研报掘金丨浙商证券：维持拓普集团“买入”评级，机器人执行器业务有望爆发

Core Viewpoint - Top Group's net profit attributable to shareholders for the first three quarters of 2025 reached 1.97 billion yuan, a year-on-year decrease of 12% [1] - The company is expected to benefit from the booming demand for humanoid robots, with projected demand in the manufacturing and home service sectors in China and the U.S. exceeding 300 billion yuan by 2030 [1] Financial Performance - The net profit for Q3 was 670 million yuan, reflecting a year-on-year decrease of 14% [1] - The overall decline in net profit indicates challenges in the current operational environment [1] Business Development - The company is actively expanding its core business and accelerating internationalization [1] - The robotics actuator business is anticipated to experience significant growth, driven by the increasing demand for robots [1] Market Position and Strategy - The establishment of a dedicated electric drive division aims to create a platform for robotics business development [1] - The company is pursuing both organic growth and external expansion, broadening its product line and solidifying its market position [1] Future Outlook - The overseas business is expected to continue expanding with the completion of new production bases [1] - The company maintains a "buy" rating, indicating confidence in its future performance and growth potential [1]