topstar(300607) 证券时报网·2025-04-22 11:35Core Viewpoint - 2024 is a critical year for the company, TuoSiDa, as it undergoes a significant transformation despite facing its first historical loss due to a substantial decline in revenue and a strategic shift towards product-focused operations [2][3][8] Group 1: Financial Performance - In 2024, TuoSiDa's revenue dropped by over 30%, resulting in the company's first-ever loss since its establishment, primarily due to a 54.22% contraction in its intelligent energy and environmental management systems business [2][3] - The company has proactively reduced low-margin, high-risk projects since late 2022, leading to a historical revenue decline in 2023 and continued reductions in 2024 [2][3] - Despite the loss, the company indicates an improvement in operational quality, suggesting a transition towards becoming a product-oriented company [2][3] Group 2: Business Structure and Strategy - TuoSiDa plans to focus on developing its core product lines, including robots, CNC machine tools, and injection molding machines, while gradually divesting from non-core businesses [3][4] - The intelligent energy and environmental management systems business saw a revenue decline of over 90% in Q1 2025, while other business segments experienced a revenue growth of over 23% [3][4] - The company’s product business now accounts for a larger share of total revenue, with a 15.62 percentage point increase in contribution and a 37.43% overall gross margin [4] Group 3: Product Performance - The industrial robot segment achieved a revenue of 27,531.64 million yuan in 2024, marking a 12.50% year-on-year growth, with a gross margin of 47.53% [4] - The injection molding machine and related equipment business generated 51,121.47 million yuan in revenue, reflecting an 18.67% increase due to various market factors [5][6] - The sales of electric injection molding machines saw a significant increase, with order volume up by approximately 150% and shipment volume up over 300% [6] Group 4: Technological Advancements - TuoSiDa is positioned as a comprehensive player in the robotics industry, integrating upstream core components, midstream industrial robots, and downstream automation systems [7] - The company has launched the new X5 robot motion control platform, which serves as a critical component in bridging the gap between embodied intelligence and robotics [7][8] - TuoSiDa is collaborating with major tech companies to enhance its capabilities in embodied intelligence, creating a closed-loop system for data-driven product evolution [7][8]