深圳拓邦股份有限公司 独立董事 2024 年度述职报告 各位股东及股东代表： 作为深圳拓邦股份有限公司的独立董事，2024 年本人严格按照《公司法》 《上市公司独立董事规则》《深圳证券交易所上市公司自律监管指引第 1 号—— 主板上市公司规范运作》等法律法规及《公司章程》的要求，忠实履行职责，充 分发挥独立董事的作用，勤勉尽责，维护了公司整体利益，维护了全体股东尤其 是中小股东的合法权益。现将 2024 年度本人任职期间履行独立董事职责情况向 各位股东汇报如下： 一、参加会议的情况 （一）出席股东大会、董事会会议情况 报告期内，本人作为第八届董事会独立董事，应出席 12 次董事会会议、3 次股东大会会议，未出现连续两次未亲自出席董事会会议的情况。 2024 年，出席股东大会会议情况如下： | 姓名 | 本年应参加股东大会次数 | 亲自出席次数 | 委托出席次数 | 备注 | | --- | --- | --- | --- | --- | | 陈正旭 | 3 | 3 | 0 | | 3、独立董事专门会议工作情况 2024 年度，本着勤勉尽责的态度，本人积极参加公司召开的董事会和股东 大会，认真审阅会议材料，并积 ...

深圳拓邦股份有限公司 独立董事 2024 年度述职报告 各位股东及股东代表： 作为深圳拓邦股份有限公司的独立董事，2024 年本人严格按照《公司法》 《上市公司独立董事规则》《深圳证券交易所上市公司自律监管指引第 1 号—— 主板上市公司规范运作》等法律法规及《公司章程》的要求，忠实履行职责，充 分发挥独立董事的作用，勤勉尽责，维护了公司整体利益，维护了全体股东尤其 是中小股东的合法权益。现将 2024 年度本人任职期间履行独立董事职责情况向 各位股东汇报如下： 一、参加会议的情况 （一）出席股东大会、董事会会议情况 报告期内，本人作为第八届董事会独立董事，应出席 12 次董事会会议、2 次股东大会会议，未出现连续两次未亲自出席董事会会议的情况。 2024 年，出席股东大会会议情况如下： | 姓名 | 本年应参加股东大会次数 | 亲自出席次数 | 委托出席次数 | 备注 | | --- | --- | --- | --- | --- | | 秦伟 | 3 | 2 | 0 | | 2024 年度，本着勤勉尽责的态度，本人积极参加公司召开的董事会和股东 大会，认真审阅会议材料，并积极了解相关情况，认真审议每项议案 ...

深圳拓邦股份有限公司 独立董事 2024 年度述职报告 各位股东及股东代表： 作为深圳拓邦股份有限公司的独立董事，2024 年本人严格按照《公司法》 《上市公司独立董事规则》《深圳证券交易所上市公司自律监管指引第 1 号—— 主板上市公司规范运作》等法律法规及《公司章程》的要求，忠实履行职责，充 分发挥独立董事的作用，勤勉尽责，维护了公司整体利益，维护了全体股东尤其 是中小股东的合法权益。现将 2024 年度本人任职期间履行独立董事职责情况向 各位股东汇报如下： （二）任职董事会各专门委员会、独立董事专门会议的工作情况 一、参加会议的情况 （一）出席股东大会、董事会会议情况 报告期内，本人作为第八届董事会独立董事，应出席 12 次董事会会议、3 次股东大会会议，未出现连续两次未亲自出席董事会会议的情况。 2024 年，出席股东大会会议情况如下： | 姓名 | 本年应参加股东大会次数 | 亲自出席次数 | 委托出席次数 | 备注 | | --- | --- | --- | --- | --- | | 李序蒙 | 3 | 3 | 0 | | 2024 年度，本着勤勉尽责的态度，本人积极参加公司召开的董事会和股东 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][21]. Core Insights - The company has received small batch orders for hollow cup motors in the humanoid robot sector, indicating a strong product reserve in this area. The company has been a leading supplier in the hollow cup motor market since 2014 and is well-positioned for growth in humanoid robotics [1][9]. - The humanoid robot industry is expected to accelerate, with a projected demand of approximately 2.04 million units in China and the US by 2030, representing a market space of about 305 billion yuan, with hollow cup motors accounting for around 7% of the value, equating to approximately 20.4 billion yuan [2]. - The smart controller business is anticipated to benefit from the AI wave, with a market CAGR of 13% over the past five years, suggesting a potential for accelerated demand in the coming years [2]. - The company is undervalued when viewed solely as a smart controller manufacturer, as it is transitioning towards a more integrated approach with control technology as its foundation [2]. Financial Summary - The company’s projected revenues are as follows: - 2023: 8,992 million yuan - 2024: 10,542 million yuan (up 17.2%) - 2025: 12,116 million yuan (up 14.9%) - 2026: 14,273 million yuan (up 17.8%) [3][20]. - The projected net profit attributable to the parent company is: - 2023: 516 million yuan - 2024: 670 million yuan (up 30%) - 2025: 887 million yuan (up 32.5%) - 2026: 1,085 million yuan (up 22.2%) [3][20]. - The company maintains a long-term R&D investment ratio of 7-10% of revenue, with a total of 1,138 invention patents, indicating a strong focus on innovation [11][15]. Additional Insights - The company has established a dedicated business unit for humanoid robots, reflecting its commitment to this growing market [10]. - The company’s stock option incentive plan for 2024 aims for revenue targets of 11.6 billion yuan, 13.8 billion yuan, and 16 billion yuan for 2025-2027, respectively [8]. - The company has been recognized as a national high-tech enterprise, which will provide a 15% income tax rate benefit from 2024 to 2026, potentially enhancing profit margins [7][16].

