topstar(300607) 金融界·2025-04-22 07:31Core Viewpoint - TuoStar (300607) reported a significant decline in financial performance for 2024, with total revenue of 2.872 billion yuan, a year-on-year decrease of 36.92%, and a net loss of 245 million yuan, marking a substantial downturn primarily due to the contraction in its smart energy and environmental management systems business and delays in project acceptance [1][4]. Group 1: Smart Energy and Environmental Management Systems - The smart energy and environmental management systems business generated revenue of 1.229 billion yuan in 2024, down 54.22% year-on-year, with a negative gross margin of 11.66% [4]. - The decline is attributed to intensified competition, overcapacity, and tight customer funding, leading to delays in project acceptance and settlement [4]. - The company plans to gradually divest this business through equity adjustments in subsidiaries to optimize its business structure, although this may impose short-term financial pressure [4]. Group 2: Industrial Robots and Automation Applications - Despite overall poor performance, the industrial robots and automation applications business showed resilience, achieving revenue of 755 million yuan, a decrease of 22.05%, but with an improved gross margin of 34.60%, up 8.36 percentage points [5]. - Revenue from industrial robots reached 275 million yuan, a year-on-year increase of 12.50%, with a gross margin of 47.53%, up 3.93 percentage points [5]. - The company's self-produced multi-joint robots performed exceptionally well, with revenue growth of 76.04% and cumulative shipments exceeding 8,000 units [5]. Group 3: Injection Molding Machines and CNC Machine Tools - The injection molding machines and related equipment business generated revenue of 511 million yuan, an increase of 18.67%, but the gross margin fell to 32.75%, down 1.49 percentage points [7]. - Revenue from injection molding machines was 225 million yuan, up 10.50%, but the gross margin decreased to 15.23%, down 5.23 percentage points due to intense market competition [7]. - The CNC machine tools business reported revenue of 308 million yuan, a decline of 11.71%, with a gross margin of 29.85%, down 1.81 percentage points, primarily due to production disruptions from capacity relocation [7]. Group 4: Future Outlook - TuoStar aims to focus on core businesses and optimize product structure, planning to gradually divest inefficient operations and enhance the standardization and scalability of its industrial robots, injection molding machines, and CNC machine tools [8]. - The company anticipates that increasing the proportion of product-based business will gradually restore profitability [8]. - However, TuoStar faces significant financial pressure in the short term, having made an asset impairment provision of approximately 142 million yuan, reducing net profit attributable to shareholders by about 108 million yuan [8].