①行业催化不断！特斯拉2026年目标部署超1000个机器人，华为增资极目机器人，分析师看好华为具 身智能生态伙伴； ②公司开创中国首个二次元文化社交空间，成为二次元商业改造典范。 【研选·大事件——读懂大市】 1、中共中央政治局：明年要实施更加积极的财政政策和适度宽松的货币政策，大力提振消费、提高投 资效益，全方位扩大国内需求。 2、银行间主要利率债收益率下行超过3bp，10年期国债活跃券240011收益率下行3.5bp报1.92%，续 创历史新低。 3、国家统计局：11月全国居民消费价格同比上涨0.2%；11月份全国工业生产者出厂价格同比下降 2.5%。 4、网下专业机构投资者"白名单"将出炉，IPO可优先进行配售。 5、英伟达涉嫌违反反垄断法，市场监管总局依法决定立案调查。 【研选·行业】 人形机器人|行业催化不断！特斯拉2026年目标部署超1000个机器人，华为增资极目机器人，分析师看 好华为具身智能生态伙伴 近日，东莞极目机器有限公司发生工商变更，注册资本由8.7亿人民币增至38.9亿人民币，增幅约 347%。2023年6月，极目机器成立，由华为技术有限公司全资持股该公司，该公司法定代表人、董事 长由 ...

证券时报网讯，拓斯达股价创出历史新高，截至9:37，该股上涨6.22%，股价报32.43元，成交量4102.14 万股，成交金额12.66亿元，换手率13.13%，该股最新A股总市值达146.49亿元，该股A股流通市值 101.32亿元。 证券时报•数据宝统计显示，拓斯达所属的机械设备行业，目前整体涨幅为0.23%，行业内，目前股价上 涨的有314只，涨停的有弘讯科技、东方智造等5只。 股价下跌的有239只，跌幅居前的有蓝海华腾、南兴股份、夏厦精密等，跌幅分别为6.79%、5.87%、 5.19%。 ...

连续两20cm，拓斯达(300607)近日成为A股市场的明星股。11月20日晚间，公司披露异动公告。 这份异动公告，除了一些常规的"不在应披露而未披露事项"的情况说明外，拓斯达还就近期与华为的合 作，以及公司近期在人工智能领域的情况进行说明。 2024年11月15日，华为（深圳）全球具身智能产业创新中心正式运营，拓斯达作为工业机器人和运动控 制合作方与华为云就具身智能领域签署合作协议。另据公开报道，在这次签约仪式上，华为具身智能中 心与合计16家企业签署合作备忘录，除了拓斯达，还涉及的A股公司包括大族激光、中坚科技、兆威机 电等多家知名科技企业。 签约消息公布后，上述涉及的A股公司，当天股价不同程度受到刺激。其中，拓斯达当天一度冲击近 12%涨幅。次日继续冲高后出现落后。不过，11月19日、20日，拓斯达的股价再度走强，连续两20cm 收盘。 在今日的异动公告中，拓斯达表示，与华为（深圳）全球具身智能产业创新中心完成合作备忘录签署， 该合作事项处于初步启动阶段，未产生实际收入，不会对公司业绩产生影响，后续合作事项推进可能面 临宏观经济、行业政策变化、市场竞争、技术迭代等不可预测 因素或不可抗力的影响，对公司未 ...

证券时报e公司讯，两连板拓斯达(300607)11月20日晚间披露公司股价异动的公告，公司于11月15日与 华为（深圳）全球具身智能产业创新中心完成合作备忘录签署，该合作事项处于初步启动阶段，未产生 实际收入，不会对公司业绩产生影响，后续合作事项推进可能面临宏观经济、行业政策变化、市场竞 争、技术迭代等不可预测因素或不可抗力的影响，对公司未来业绩影响存在不确定性。 公司股价短期内上涨幅度较大，换手率及成交量明显放大。 敬请广大投资者理性投资，注意风险。 ...

