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 ...

深圳拓邦股份有限公司 2023 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：2024033 深圳拓邦股份有限公司 2023 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：2024 年 4 月 17 日（星期三）下午 2:30。 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强先生主持。 6、本次会议的召开符合《中华人民共和国公司法》及《深圳拓邦股份有限 公司章程》等有关规定。 二、会议的出席情况 1、出席会议的总体情况 参加本次股东大会的股东及股东代理人共计 33 名，所持（代表）股份数 1 深圳拓邦股份有限公司 2023 年年度股东大会决议公告 （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 2024 年 4 月 17 日上 ...

[Table_Title] 评级：买入（维持） 市场价格：9.00 元 电话：021-20315728 执业证书编号：S0740517020004 研究助理：佘雨晴 公司持有该股票比例 相关报告 ◼ Q4 营收利润同环比修复，全年毛利率提升。公司 23Q4 营收 26.31 亿元，同比及 环比增长 12.45%、24.98%，归母净利润 1.39 亿元，同比及环比增长 11.97%、1 7.54%。全年总体经营稳健，面临需求和行业库存等挑战，仍然依托技术平台及 产品平台优势，实现收入连续 11 年增长，头部客户数量、收入持续双增长，头部 客户数量增至 115 家，贡献收入占总收入比重为 86%。分产品来看，工具/家电/ 新能源/工业营收分别为 32.41 亿/31.66 亿/21.4 亿/2.51 亿元，同比增长 0.05%/2. 41%/5.13%/1.22%。全年综合毛利率 22.31%，同比提高 2.17pct，工具/家电/新 能源/工业板块毛利率分别为 23.78%/22.06%/19.37%/27.59%，同比提升 3.25/2. 45/0.85/0.34pct，主要由于公司各下游应用持续创新，产品 ...

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 ...