Topband(002139) 浙商证券·2025-02-26 12:33Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The report presents a unique perspective, suggesting that both the smart controller and humanoid robot core components have significant growth potential, contrary to the common belief that the company's growth space is limited [2] - The company is transitioning from being perceived solely as a smart controller manufacturer to developing its own complete systems, supported by consistent R&D investment [3] - The report highlights the expected growth in the smart controller market, with a projected CAGR of 13% over the next five years, and significant opportunities in the humanoid robot sector, estimating a market space of approximately 305 billion yuan by 2030 [2][3] Financial Summary - The projected revenue for the company is expected to grow from 8,992 million yuan in 2023 to 14,273 million yuan in 2026, reflecting a CAGR of 17.8% [4] - The net profit attributable to the parent company is forecasted to increase from 516 million yuan in 2023 to 1,085 million yuan in 2026, with a notable growth rate of 37% in 2024 [4] - The earnings per share (EPS) is expected to rise from 0.4 yuan in 2023 to 0.9 yuan in 2026, indicating a positive trend in profitability [4] Valuation and Earnings Forecast - The report anticipates net profits of 706 million yuan, 903 million yuan, and 1,085 million yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 31, 24, and 20 [9] - The company is expected to benefit from a revaluation as it transitions from a component supplier to a complete system provider, leveraging its deep technological foundation [8]