topstar(SZ:300607) Xin Lang Cai Jing·2026-02-05 02:07Core Viewpoint - The company TuoSiDa is initiating a secondary IPO to list on the Hong Kong main board after nearly nine years on the ChiNext board, reflecting a trend among domestic industrial robot manufacturers to seek higher market valuations and expand into high-end and overseas markets amid increasing competition in the domestic low-end market [1][10]. Group 1: Company Overview - TuoSiDa, originally established in 2007, has evolved from manufacturing plastic machinery to developing multi-joint robots and injection molding machines, with a focus on proprietary technologies in robot controllers and core visual algorithms [3]. - The company has diversified its product offerings to include Cartesian robots, multi-joint robots, collaborative robots, and humanoid robots, with a significant market presence in the industrial robot sector [3][4]. Group 2: Market Dynamics - The industrial robot market is experiencing robust demand, with a projected global market size of $287.27 billion by 2025, and China expected to capture 30% of this market [3]. - The competitive landscape is intensifying, with over 3,000 suppliers globally, and TuoSiDa holds a market share of only 0.9% in the domestic industrial robot solutions market [4][10]. Group 3: Financial Performance - TuoSiDa's revenue surged from 764 million RMB in 2017 to 4.984 billion RMB in 2022, but faced a decline in net profit, dropping from 520 million RMB in 2020 to 65 million RMB in 2021, and only recovering to 160 million RMB in 2022 [5]. - For 2023, 2024, and the first nine months of 2025, the company reported revenues of 4.553 billion RMB, 2.872 billion RMB, and 1.688 billion RMB, respectively, with net profits showing significant fluctuations [5][7]. Group 4: Profitability and Margins - The overall gross margin decreased from 17.6% in 2023 to 14.6% in 2024, but is projected to rise to 28.3% in the first three quarters of 2025, driven by improvements in the industrial robot and automation application systems segment [8][9]. - The gross margins for specific business lines varied, with industrial robots and automation systems showing a margin increase from 26.2% to 36.7% over the same period [9]. Group 5: Strategic Initiatives - The upcoming IPO aims to raise funds for R&D in embodied intelligence technology, expanding sales networks, and enhancing brand presence, which is crucial for TuoSiDa's international growth strategy [10]. - The company is also focusing on reducing its reliance on high accounts receivable, which have increased significantly over the years, indicating a need for improved cash flow management [11][13].