阿 2024 年 11 月 18 日 赵旭东 H70556@capital.com.tw 目标价(元) 27 | --- | --- | --- | --- | |-----------------------|--------|--------|----------------| | 公司基本信息 | | | | | 产业别 | | | 机械设备 | | A 股价 (2024/11/15) | | | 22.82 | | 深证成指 (2024/11/15) | | | 10748.97 | | 股价 12 个月高/低 | | | 24.25/8.7 | | 总发行股数(百万 ) | | | 451.72 | | A 股数(百万) | | | 312.44 | | A 市值(亿元 ) | | | 71.30 | | 主要股东 | | | 吴丰礼 | | | | | (34.04%) | | 每股净值(元 ) | | | 6.03 | | 股价 / 账面净值 | | | 3.78 | | | 一个月 | 三个月 | 一年 | | 股价涨跌 (%) | | | 85.5 95.0 47.9 | 近期评等 出刊日期 ...

1 证券代码：300607 证券简称：拓斯达 债券代码：123101 债券简称：拓斯转债 广东拓斯达科技股份有限公司 投资者关系活动记录表 编号：2024008 | --- | --- | --- | --- | --- | |-------------------------|------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|-------------------------------| | | | | | | | | □特定对象调研 | □分析师会议 | | ...

Core Viewpoints - The company is undergoing a strategic transformation focusing on product optimization and project contraction, leading to a significant shift in its business structure [1] - The company's product-based business, particularly in industrial robots, injection molding equipment, and CNC machine tools, is showing growth in both scale and profitability [1][2] - The company is making early moves in the field of embodied intelligence, leveraging its technical and manufacturing advantages to establish a subsidiary for high-performance motion control platforms [1][3] Business Performance - Total revenue for the first three quarters of 2024 reached 2.235 billion yuan, with net profit attributable to shareholders of 9.0237 million yuan [1] - Revenue from the intelligent energy and environmental management systems business contracted by 42.53%, while the automation application systems business contracted by 25.74% [1] - The gross profit margin for the product-based business (industrial robots, injection molding equipment, CNC machine tools) reached 37.78%, an increase of 3.94 percentage points year-on-year, contributing 90.23% of the total gross profit [1] Industrial Robots - Revenue from industrial robots reached 198.7087 million yuan, a year-on-year increase of 8.91%, with a gross profit margin of 49.55%, up 5.17 percentage points [1] - Revenue from Cartesian coordinate robots increased by 22.18% due to strong brand recognition, while revenue from self-produced multi-joint robots grew by 67.23% due to product line expansion and increased customer recognition in the 3C industry [1] Injection Molding Equipment - Revenue from injection molding machines reached 161.5335 million yuan, a year-on-year increase of 9.23%, driven by inventory replenishment and increased overseas demand [1] - Revenue from injection molding machine supporting equipment and automatic feeding systems reached 187.6336 million yuan, a year-on-year increase of 18.38% [1] - The company is focusing on electric injection molding machines, with order volume increasing by over 130% and shipment volume increasing by over 180% year-on-year [2] CNC Machine Tools - Revenue from CNC machine tools reached 156.4071 million yuan, with a gross profit margin of 34.02%, an increase of 2.92 percentage points year-on-year [2] - The company has made breakthroughs in the aviation sector with its five-axis CNC machine tools, and production capacity has been restored after relocation [2] Embodied Intelligence and Future Strategy - The company established a subsidiary, Matrix Intelligent Control, to develop a high-performance motion control platform for embodied intelligence, aiming to accelerate its application in industrial scenarios [3] - The motion control platform supports different robot configurations and can be deployed across hardware platforms and cloud-edge systems, facilitating the integration of embodied intelligence in industrial settings [3] - Embodied intelligence is expected to revolutionize human-robot interaction and enhance safety and flexibility in industrial production lines, with potential applications in education, autonomous driving, home services, and healthcare [3] - The company's strategic focus has shifted from "product + project" to "product + technology," with a clear vision for future growth [3]

