资金流向数据显示，8月25日主力资金净流出3.31亿元，近五个交易日累计净流出4.37亿元。 风险提示：股市有风险，投资需谨慎。 截至2025年8月25日收盘，拓邦股份股价报15.13元，较前一交易日下跌3.69%。当日成交量为1256.89万 手，成交金额达19.02亿元。该股开盘报15.22元，盘中最高触及15.37元，最低下探至15.00元。 拓邦股份主营业务为智能控制器的研发、生产和销售，产品广泛应用于家电、工具、工业设备等领域。 公司持续推动车规级电机平台化开发，提升产品在智能驾驶关键零部件领域的竞争力。 消息面上，公司8月24日接待了花旗银行等多家机构调研。调研中透露，公司正扩大激光雷达电机产品 在智能驾驶行业的市场份额，该产品主要服务于L2及以上级别智能驾驶系统。2025年上半年，公司通 过产品创新与结构优化应对复杂经营环境，客户粘性持续提升。 ...

2025 年 8 月 24 日投资者关系活动记录表 编号：2025007 证券代码：002139 证券简称：拓邦股份 深圳拓邦股份有限公司 | | 特定对象调研 | 分析师会议 | | --- | --- | --- | | 投资者关系 | 媒体采访 | 业绩说明会 | | 活动类别 | 新闻发布会 | 路演活动 | | | 其他： | | | | 月 8 24 花旗银行，Point 72，中金公司，天风证券，招商证券，中信证券，由榕 | 日：20:00—21:00（电话会议） | | | 咨询，中信建投，浙商证券，英大信托，国泰君安资管，泉果基金，国 | | | 参与单位名 | 联基金，中国人保，广东恒健，Pleiad Investment Advisors Limited，正圆 | | | 称、时间 | 投资，同泰基金，永赢基金，南方基金，君和资管，玄卜投资，兴业基 | | | | 金，圆信永丰，睿谷投资，兴银理财，中银三星，钜米资本，中冀投资， | | | | Limited，银华基管、明见投资、东兴基金、 Willing Capital | Management | | | 恒泰证券 | ...

拓邦股份(002139) 报告日期：2025 年 08 月 25 日 证券研究报告 | 公司更新 | 消费电子 ——拓邦股份 2025 年中报点评 投资要点 工具板块实现收入 21 亿元，同比增长 6%，行业端电动化、无绳化趋势推动电 动工具渗透率提升，公司端聚焦工业级、专业级高价值产品领域，核心品类稳健 增长，客户与品类双拓展。 家电板块实现收入 23 亿元，同比增长 28%，大家电领域主力品类快速增长，创 新品类及小家电上量，海外市场商用空调、暖通设备需求强劲。 2）数字能源业务：中长期核心驱动业务，结构性调整。 业绩短期承压，看好全球化布局优势及机器人业务打开成长空间 实现收入 5.9 亿元，同比下滑 33%，主要受行业去库存周期影响，目前公司已完 成技术及产品储备，搭建海外渠道与服务平台，后续将聚焦高附加值领域。 3）智能汽车：快速增长。 实现收入 2.6 亿元，同比增长 86%，围绕电动化与高阶智驾，激光雷达电机已实 现规模化放量，核心客户份额稳定；报告期内充电桩收入翻倍。 4）机器人业务：部件为基，拓展整机。实现收入 2.8 亿元，同比增长 23%，毛 利率 27%。炒菜机整机、割草机器人、扫地机 ...

拓邦股份 20250824 摘要 拓邦股份上半年营收增长约 10%至 55 亿元，净利润因股权激励费用同 比下降 15.1%，若加回则与去年同期持平，为 3.83 亿元。家电板块贡 献主要收入，同比增长 16.15%至 44 亿元左右。 面对全球贸易冲突和金融波动，拓邦股份通过产品创新、结构优化和海 外布局，降低关税影响，抓住市场增量机会，巩固了在全球市场的龙头 地位。 智能控制器业务毛利率为 22%，家电市场增速接近 30%，工具市场增 速约为 5.7%。未来策略是巩固核心优势，依托电动化、无绳化趋势提 升工具板块渗透率，抓住高价值领域增长机会。 家电板块采取"守"与"攻"策略，巩固传统优势，同时在 AI 化和智能 家居等新兴领域扩大份额，上半年收入 23 亿元，同比增长 28%。 数字能源业务经历调整，重心转向创新引领，构建云光储充全面产品生 态，具备从核心组件到系统集成的完整解决方案能力，但上半年收入下 降 33%影响整体表现。 Q&A 拓邦股份如何看待未来三年科技行业的发展趋势？ 未来三年，科技行业将迎来显著的发展机遇。首先，整个 TMT 板块经过了十年 的调整，目前整体估值较低，具备较大的增长潜力。 ...

