【私募调研记录】健顺投资调研拓邦股份

Core Insights - The recent research by Jian Shun Investment highlights the growth potential of Tuobang Co., which is expected to expand across multiple business segments in 2024, particularly in the smart controller industry with a global market size of nearly $2 trillion [1] - Tuobang's strategic focus for 2025 includes increasing component business share, breakthroughs in AI integrated products, and accelerating international market expansion [1] - The company aims to enhance its gross margin, which was reported at 22.97% in 2024, a year-on-year increase of 0.66%, with plans for further improvement through various measures [1] Business Performance - Tuobang's AI integrated products, such as beauty devices, lawn mowers, and cooking machines, have been launched in the market [1] - The smart automotive business is newly disclosed, facing challenges due to changes in technology routes, but aims to establish strong partnerships with leading clients [1] - The robotics segment includes service robots, humanoid robots, and industrial robots, with new product platforms for 8mm and 10mm hollow cup motors being established in 2024 [1] Market Dynamics - The tools and home appliances sectors are expected to see growth exceeding expectations in 2024, driven by recovering downstream demand and increased market share [1] - The overseas revenue contribution is projected to rise from approximately 22% in 2024 to 30%-40% in the future, with limited impact from direct exports to the U.S. [1] - The company is increasing investments in digital energy and smart automotive sectors, as well as automation in manufacturing [1]