Topband(SZ:002139) Guoxin Securities·2025-04-30 07:37Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company is expected to achieve a revenue of 10.542 billion yuan in 2024, representing a year-on-year growth of 17.23%. The net profit attributable to shareholders is projected to be 670 million yuan, reflecting a 30% increase year-on-year [1][10]. - The company is making strides towards intelligence with a focus on various sectors, including tools, home appliances, and smart automotive applications, which are showing robust growth [2][3]. - The gross profit margin for 2024 is forecasted to be 22.97%, an increase of 0.66 percentage points year-on-year, indicating improved operational efficiency and cost management [3][16]. Revenue and Profit Forecast - The company is expected to maintain its profit forecasts for 2025-2026 and has added a new forecast for 2027, with projected net profits of 850 million, 1.01 billion, and 1.19 billion yuan for 2025, 2026, and 2027 respectively [4][32]. - The revenue forecast for 2025 is estimated at 12.236 billion yuan, with a growth rate of 16.5% [5][32]. Business Segments Performance - The tools and home appliances segment remains the core business, with a revenue of 7.981 billion yuan in 2024, a year-on-year increase of 25.5%, accounting for 76% of total revenue [2][5]. - The smart automotive sector is rapidly growing, with a revenue of 380 million yuan in 2024, marking a significant year-on-year increase of 121.1% [2][29]. - The robotics segment is also expanding, with a revenue of 468 million yuan in 2024, reflecting a growth of 6.09% [2][29]. Financial Metrics - The company’s management expenses have decreased by 8.4% year-on-year, contributing to improved profitability [3][16]. - The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 20, 16, and 14 respectively, indicating a favorable valuation compared to earnings growth [4][31].