Group 1: Company Overview and Business Growth - The company has achieved a revenue growth of 10 times over the past 10 years, with a compound annual growth rate (CAGR) of over 25% [1] - In 2024, the company aims to exceed 10 billion in revenue, driven by its brand philosophy of "agility, innovation, and partnership" [3] - The company operates in three main business areas: tools and home appliances, digital energy and new energy vehicles, and robotics [2] Group 2: Product Offerings and Market Position - In the new energy vehicle sector, the company provides a wide range of products including charging modules, charging guns, and intelligent driving solutions [4] - The company has established a leading position in the robotics field, with a product platform for servo drives and motors, and has begun mass supply of its products [2] - The hollow cup motor, launched in 2008, has been successfully applied in various fields including industrial robots, medical devices, and smart home products [7] Group 3: Strategic Initiatives and Future Plans - The company is focusing on integrating AI technology into its products, enhancing their value and expanding their capabilities [5] - Plans are in place to increase investment in the humanoid robot sector, with a dedicated business unit established for this purpose [6] - The company is exploring potential mergers and acquisitions in the robotics field to strengthen its market position [8] Group 4: Customer Engagement and Market Dynamics - The company collaborates with tier 1 customers and leading players in the automotive industry for its new energy vehicle products [4] - In the humanoid robot sector, the company has received small batch orders from several clients, indicating a growing demand [11] - The company is well-positioned to leverage its technological capabilities and collaborative efforts to expand its market share in the humanoid robotics space [11] Group 5: International Operations and Trade Considerations - The company has a significant presence in Asia, followed by Europe and the Americas, with overseas factories maintaining efficiency and profitability advantages over domestic operations [13] - The company’s overseas layout is expected to provide a buffer against tariff impacts, with production capabilities established in Vietnam and Mexico [13]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Viewpoints - The group has seven subsidiaries that have simultaneously received recognition as national high-tech enterprises, affirming their technological innovation capabilities [8] - The company is positioned to benefit from the rapid development of humanoid robots, with a projected market demand of approximately 2.04 million units by 2030, translating to a market space of about 305 billion yuan, where the hollow cup motor could account for around 20.4 billion yuan [2][8] - The smart controller business is expected to benefit from the AI wave, with a national market size projected to reach trillions, and a CAGR of 13% over the past five years [2] - The company is undervalued as a pure smart controller manufacturer, as it is transitioning towards self-integrated systems based on its deep technological foundation in "four electrics and one network" [2] Financial Summary - The company reported a revenue of 8,992 million yuan in 2023, with projections of 10,542 million yuan in 2024, 12,116 million yuan in 2025, and 14,273 million yuan in 2026, reflecting growth rates of 1.3%, 17.2%, 14.9%, and 17.8% respectively [2] - The net profit attributable to the parent company is expected to recover from 516 million yuan in 2023 to 670 million yuan in 2024, 887 million yuan in 2025, and 1,085 million yuan in 2026, with growth rates of -37.2%, 30.0%, 32.5%, and 22.2% respectively [2] - The earnings per share (EPS) are projected to increase from 0.4 yuan in 2023 to 0.5 yuan in 2024, 0.7 yuan in 2025, and 0.9 yuan in 2026 [2] Research and Development - The company's R&D investment accounted for 9.28% of its revenue in 2023, with a total investment of 834 million yuan and a workforce of 2,004 R&D personnel [10] - The cumulative number of patents reached 3,228, including 1,138 invention patents [10][14] Market Position and Valuation - The company is recognized as a leader in smart controllers and is expected to see significant growth in the humanoid robot sector [6] - The company's P/E ratio is projected to decrease from 42.8 in 2023 to 20.3 in 2026, indicating a potential for value re-evaluation [2][17]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company has received recognition for its technological innovation, with seven subsidiaries being certified as national high-tech enterprises, which will provide a 15% income tax rate benefit from 2024 to 2026, potentially enhancing profit margins [1][8] - The company is positioned to benefit from the growing humanoid robot industry, with an expected demand of approximately 2.04 million units by 2030 in China and the US, representing a market space of about 305 billion yuan, with the company's hollow cup motors expected to capture around 7% of this value [1] - The smart controller segment is anticipated to thrive due to the AI wave, with a national market projected to grow at a CAGR of 13% over the past five years [1] - The company is undervalued as it is primarily viewed as a smart controller manufacturer, while it is actually advancing towards becoming a comprehensive solution provider based on its deep technology foundation [1] Financial Summary - The company reported a revenue of 8,992 million yuan in 2023, with projections of 10,542 million yuan in 2024, 12,116 million yuan in 2025, and 14,273 million yuan in 2026, reflecting growth rates of 1.3%, 17.2%, 14.9%, and 17.8% respectively [2] - The net profit attributable to the parent company is expected to increase from 516 million yuan in 2023 to 670 million yuan in 2024, 887 million yuan in 2025, and 1,085 million yuan in 2026, with growth rates of -37.2%, 30.0%, 32.5%, and 22.2% respectively [2] - The earnings per share (EPS) is projected to rise from 0.4 yuan in 2023 to 0.5 yuan in 2024, 0.7 yuan in 2025, and 0.9 yuan in 2026 [2] - The price-to-earnings (P/E) ratio is expected to decrease from 42.8 in 2023 to 20.3 in 2026 [2] - The return on equity (ROE) is projected to improve from 8.5% in 2023 to 12.7% in 2026 [2] Research and Development - The company maintains a long-term R&D investment ratio of 7-10% of revenue, with R&D spending reaching 834 million yuan in 2023, accounting for 9.28% of revenue [10] - The company has a total of 3,228 patents, including 1,138 invention patents, indicating a strong focus on innovation [10][14]