Company and Industry Overview * **Industry**: Industrial equipment, robotics, automation, and smart manufacturing. * **Company**: Tustar, a company specializing in industrial robots, machine tools, and automation systems. * **Focus**: Transitioning from a diversified business model to a more focused approach on core products such as industrial robots, machine tools, and automation systems. Key Points and Arguments * **Business Restructuring**: Tustar is actively reducing its green energy business, which accounted for a significant portion of its revenue in the past. This shift is expected to be completed by the end of 2024, leading to a clearer business structure and healthier financials. * **Financial Performance**: Revenue for the first three quarters of 2024 decreased by 31% to 22.35 billion yuan, primarily due to a decline in green energy and automation business. Profitability was negatively impacted by the green energy business, which saw a significant drop in gross margin. * **Core Business Performance**: * **Industrial Robots**: Revenue increased by 9% year-on-year, with a gross margin increase of 5%. The company's self-developed multi-axis robots saw a 67% increase in revenue. * **Machine Tools**: Revenue decreased by 24% year-on-year, primarily due to production limitations in the first half of the year. Gross margin increased by 3%. * **Automation Systems**: Revenue decreased by 26% year-on-year, primarily due to the completion of projects from previous years. Gross margin increased by 5.5%. * **Strategic Focus**: Tustar aims to become a global leader in intelligent equipment services over the next 5 to 10 years. The company plans to focus on expanding its core businesses of industrial robots, machine tools, and automation systems both domestically and internationally. * **Investment in New Businesses**: Tustar has established a new subsidiary, Zhiwu, to develop a high-performance motion control platform. This platform will be used in various applications, including industrial robots, humanoid robots, education, medical, and home automation. Other Important Points * **Cash Flow**: Tustar has a strong cash flow and has repaid a significant amount of bank loans in the first three quarters of 2024. * **Debt Levels**: Tustar's accounts receivable decreased by 36% year-on-year, and its debt-to-asset ratio decreased by 3% compared to the previous year. * **Market Competition**: Tustar faces intense competition in the machine tool and automation systems markets. The company plans to focus on high-end products and new technologies to maintain its competitive advantage. * **Future Outlook**: Tustar expects its core businesses to grow significantly over the next few years, driven by increasing demand for industrial automation and smart manufacturing solutions.

Financial Performance - Revenue from Cartesian coordinate robots increased by 22.18% year-over-year [3] Strategic Initiatives - Established a new subsidiary, Matrix Intelligent Control, to focus on the development of a "sensing-computing-control" integrated high-performance motion control platform for general-purpose robots [4] - The motion control platform is designed to support different robot configurations, enable cross-hardware platform deployment, and facilitate cloud-edge distributed deployment to meet various AI computing requirements [4] - The platform serves as a motion control physical engine for AI simulation systems, accelerating the application of embodied intelligence technology in industrial scenarios [4] Investor Relations - Conducted a teleconference/webinar on October 25, 2024, with 61 investors from various institutions, including BRILLIANT PARTNERS FUND LP, Caitong International Asset Management, and others [1] - The event was attended by the company's Vice President and Board Secretary, Xie Shimei [1]