Company Overview - Shenzhen Heertai Intelligent Control Co., Ltd. was established in 2000 and listed on the Shenzhen Stock Exchange in 2010 [3] - The company focuses on the research, production, and sales of intelligent controllers, with business segments including home appliances, power tools, industrial control, automotive electronics, and smart products [3] Financial Performance - In the first half of 2025, the company achieved revenue of 19.21 billion CNY, a year-on-year increase of 54.46% [4] - Net profit attributable to shareholders reached 3.54 billion CNY, up 78.65% year-on-year, with a non-recurring net profit of 3.47 billion CNY, reflecting a 97.24% increase [4] - Operating cash flow increased by 224.15% year-on-year, indicating improved cash management [4] Business Segments Performance - The home appliance segment maintained a high revenue growth rate, contributing significantly to overall business growth [4] - The power tools and industrial automation segment continued to win new projects, achieving breakthroughs in both clients and products [4] - The automotive electronics segment increased R&D investment and client expansion, with a growing number of ODM projects [4] - The smart products segment saw accelerated R&D innovation and significant improvements in gross margin [4] Strategic Focus - The company is committed to innovation-driven growth and structural upgrades, responding to complex external economic conditions [3] - Future strategies include expanding production scale, optimizing product structure, and enhancing operational quality to ensure sustainable high-quality development [4] Competitive Advantages - The intelligent controller market is large and fragmented, with the company leveraging over 20 years of industry experience to build strong customer relationships and high brand loyalty [5] - The company has a competitive edge in global operations, rapid customer response, and R&D capabilities [5] Risk Management - The company employs effective foreign exchange risk control measures, including forward foreign exchange transactions and adjustments to foreign currency liabilities [6] - Currently, overseas production capacity accounts for approximately 30% of total capacity, with ongoing adjustments based on business needs [7] Future Outlook - The company aims to continue optimizing gross margin through customer and product structure improvements, cost reduction, and efficiency enhancement [6] - There is a strong focus on expanding market share and enhancing product competitiveness to drive future growth [6]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's core business in home appliances is experiencing stable growth, while the strategic segments of power tools and automotive electronics are deepening their layouts. The smart product business and the T/R chip business of its subsidiary, Chengchang Technology, have become new growth drivers, with the latter showing rapid performance growth, providing significant space for future growth [3][9]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 5.446 billion yuan, a year-on-year increase of 19.21%. The net profit attributable to the parent company was 354 million yuan, up 78.65% year-on-year [3][9]. - The overall gross margin improved by 1.66% year-on-year, driven by the optimization of customer and product structure in the controller business and the increased gross margin of Chengchang Technology's products [9]. Business Segments - The home appliance segment, as the company's foundational business, achieved sales revenue of 3.563 billion yuan, a year-on-year increase of 22.14%, with a gross margin increase of 0.94% [9]. - The power tools and industrial automation business generated revenue of 535 million yuan, up 8.32% year-on-year. The automotive electronics segment reported revenue of 415 million yuan, a year-on-year increase of 5.20% [9]. - The smart product segment, positioned as a new strategic growth driver, achieved sales revenue of 618 million yuan, a year-on-year increase of 9.92%, with a gross margin of 23.67% [9]. - Chengchang Technology's T/R chip business reported revenue of 201 million yuan, a remarkable year-on-year increase of 180.16%, with net profit reaching 57 million yuan, up 333.23% [9]. Future Outlook - The company expects net profit attributable to the parent company to reach 700 million yuan, 916 million yuan, and 1.176 billion yuan for the years 2025 to 2027, representing year-on-year growth rates of 92%, 31%, and 28%, respectively [9].

Investment Rating - The report maintains a "Buy" rating for the company [5][6]. Core Views - The company achieved a revenue of 5.446 billion RMB in the first half of 2025, representing a year-on-year growth of 19.21%, and a net profit attributable to shareholders of 354 million RMB, up 78.65% year-on-year, aligning with previous performance forecasts [1]. - The growth is attributed to an increase in new customers and product deliveries, as well as an improvement in gross margin driven by the subsidiary Chengchang Technology [1]. - The report highlights the rapid development of AI applications in the domestic market, suggesting that the smart upgrade of terminal products may accelerate, presenting new opportunities for the company [1]. - The company is expected to enhance its profitability gradually due to product structure adjustments and improved capacity utilization [1]. Revenue Breakdown - The home appliance segment generated 3.563 billion RMB in revenue, a 22.14% increase year-on-year, with gross margin improving by 0.94 percentage points, benefiting from stable orders from domestic and international clients [2]. - The electric tools and industrial automation segment reported revenue of 535 million RMB, up 8.32% year-on-year, with a steady increase in project deliveries [2]. - The automotive electronics segment achieved revenue of 415 million RMB, a 5.20% increase year-on-year, although delivery pace slowed due to market conditions [2]. Smart Product Development - The smart business segment generated revenue of 618 million RMB, reflecting a year-on-year growth of 9.92%, with expectations for accelerated smart upgrades in terminal products [3]. - The company is expanding its product offerings in smart home, personal care gaming, and sports apparel, with successful development of products like motion-sensing clothing and smart beauty mirrors [3]. Profitability and Efficiency - The company's gross margin and net profit margin for the first half of 2025 were 19.13% and 6.49%, respectively, both showing improvements of 1.66 and 2.16 percentage points year-on-year [4]. - The turnaround of Chengchang Technology from a loss of 24 million RMB in the first half of 2024 to a profit of 57 million RMB in the first half of 2025 significantly contributed to this improvement [4]. - The report notes effective cost control measures, with reductions in sales, management, and R&D expense ratios, leading to enhanced operational efficiency [4]. Financial Forecasts - The report projects net profits for the company to be 704 million RMB, 904 million RMB, and 1.204 billion RMB for the years 2025 to 2027, respectively [5][14]. - The estimated target market capitalization for the company is 32.21 billion RMB, with a target price of 34.82 RMB per share, reflecting a PE ratio of 47x for 2025 [5][14].