证券代码：002139 证券简称： 拓邦股份 公告编号：2025015 深圳拓邦股份有限公司 关于子公司获得高新技术企业认定的公告 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。 近日，深圳拓邦股份有限公司（以下简称"公司"） 子公司深圳拓邦电机有 限公司（以下简称"拓邦电机"）、深圳市敏泰智能科技有限公司（以下简称"敏 泰智能"）凭借在各自领域突出的创新能力和技术实力，首次通过国家高新技术 企业认定，收到由深圳市工业和信息化局、深圳市财政局、国家税务总局深圳市 税务局联合颁发的《高新技术企业证书》。 国家高新技术企业认定是对企业核心自主知识产权、科技成果转化能力、研 究开发组织管理水平以及企业成长性等综合实力的权威认可。拓邦电机致力于无 刷电机、空心杯电机、开关磁阻电机及驱动器，已拥有 200 多个产品型号，平台 产品已成熟应用于新能源汽车、机器人、电动工具、健康医疗、家电家居及工业 自动化等领域。敏泰智能专注于磁阻传感式电子数显水表计量模块及电子水表， 凭借在电子技术、通讯技术上的优势，为城市智慧水务的发展持续贡献。 与此同时，子公司惠州拓邦电气技术有限公 ...

公司报告 | 公司点评 拓邦股份（002139） 证券研究报告 营收破百亿，净利润快速增长，AI 及机器人浪潮下迎来更多机遇 事件：公司发布 2024 年业绩快报，2024 年实现营收 105.42 亿元，同比增 长 17.23%，归母净利润 6.70 亿元，同比增长 30.00%，扣非归母净利润 6.32 亿元，同比增长 23.55%。 我们的点评如下： 基本盘稳扎稳打，新兴业务持续推进 2024 年公司紧抓客户端新品类、高价值产品机会，通过加速出海及加大新 业务投入的战略布局，持续提升市场份额，部件类（基本盘）业务恢复有 质量的增长；同时，公司加快以机器人业务为代表的新产业的研发投入， 积极拓展销售渠道，发力整机业务和创新品类；围绕新能源汽车的储充及 智能驾驶，提供全领域多品类产品，带来新的业绩增长点。 持续全球化布局，海外产值产能显著提升 公司海外产值占比从 23 年全年的约 16%提升到 24 年截至前三季度约 21%，海外产值整体显著增长。其中，越南和印度生产基地已实现规模化 量产和稳定运营，产能快速提升；墨西哥及罗马尼亚工厂已实现量产，目 前进入产能爬坡及运营优化阶段。截至 24 年三季度末，印度 ...

拓邦股份 20250228 摘要 • 拓邦股份过去十年营收增长十倍，复合增速约 25%，2023 年现金流净额 达 14 亿元，ROE 超 10%。公司预计未来保持 20%以上增速，并通过股 权激励计划设定了 2025-2027 年的收入和扣非净利润目标。 • 公司研发投入长期占营收比例 8%-10%，2023 年研发投入 8.3 亿元，同 比增长 16%，占营收比例 9%。截至 2023 年底，公司拥有超过 3,000 件 专利申请，其中 1,100 多件为发明专利，研发人员超过 2000 名。 • 智能控制器行业过去五年增速约 13%，中国市场占比超 30%。拓邦股份 通过扩展应用领域，如工具端（40%）、家电（35%）、新能源 （21%）以及工业控制，推动业绩增长。 • 拓邦股份已建立全球化布局，在越南、印度、墨西哥等地设有生产研发基 地。2024 年上半年海外基地收入超 10 亿元，同比增长 73%，占总收入 比例达 20%，整体外销收入比例达 31%。 • 公司在电动工具行业发展迅速，主要客户包括史丹利百得、TTI、博世和牧 田等龙头企业，提供整机及智能控制器、电机、电池包、充电器等整体解 决方案， ...