%, and 20.60% [18][19]. - The net profit forecasts for the same period are 6.82 billion CNY, 9.11 billion CNY, and 12.08 billion CNY, with growth rates of 32.4%, 33.6%, and 32.5% respectively [18][19]. - The company’s EPS is expected to rise from 0.54 CNY in 2024 to 0.95 CNY in 2026, indicating a strong growth trajectory [18][19].

证券代码：002139 证券简称：拓邦股份 公告编号：2024032 深圳拓邦股份有限公司 关于回购股份进展情况的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 深圳拓邦股份有限公司（以下简称"公司"或"本公司"）于 2024 年 1 月 23 日召开的第八届董事会第六次（临时）会议审议通过了《关于回购公司股份方案 的议案》，公司拟使用自有资金以集中竞价交易方式回购公司股份，用于后期实 施的员工持股计划或股权激励，回购资金总额不低于人民币 3,000 万元且不超过 人民币 5,000 万元，回购价格不超过人民币 13.00 元/股（含），回购股份实施期 限为自公司第八届董事会第六次（临时）会议审议通过回购股份方案之日起 12 个月内。2024 年 1 月 24 日，公司披露了《回购股份报告书》，有关内容详见公 司刊登在《证券时报》和巨潮资讯网（http://www.cninfo.com.cn）的相关公告。 公司于 2024 年 2 月 5 日召开第八届董事会第七次（临时）会议审议通过了 《关于<变更回购公司股份方案中回购资金总额>的议案》，将第八届董事会 ...

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 [8][10]. Core Views - The company has shown resilience with a slight revenue increase in 2023, achieving a total revenue of 89.92 billion yuan, a year-on-year growth of 1.32%. However, the net profit decreased by 11.58% to 5.16 billion yuan [22][15]. - The company is focusing on strengthening its core business segments, particularly in tools, home appliances, and new energy, while also expanding into innovative areas such as robotics [3][25]. - The gross margin improved to 22.31%, up by 2.17 percentage points, driven by continuous innovation and cost reduction efforts [31]. Financial Summary - Revenue (in million yuan): - 2022A: 8,875 - 2023A: 8,992 - 2024E: 10,746 - 2025E: 12,906 - 2026E: 15,577 - Year-on-year growth rates: 14.3% (2022), 1.3% (2023), 19.5% (2024E) [2][10]. - Net Profit (in million yuan): - 2022A: 583 - 2023A: 516 - 2024E: 647 - 2025E: 851 - 2026E: 1,125 - Year-on-year growth rates: 3.2% (2022), -11.6% (2023), 25.5% (2024E) [2][10]. - ROE (%): - 2022A: 10.0 - 2023A: 8.0 - 2024E: 9.4 - 2025E: 11.1 - 2026E: 12.8 [2][10]. - EPS (latest diluted, in yuan): - 2022A: 0.46 - 2023A: 0.41 - 2024E: 0.51 - 2025E: 0.67 - 2026E: 0.89 [2][10]. Business Segment Performance - The tools segment achieved revenue of 32.41 billion yuan, with a year-on-year growth of 0.05%. The home appliances segment reached 31.66 billion yuan, growing by 2.41%. The new energy segment reported 21.40 billion yuan, up by 5.13% [3][25]. - The company is leveraging its leading position in the tools sector and expanding its market share overseas, while the home appliances segment benefits from technological upgrades [3][25].

证券代码：002139 证券简称：拓邦股份 公告编号：2024031 深圳拓邦股份有限公司 关于 2023 年度利润分配预案的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 深圳拓邦股份有限公司（以下简称"公司"）于 2024 年 3 月 25 日召开了第 八届董事会第九次会议、第八届监事会第六次会议，审议通过了《关于 2023 年 度利润分配预案的议案》。本议案尚需提交公司 2023 年度股东大会审议，同时， 也将对中小股东进行单独计票。现将相关情况公告如下： 一、利润分配预案基本情况 经天职国际会计师事务所审计，2023 年度母公司实现净利润 4,682.74 万元， 加年初未分配利润125,669.74万元，减去2023年度提取的盈余公积468.27万元， 减去派发普通股股利 7,586.13 万元，截至 2023 年 12 月 31 日母公司期末可供股 东分配的利润为 122,298.08 万元。合并后公司可供股东分配的利润为 270,649.97 元，根据合并报表、母公司报表可供分配利润孰低进行分配的原则，公司期末可 供股东分配的利润为 122 ...

