topstar(SZ:300607)2024-07-04 11:30Investment Rating - The report indicates a positive outlook with a focus on growth in specific product lines, particularly multi-joint robots and CNC machines, despite overall revenue decline [4][18]. Core Insights - The company, TuoSiDa, specializes in industrial robot system integration and solutions, with a diverse product range including industrial robots, injection molding machines, and CNC machines, serving major clients like Huawei and BYD [2][10]. - In 2023, the company experienced a significant transformation, focusing on three main products: robots, CNC machines, and injection molding machines, which led to a revenue decline of 8.7% year-on-year [4]. - Despite the overall revenue drop, the company reported a 48.6% increase in self-produced multi-joint industrial robots and a 56.3% increase in CNC machines, indicating strong demand in these segments [4][18]. Summary by Sections Company Overview and Performance - TuoSiDa is engaged in the integration of industrial robot systems and solutions, with applications across various sectors including electronics, automotive, and aerospace [2]. - The company reported a revenue of 455 million yuan in 2023, down 8.7% year-on-year, and a net profit of 80 million yuan, down 44.9% [4][6]. Product Performance - The multi-joint industrial robot business grew by 48.6%, while the injection molding machine and CNC machine businesses grew by 16.3% and 56.3%, respectively [4]. - The company has reduced its project-based business, leading to a decrease in automation application systems and energy management services [4]. Market Behavior - In the first quarter of 2023, TuoSiDa's revenue reached 1 billion yuan, a 25.2% increase year-on-year, with net profit increasing by 148.7% [18]. - The company has seen a significant increase in orders for multi-joint robots, with a year-on-year growth of over 45% [18]. Industry Trends - The domestic market for industrial robots is growing, with a 28% increase in sales of domestic brands in 2023, while foreign brands saw a decline [8]. - The integration of AI with industrial applications is a key focus, with TuoSiDa developing a new motion controller platform compatible with AI models [16].