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， ...

Summary of Conference Call Notes Company and Industry Involved - **Company**:拓邦股份 (Tuobang Co., Ltd.) - **Industry**: Robotics and Advanced Materials Key Points and Arguments Company Overview - Tuobang Co., Ltd. is recognized as a leader in intelligent controllers and has a promising growth potential in the humanoid robot sector due to its hollow cup motors [1][2] - The company is positioned as a hidden champion in the hollow cup motor market, with strong technical capabilities and mass production capacity [2] Market Potential - The demand for humanoid robots is expected to accelerate, with a conservative estimate of 2.04 million units needed in China and the U.S. combined by 2030, representing a market space of approximately 305 billion [3] - Tuobang's hollow cup motors are projected to capture about 7% of this market value, translating to over 20 billion [3] Financial Projections - The company maintains a research and development investment ratio of 7% to 10% of revenue, which is expected to yield significant returns and profitability [4] - Forecasted profits for Tuobang from 2024 to 2026 are estimated to be over 700 million, 900 million, and 1.1 billion respectively, with year-on-year growth rates of 37%, 28%, and 20% [4] Industry Dynamics - The PEAK materials industry is highlighted for its significant advantages over traditional materials, particularly in strength-to-weight ratio, which is crucial for humanoid robot applications [17][21] - The global market for PEAK materials is currently limited, with a concentrated competitive landscape dominated by a few international players [19] - Domestic players are expected to benefit from the growing demand for humanoid robots, as they can leverage cost advantages and responsiveness [22] Risks and Considerations - Potential risks include slower-than-expected market adoption of downstream applications and the threat of new materials replacing existing ones [23] Additional Important Content - The conference emphasized the importance of technological advancements and market trends in shaping the future of both the humanoid robot and PEAK materials industries [16][20] - The discussion also touched on the broader implications of these developments for investment strategies and market positioning [12][14]

证券代码：002139 证券简称： 拓邦股份 公告编号：2025014 深圳拓邦股份有限公司 关于变更注册资本、经营范围并修订《公司章程》的进展公告 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"） 分别于 2024 年 10 月 16 日、 2024 年 11 月 4 日召开了第八届董事会第十三次会议、2024 年第一次临时股东大 会，审议通过了《关于公司注册资本变更暨修订<公司章程>的议案》，2025 年 1 月 3 日、2025 年 1 月 20 日召开了第八届董事会第十七会议、2025 年第一次临时 股东大会，审议通过了《关于增加公司经营范围及修订<公司章程>的议案》，具 体内容详见公司于 2024 年 10 月 17 日、2024 年 11 月 5 日、2025 年 1 月 4 日、 2025 年 1 月 21 日在证券时报和巨潮资讯网（www.cninfo.com.cn）上披露的相关 公告。 近日，公司办理完成工商变更登记，取得了《登记通知书》，变更、备案内 容如下： 一、公司工商变更内容 公司注册资本将由人 ...

Financial Performance - In 2024, the company achieved total operating revenue of RMB 10,541,795,227.36, representing a year-on-year increase of 17.23% compared to RMB 8,992,342,169.08 in 2023[3] - The net profit attributable to shareholders of the listed company reached RMB 670,145,408.96, a year-on-year growth of 30.00% from RMB 515,513,995.18 in 2023[3] - The company reported a basic earnings per share of RMB 0.54, which is an increase of 31.71% compared to RMB 0.41 in the previous year[3] - Total assets increased to RMB 12,797,478,706.32, reflecting a growth of 14.43% from RMB 11,184,119,392.80 in 2023[3] - The total equity attributable to shareholders of the listed company rose to RMB 6,671,281,458.85, a 6.15% increase from RMB 6,284,917,468.50 in 2023[3] - The weighted average return on net assets improved to 10.41%, up from 8.54% in the previous year, indicating enhanced profitability[3] Revenue Growth and Market Expansion - The company successfully broke the "100 billion" revenue mark for the first time, continuing a trend of revenue growth for 12 consecutive years[5] - The company focused on high-value product opportunities and accelerated overseas expansion, contributing to both revenue and profit growth[5] Investment and Innovation - The company is increasing its investment in new industries, particularly in robotics, to expand sales channels and innovate product categories[5] - The company is actively developing a range of products related to new energy vehicles and intelligent driving, creating new growth points for performance[5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The report presents a unique perspective, suggesting that both the smart controller and humanoid robot core components have significant growth potential, contrary to the common belief that the company's growth space is limited [2] - The company is transitioning from being perceived solely as a smart controller manufacturer to developing its own complete systems, supported by consistent R&D investment [3] - The report highlights the expected growth in the smart controller market, with a projected CAGR of 13% over the next five years, and significant opportunities in the humanoid robot sector, estimating a market space of approximately 305 billion yuan by 2030 [2][3] Financial Summary - The projected revenue for the company is expected to grow from 8,992 million yuan in 2023 to 14,273 million yuan in 2026, reflecting a CAGR of 17.8% [4] - The net profit attributable to the parent company is forecasted to increase from 516 million yuan in 2023 to 1,085 million yuan in 2026, with a notable growth rate of 37% in 2024 [4] - The earnings per share (EPS) is expected to rise from 0.4 yuan in 2023 to 0.9 yuan in 2026, indicating a positive trend in profitability [4] Valuation and Earnings Forecast - The report anticipates net profits of 706 million yuan, 903 million yuan, and 1,085 million yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 31, 24, and 20 [9] - The company is expected to benefit from a revaluation as it transitions from a component supplier to a complete system provider, leveraging its deep technological foundation [8]

根据《公司法》《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》及《公司章程》的相关规定，陈金舟先生的辞职会导致公司 监事会人数低于法定最低人数。为保障监事会的正常运行，在公司职工代表大 会选举产生新任监事之前，其将继续履行公司监事职责。 证券代码：002139 证券简称：拓邦股份 公告编号：2025012 深圳拓邦股份有限公司 关于公司监事辞职的公告 本公司及监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"）监事会于近日收到 公司职工代表监事陈金舟先生的书面辞职报告。因个人原因，陈金舟先生申请 辞去公司第八届监事会职工监事职务。辞职后，陈金舟先生将不在公司担任任 何职务。截至本公告披露日，陈金舟先生未持有公司股份，亦不存在应当履行 而未履行的承诺事项。 截至本公告披露日，陈金舟先生未持有公司股份，陈金舟先生在任职期 间，恪尽职守、勤勉尽责，公司及监事会对陈金舟先生在任职期间为公司所做 出的贡献表示衷心感谢。 特此公告。 深圳拓邦股份有限公司监事会 2025 年 2 月 18 日 1 ...