深圳拓邦股份有限公司 关于召开 2023 年年度股东大会的通知的更正公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 深圳拓邦股份有限公司（以下简称"公司"）于 2024 年 3 月 27 日在《证券 时报》和巨潮资讯网发布了《深圳拓邦股份有限公司关于召开 2023 年年度股东 大会的通知》公告。由于工作人员疏忽，导致股权登记日的日期错误，由此给投 资者带来的不便，我们深表歉意。公司将加强信息披露文件的编制和审核工作， 提高信息披露质量。现更正如下： 更正前： 一、召开会议的基本情况 6、股权登记日：2023 年 4 月 10 日 更正后： 一、召开会议的基本情况 6、股权登记日：2024 年 4 月 10 日 证券代码：002139 证券简称：拓邦股份 公告编号：2024030 除上述更正外，其余内容不变。更正后的完整通知公告如下： 1 深圳拓邦股份有限公司 关于召开 2023 年年度股东大会的通知（更正后） 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、召开会议的基本情况 1、股东大会届次：202 ...

投资评级基于分析师对报告发布日后 6 至 12 个月内行业或公司回报潜力相对基准表现 的预期（A 股市场基准为沪深 300 指数，香港市场基准为恒生指数，美国市场基准为标普 500 指数，新三板基准指数为三板成指（针对协议转让标的）或三板做市指数（针对做市转 让标的），北交所基准指数为北证 50 指数），具体如下： 公司投资评级： 买入：预期未来 6 个月个股涨跌幅相对基准在 15%以上； 增持：预期未来 6 个月个股涨跌幅相对基准介于 5%与 15%之间； 中性：预期未来 6 个月个股涨跌幅相对基准介于-5%与 5%之间； 减持：预期未来 6 个月个股涨跌幅相对基准介于-15%与-5%之间； 卖出：预期未来 6 个月个股涨跌幅相对基准在-15%以下。 行业投资评级： 增持： 预期未来 6 个月内，行业指数相对强于基准 5%以上； 中性： 预期未来 6 个月内，行业指数相对基准-5%与 5%； 减持： 预期未来 6 个月内，行业指数相对弱于基准 5%以上。 我们在此提醒您，不同证券研究机构采用不同的评级术语及评级标准。我们采用的是相 对评级体系，表示投资的相对比重建议。投资者买入或者卖出证券的决定应当充分考虑 ...

买入(维持评级) 平台优势突出，毛利改善显著 业绩简评 我们预计公司 24-26 年归母净利润 6.4 亿元、7.8 亿元.9.4 亿元, 当前股价对应 PE 为 18/15/13 倍,维持"买入"评级。 风险提示 业务协同效应不及预期,人民币汇兑损失,毛利率改善不及预期。 通信组 市价（人民币）: 9.30 元 相关报告: 1.《拓邦股份公司点评： 静待下游复苏，毛利持续改善》， 2023.10.26 | --- | --- | --- | --- | --- | |-------|---------------------|-------|-------|--------| | | 序号 日期 评级 市价 | | | 目标价 | | 1 | 2022-07-27 | 买入 | 12.01 | N/A | | 2 | 2022-10-28 | 买入 | 11.03 | N/A | | 3 | 2023-02-28 | 买入 | 12.05 | N/A | | 4 | 2023-03-31 | 买入 | 12.97 | N/A | | | | | | | | 5 | 2023-08-17 | 买入 | 11. ...

