Topband(SZ:002139) 光大证券研究·2025-09-16 23:07Core Viewpoint - Tuobang Co., Ltd. is a leading global provider of intelligent control solutions, focusing on a complete technology ecosystem that spans hardware development to cloud services [4] Group 1: Company Overview - Tuobang Co., Ltd. emphasizes "Agility, Innovation, Partnership" as its core values and has established a comprehensive technology matrix covering "Four Electrifications and One Network" (electric control, motor, battery, power supply, and IoT platform) [4] - The company has built a global production base network across Asia, Europe, and America, creating an efficient supply chain collaboration mechanism [4] Group 2: Financial Performance - In 2024, the company achieved operating revenue of 10.501 billion yuan, a year-on-year increase of 16.78%, and a net profit attributable to shareholders of 671 million yuan, up 30.25% [5] - In the first half of 2025, the company reported operating revenue of 5.502 billion yuan, a year-on-year increase of 9.70%, but a net profit attributable to shareholders of 330 million yuan, down 15.11% [5] Group 3: Intelligent Automotive Business - The intelligent automotive segment generated revenue of 260 million yuan in the first half of 2025, marking a significant year-on-year growth of 86.03% [6] - The company focuses on electrification and advanced driving, developing a product matrix centered around lidar motors and charging piles [6] - The lidar motor has achieved scale production in collaboration with leading clients, while the charging pile product matrix addresses diverse charging needs with a focus on liquid-cooled ultra-fast charging technology [6] Group 4: Robotics Business - The robotics segment includes components (controllers, motors, power supplies) and complete machines, covering industrial, household, and commercial applications [7] - The company has achieved significant recognition in the commercial sector, winning first place in the "First China Cooking Robot Competition" with its commercial cooking robot [8] - In the first half of 2025, the robotics business generated sales revenue of 277 million yuan, reflecting a year-on-year increase of 22.72% [8]