研报掘金丨华西证券：维持拓邦股份“买入”评级，创新型业务提供增长动能

Core Viewpoint - The report from Huaxi Securities indicates that Tuobang Co., Ltd. experienced a decline in net profit for the first three quarters, with a year-on-year decrease of 23.86% to 420 million yuan, and a significant drop of 44.69% in Q3 net profit to 90 million yuan. Despite these challenges, the company is expected to ramp up overseas production capacity next year, maintaining a strong fundamental business while gradually expanding into new areas [1]. Financial Performance - Tuobang Co., Ltd. achieved a net profit of 420 million yuan in the first three quarters, reflecting a year-on-year decrease of 23.86% [1] - In Q3, the net profit was 90 million yuan, showing a year-on-year decline of 44.69% [1] Business Development - The company has entered the mass delivery phase for its cooking robots, and the market share for service robot solutions remains stable [1] - In the humanoid robot sector, Tuobang is one of the earliest companies in China to develop and sell self-researched electric motors, offering a range of products including hollow cup motors and complete actuator components [1] - The company is also venturing into the dexterous hand field, using self-developed hollow cup motors to create high-precision and durable robotic "finger joint modules" [1] Market Conditions - The overall revenue growth rate and gross margin of the company have been lower than previous expectations due to tariffs and industry competition [1] - With the anticipated ramp-up of overseas production in the second phase next year, the company’s fundamental business remains strong, and innovative business segments are expected to provide growth momentum [1] Investment Outlook - The profit forecast has been adjusted, but the "buy" rating is maintained due to the strong fundamentals and growth potential from innovative business areas [1]