Financial Performance - The company's total revenue for Q4 2023 was approximately ¥2.63 billion, marking a significant increase compared to previous quarters[4] - Net profit attributable to shareholders for Q4 2023 was approximately ¥139.12 million, showing a recovery from the previous quarter's profit of ¥118.36 million[4] - The net cash flow from operating activities for Q4 2023 was approximately ¥463.91 million, indicating strong cash generation capabilities[4] - Total revenue for 2023 was 8.992 billion CNY, reflecting a year-on-year growth of 1.32%[55] - The net profit attributable to shareholders was 515 million CNY, a decrease of 11.58% year-on-year[55] - The company achieved a net cash inflow of 120,462,012.53 CNY, a 133.29% increase compared to the previous year[101] - The company achieved a net cash flow from operating activities of ¥1,465,948,499.18 in 2023, representing a significant increase of 198.53% compared to ¥491,055,076.33 in 2022[117] Revenue Breakdown - The company achieved a revenue of 8.04 billion CNY for controller and component products, representing a year-on-year growth of 10.17%[37] - The revenue for complete machines and systems reached 13.36 billion CNY, with a year-on-year increase of 2.31%[37] - The tools segment generated sales revenue of 3.241 billion CNY, with a slight year-on-year increase of 0.05%[57] - The home appliance segment achieved sales revenue of 3.166 billion CNY, growing by 2.41% year-on-year[58] - The new energy segment reported revenue of 2.140 billion CNY, marking a year-on-year growth of 5.13%[59] - The domestic revenue was approximately 3.62 billion yuan, with a gross margin of 19.29%, while export revenue was about 5.38 billion yuan, with a gross margin of 24.34%[70] Innovation and Technology - The company has established itself as a leader in smart control solutions for the home appliance and tool industries, with a strong focus on innovation and customer collaboration[9] - The company is committed to enhancing its technological innovation capabilities and has developed a comprehensive technology platform covering various core areas of smart control solutions[24] - The company is actively investing in AI and smart home technologies, including Matter smart gateway control systems and AI-driven home education robots[35] - The company has developed a new sodium-ion battery technology platform, achieving energy density and cost levels among the industry leaders[100] - The company has successfully launched a new high-capacity lithium iron phosphate battery technology platform, enhancing energy density and reducing overall battery system costs[100] - The company’s digital power technology platform has achieved industry-leading performance in power conversion efficiency across various applications[100] Research and Development - The company's R&D investment totaled 834 million yuan, representing a year-on-year increase of 15.94% and accounting for 9.28% of total revenue[81] - Research and development expenses increased by 16.48% to ¥689,969,610.98, driven by investments in key strategic projects[95] - The number of R&D personnel rose to 2,004 in 2023, a 12.84% increase from 1,776 in 2022, with the proportion of R&D staff in the company remaining stable at 21.50%[117] - The company has applied for a total of 3,228 patents, including 1,138 invention patents, indicating a strong commitment to innovation and intellectual property protection[81] Market Position and Strategy - The company aims to support the transition to a low-carbon economy by providing smarter technologies and greener energy solutions[30] - The company is focusing on sustainable development initiatives, including energy management and green park construction, aligning with customer demands for low-carbon solutions[67] - The company is actively expanding its international presence, enhancing risk management and improving cash turnover efficiency[65] - The company aims to leverage its "Four Electricity and One Network" technology advantages, focusing on four main industries: home appliances, tools, new energy, and industrial sectors, with a particular emphasis on expanding its new energy business[198] - The company is positioned to provide one-stop intelligent control solutions and services to leading global brand clients, capitalizing on its market platform[198] Investment and Financial Management - The total amount of investment activities was 1,187,630,073.16 CNY, which is a 41.27% increase from the previous year[101] - The company has established internal control systems for foreign exchange transactions to mitigate risks associated with currency fluctuations[153] - The company has implemented measures to manage accounts receivable effectively to prevent overdue payments, which could lead to foreign exchange transaction risks[153] - The total amount of committed investment projects is CNY 160,228.36 million, with an adjusted total investment amount of CNY 160,228.36 million[158] Future Outlook - The company plans to increase R&D investment in AI and robotics technologies to enhance product intelligence and explore new business models[167] - By 2050, China is expected to invest CNY 300 trillion in energy production and usage, and the company aims to leverage this opportunity through low-carbon technologies[167] - The long-term goal for 2030 is to provide intelligent solutions that address user pain points and contribute to a low-carbon world[171] - The company is committed to embracing a low-carbon future and believes that through technological innovation, it can address environmental challenges while creating a new era of green energy and sustainable development[191]

深圳拓邦股份有限公司 2023 年度监事会工作报告 2023 年度深圳拓邦股份有限公司（简称"公司"）监事会全体成员按照《公 司法》《证券法》《公司章程》以及相关的法律法规要求，勤勉、诚实地履行职能， 依法独立行使职权，以保障公司规范运作，维护公司和股东利益。监事会对公司 长远发展计划、生产经营活动、重大事项、财务状况以及董事、高级管理人员履 行职责情况进行了监督，促进了公司规范运作、健康发展。现将监事会在本年度 的主要工作报告如下： 一、监事会会议情况 报告期内，公司监事会共召开 7 次会议，会议情况如下： 6、2023年10月25日，第八届董事会第二次会议在公司会议室召开，审议通 过了《关于<2023年第三季度报告>的议案》。 7、2023年12月1日，第八届监事会第三次（临时）会议在公司会议室召开， 审议通过了《关于终止实施2021年限制性股票激励计划暨回购注销限制性股票的 议案》《关于使用部分闲置募集资金暂时补充流动资金的议案》。 2、2023 年 4 月 25 日，第七届监事会第二十八次会议在公司会议室召开， 审议通过了《关于<2023 年第一季度报告>的议案》《关于调整 2021 年限制性股 票激 ...