Topband(002139) 华泰证券·2025-03-30 11:45Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 19.44 per share [6][7]. Core Views - The company is expected to achieve a revenue growth of 16.78% year-on-year in 2024, reaching RMB 10.501 billion, and a net profit growth of 30.25% to RMB 671 million, slightly below Bloomberg consensus expectations [1][4]. - The company is expanding its product offerings in new areas such as liquid cooling ultra-fast charging, core components and systems for robots, and AI+ smart hardware, which are expected to drive future growth [1][4]. - The company is well-positioned as an industry leader, benefiting from the ongoing trends of smart upgrades and the relocation of the controller supply chain [1][4]. Revenue and Profitability - The tools and home appliances segment achieved a revenue of RMB 7.981 billion in 2024, a year-on-year increase of 25.48%, driven by new product expansions and inventory replenishment in downstream channels [2]. - The digital energy and smart automotive segments generated revenues of RMB 2.052 billion, with a decline of 6.32%, while the smart automotive business saw a significant growth of 121% to RMB 380 million [2]. - The company's overall gross margin improved to 22.97% in 2024, an increase of 0.66 percentage points year-on-year, attributed to enhanced operational capabilities and product margin improvements [3]. Long-term Outlook - The report expresses optimism about the company's long-term development, particularly in the smart controller industry and its ability to capture new growth opportunities in the robotics sector [4]. - The company is expected to increase its overseas manufacturing output, which surpassed RMB 2.2 billion in 2024, marking a growth of over 70% [3]. - Future net profit forecasts for 2025 and 2026 have been adjusted downwards to RMB 808 million and RMB 972 million, respectively, due to potential impacts from tariff policy changes [4].