Topband(002139)2024-10-14 09:51Investment Rating - The report maintains a "Buy" rating for Tuobang Co Ltd (002139 SZ) [2][4] Core Views - Tuobang Co Ltd is a leading player in the smart controller industry with broad growth potential [1] - The company has established a comprehensive technology system covering "four electrics and one network" (electric control, motor, battery, power supply, and IoT platform) [1] - Tuobang provides customized smart control solutions for four major industries: home appliances, tools, new energy, and industrial applications [1] Business Segments Analysis Tools Business - The tools business accounted for 39 05% of total revenue in H1 2024, up from 36 05% in 2023 [1] - Focuses on high-value industrial and professional-grade products [1] - Expanding application scenarios and developing new business opportunities in high-power products [1] Home Appliance Business - Achieved revenue of 1 773 billion yuan in H1 2024, an 18 15% year-on-year increase [1] - Strengthened partnerships with leading home appliance brands in Europe, America, Japan, and emerging markets [1] - Significant growth in air conditioning products, particularly in overseas markets [1] New Energy Business - Generated 1 040 billion yuan in revenue in H1 2024, up 13 74% year-on-year [1] - Core technologies include "1 charge, 1 core, 1 cloud, 3S" (charging, battery core, cloud platform, BMS, PCS, EMS) [1] - Focuses on energy storage and new energy vehicle applications [1] Financial Projections - 2024/2025 net profit forecasts revised down to 722/922 million yuan, representing 10%/8% reductions [2] - 2026 net profit forecast introduced at 1 114 billion yuan [2] - PE ratios projected at 19X/15X/12X for 2024/2025/2026 [2] Key Financial Metrics - Revenue growth expected to maintain around 16% annually from 2024 to 2026 [3] - Net profit margin projected to increase from 6 9% in 2024 to 7 9% in 2026 [7] - ROE expected to improve from 10 4% in 2024 to 12 8% in 2026 [7] - Gross margin forecast to rise from 22 5% in 2024 to 23 6% in 2026 [7] Valuation Metrics - Current price: 10 79 yuan [4] - Market capitalization: 13 453 billion yuan [4] - 52-week price range: 6 22-12 43 yuan [4] - 3-month turnover rate: 93 58% [4]