Topband(002139) 长江证券·2025-04-02 09:15Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Insights - The controller industry is recovering, and the company's market share is expected to increase, with positive trends in its main business. The digital energy, smart automotive, and robotics sectors are opening up new growth opportunities. The projected net profit attributable to the parent company for 2025-2027 is estimated at 0.89 billion, 1.12 billion, and 1.40 billion respectively, representing year-on-year growth of 33%, 26%, and 25%, with corresponding PE ratios of 22, 17, and 14 [2][5]. Financial Performance - In 2024, the company achieved operating revenue of 10.501 billion, a year-on-year increase of 16.78%, and a net profit attributable to the parent company of 0.671 billion, up 30.25% year-on-year. In Q4 2024, the operating revenue was 2.802 billion, a 6.48% increase year-on-year, while the net profit was 0.119 billion, a decrease of 14.30% year-on-year [5][10]. Business Segments - Tools and Home Appliances: This segment generated revenue of 7.981 billion, a year-on-year increase of 25.48%, with a gross margin of 23.17%. The smart controller is the core product, with a shipment volume of 178 million units, up 28.5% year-on-year [10]. - Digital Energy and Smart Automotive: This segment reported revenue of 2.052 billion, a decline of 6.32%, with a gross margin of 20.91%. The company has made significant progress in overseas markets, particularly in large-scale energy storage applications [10]. - Robotics: The robotics segment achieved sales revenue of 0.468 billion, a year-on-year increase of 6.09%, with a gross margin of 28.68%. The company is focusing on humanoid robots and has developed a product platform for hollow cup motors [10].