Revenue and Profit Performance - Revenue for the third quarter was RMB 511.64 million, a decrease of 54.91% year-over-year[3] - Net profit attributable to shareholders was RMB -26.78 million, a decrease of 160.29% year-over-year[3] - Revenue for the first three quarters of 2024 was 2,235.11 million yuan, a year-on-year decrease of 30.96%[11] - Net profit attributable to shareholders was 9.02 million yuan, a year-on-year decrease of 92.99%[11] - Total operating revenue for the current period is 2,235,113,522.50, a decrease of 31.0% compared to the previous period's 3,237,418,634.50[21] - Net profit for the current period is 3,059,835.65, a significant decrease of 97.7% compared to the previous period's 132,320,510.00[22] - Total comprehensive income for the current period is -681,789.67, a decrease of 100.5% compared to the previous period's 135,011,407.61[23] - Basic earnings per share for the current period is 0.02, a decrease of 93.3% compared to the previous period's 0.30[23] - Diluted earnings per share for the current period is 0.02, a decrease of 93.3% compared to the previous period's 0.30[23] Cash Flow and Financial Position - Operating cash flow was RMB -22.11 million, a decrease of 229.68% year-over-year[3] - Investment cash flow was RMB -248.15 million, a decrease of 75.82% year-over-year[7] - Financing cash flow was RMB 7.07 million, a decrease of 96.55% year-over-year[7] - Net cash flow from operating activities for the current period is -22,109,745.08, a decrease of 229.7% compared to the previous period's 17,049,856.41[24] - Investment activities generated a net cash outflow of -248,145,203.15 RMB, compared to -141,137,758.18 RMB in the previous period[25] - The company's cash and cash equivalents decreased by -264,656,190.25 RMB, ending the quarter with 689,099,556.79 RMB[25] - Cash inflows from financing activities totaled 784,863,224.44 RMB, while outflows were 777,795,123.10 RMB, resulting in a net cash inflow of 7,068,101.34 RMB[25] - Cash outflows for the purchase of fixed assets, intangible assets, and other long-term assets amounted to 209,362,528.13 RMB[25] - The company received 469,402,221.13 RMB from borrowings and 315,461,003.31 RMB from other financing-related activities[25] - Cash outflows for debt repayment were 639,966,129.26 RMB, and dividend payments totaled 50,452,943.43 RMB[25] - The impact of exchange rate changes on cash and cash equivalents was -1,469,343.36 RMB[25] - The company's initial cash and cash equivalents balance was 953,755,747.04 RMB, decreasing to 689,099,556.79 RMB by the end of the quarter[25] Asset and Liability Changes - Total assets decreased by 9.52% to RMB 6.42 billion compared to the end of the previous year[3] - Accounts receivable decreased by 36.10% to RMB 1.36 billion compared to the end of the previous year[6] - Contract assets increased by 50.91% to RMB 901.66 million compared to the end of the previous year[6] - Long-term prepaid expenses increased by 88.31% to RMB 26.21 million due to increased factory decoration costs[6] - Total assets decreased to 6.42 billion yuan from 7.09 billion yuan at the beginning of the period[18] - Current assets totaled 4.66 billion yuan, down from 5.45 billion yuan at the beginning of the period[18] - Non-current assets increased to 1.75 billion yuan from 1.64 billion yuan at the beginning of the period[19] - Total liabilities decreased to 3.96 billion yuan from 4.58 billion yuan at the beginning of the period[19] - Shareholders' equity decreased to 2.46 billion yuan from 2.52 billion yuan at the beginning of the period[20] Business Segment Performance - Revenue from intelligent energy and environmental management systems decreased by 42.53% year-over-year[6] - Industrial robot revenue increased by 8.91% year-on-year to 198.71 million yuan, with a gross margin of 49.55%, up 5.17 percentage points[13] - Revenue from injection molding machines and supporting equipment increased by 13.96% year-on-year to 349.17 million yuan[13] - Revenue from CNC machine tools decreased by 24.06% year-on-year to 156.41 million yuan, but gross margin increased by 2.92 percentage points[13] - Revenue from intelligent energy and environmental management systems decreased by 42.53% year-on-year to 1,150.56 million yuan[13] - The company's self-produced multi-joint industrial robot revenue increased by 67.23% year-on-year[14] - Electric injection molding machine orders increased by over 130% year-on-year, with shipments up by over 180%[15] - CNC machine tool business revenue decreased by 24.06% to 156.41 million yuan, with gross margin increasing by 2.92 percentage points to 34.02%[16] - Approximately 200 units of five-axis CNC machine tools were signed, with about 160 units shipped, impacted by capacity relocation[16] - Smart energy and environmental management system business revenue dropped by 42.53% to 1.15 billion yuan, with gross margin declining by 9.46 percentage points to 3.85%[17] Operating Costs and Expenses - Gross margin for the period was 20.31%, a decrease of 0.83 percentage points year-on-year[11] - Operating costs for the current period are 2,211,322,950.95, a decrease of 26.2% compared to the previous period's 2,994,796,413.22[21] - Sales revenue from goods and services for the current period is 2,327,453,634.18, a decrease of 2.1% compared to the previous period's 2,378,521,819.59[24] - Cash paid for goods and services for the current period is 1,839,849,159.73, an increase of 1.6% compared to the previous period's 1,810,278,064.28[24] - Cash paid to employees for the current period is 338,942,572.40, an increase of 2.3% compared to the previous period's 331,335,521.71[24]