Group 1: Financial Performance - The company reported a revenue of 5.446 billion yuan for the first half of 2025, representing a year-on-year growth of 19.21% [1] - The net profit attributable to shareholders reached 354 million yuan, up 78.65% year-on-year, while the net profit excluding non-recurring items was 347 million yuan, reflecting a 97.24% increase [1] Group 2: Business Segments - The controller segment achieved a revenue of 5.245 billion yuan, with a year-on-year growth of 16.64% and a gross margin increase of 0.38 percentage points to 17.25% [1] - The home appliance business generated 3.563 billion yuan in revenue, growing 22.14% year-on-year, with a gross margin of 16.43%, up 0.94 percentage points [2] - The automotive electronics segment saw a revenue of 415 million yuan, marking a 5.20% year-on-year increase, driven by deepening partnerships with major Tier 1 manufacturers [3] Group 3: Growth Drivers - The strong performance in the controller segment was attributed to new customer acquisition and effective cost control measures [1] - The home appliance segment benefited from a comprehensive product range and systematic service advantages, capturing market share [2] - The automotive electronics business is a key growth driver, with ongoing collaborations with leading automotive manufacturers and a focus on core technologies [3] Group 4: Investment Outlook - The company is positioned as a leader in smart controllers, with increasing market share in home appliances and tools, and a robust order reserve in automotive electronics [3] - Projected net profits for 2025-2027 are 692 million yuan, 904 million yuan, and 1.103 billion yuan, with corresponding growth rates of 90%, 31%, and 22% [3]

Core Insights - The company, Heertai, reported a revenue of 5.446 billion yuan for the first half of 2025, representing a year-on-year growth of 19.21% [1] - The net profit reached 354 million yuan, showing a significant increase of 78.65% compared to the previous year [1] - The non-recurring net profit was 347 million yuan, with a remarkable growth of 97.24% year-on-year [1] Business Performance - The company has strengthened its product competitiveness through deepening technological research and development [1] - Global capacity optimization has been implemented to mitigate regional risks, contributing to stable growth in core business despite adverse market conditions [1] - The product structure has continuously improved, and the expansion in both domestic and international markets has shown significant results [1] Strategic Focus - Heertai operates as a supplier of intelligent controller solutions, with its main business segments including home appliances, power tools, industrial automation, automotive electronics, intelligent products, and AI service platforms [1] - The company is also involved in the research, production, sales, and technical services of microwave and millimeter-wave phased array T/R chips [1] - The business units are categorized into six main segments: domestic home appliances, overseas home appliances, power tools, industrial automation, automotive electronics, and intelligent products and AI service platforms [1]

Company Overview - In the first half of 2025, the company achieved a revenue of CNY 5.446 billion, a year-on-year increase of 19.21% [3] - Net profit attributable to shareholders reached CNY 354 million, up 78.65% year-on-year, with a non-recurring net profit of CNY 347 million, increasing by 97.24% [3] - Operating cash flow net amount grew by 224.15% year-on-year, indicating improved cash management and risk resilience [3][6] Business Performance - The home appliance segment maintained a high revenue growth rate and improved gross margin, driving overall business growth [4] - The electric tools and industrial automation sectors continued to win new projects, achieving breakthroughs in both clients and products [4] - The automotive electronics segment increased R&D investment and client expansion, with a growing number of ODM projects [4] Strategic Focus - The company is committed to enhancing operational quality, internal governance, and improving gross margin and net profit while managing inventory and cash flow effectively [4] - Future profitability is expected to rise due to expanded production scale, improved capacity utilization, and optimized product structure [4] Q&A Insights - The significant growth in net profit and cash flow is attributed to product and client structure optimization, improved gross margin, and reduced expense ratios [6] - The gross margin of intelligent products has increased due to higher added value and growing market demand for smart solutions [6] - Tariff policies have a limited direct impact on the company due to its export strategy and established overseas production bases [7] - The automotive electronics business is driven by a growing order backlog and the introduction of new clients and products, with a shift towards higher-margin ODM orders [7][8] - The electric tools business has successfully expanded its client base, contributing to steady revenue growth [8] - The company has proactively positioned itself in the AI sector, integrating advanced technologies into its product offerings [8]