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 | ...

Core Viewpoint - Shenzhen Lianjian Optoelectronics Co., Ltd. plans to sign a framework cooperation agreement for commissioned processing with Guangdong Rongwen Technology Group Co., Ltd., involving a maximum processing service amount of 6 million yuan within one year, aimed at supplementing production value and reducing resource idleness due to a temporary decline in core business [1][5]. Summary of Related Sections Daily Related Transactions Overview - The subsidiary Huizhou Lianjian Optoelectronics Co., Ltd. intends to provide commissioned processing, assembly, packaging, and transportation services to Guangdong Rongwen, with the expected service amount not exceeding 6 million yuan [1][5]. - The transaction is within the board's approval authority and does not require shareholder meeting review [1]. New Daily Related Transaction Categories and Amounts - The related transaction involves providing commissioned processing services at a market price, with a contract amount of 6 million yuan and no previous amounts recorded [1][5]. Previous Year Related Transactions - The actual occurrence of related transactions in the previous year included sales of LED displays to various related parties, with significant percentage differences between actual and expected amounts due to market conditions [3][5]. Related Party Introduction and Relationship - Guangdong Rongwen Technology Group Co., Ltd. is controlled by the actual controller of the listed company, Mr. Tan Weiliang, and has a registered capital of 192 million yuan [4][5]. Main Content of Related Transactions - The agreement will cover processing, packaging, transportation, and technical services based on Guangdong Rongwen's specifications, with pricing based on market rates to ensure fairness and compliance [5][6]. Purpose of Related Transactions and Impact on the Company - The transactions aim to mitigate the impact of economic fluctuations and industry downturns on the company's core business, ensuring normal operations and sustainable development without creating dependency on related parties [5][6]. Independent Directors' Opinions - Independent directors affirm that the new related transactions are conducted on a fair and transparent basis, supporting the company's normal operations and not adversely affecting its independence or the interests of non-related shareholders [6].

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by more than 15% in the next six months [5][17]. Core Views - The company has significantly improved its performance in the first half of 2025, with a revenue of 5.446 billion yuan, representing a year-on-year growth of 19.21%, and a net profit of 354 million yuan, up 78.65% year-on-year [2][4]. - The growth is driven by the expansion of orders across various business segments, particularly in the controller business, which saw a revenue increase of 16.64% [2][3]. - The company is expected to continue benefiting from its global expansion and increased R&D investment, leading to sustained revenue growth [9]. Financial Performance Summary - **Revenue Forecast**: The company is projected to achieve revenues of 7.507 billion yuan in 2023, growing to 18.661 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 23.1% [1]. - **Net Profit Forecast**: The net profit is expected to rise from 331 million yuan in 2023 to 1.168 billion yuan in 2027, with a significant increase of 94.7% in 2025 [1][4]. - **Profitability Metrics**: The return on equity (ROE) is forecasted to improve from 6.6% in 2023 to 14.8% in 2027, indicating enhanced profitability [1][4]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is projected to decrease from 88.3 in 2023 to 25.1 in 2027, suggesting a more attractive valuation over time [1][4]. Business Segment Performance - **Home Appliances**: Revenue reached 3.563 billion yuan, up 22.14% year-on-year, supported by steady order growth from major clients [3]. - **Power Tools and Industrial Automation**: This segment generated 535 million yuan, a growth of 8.32%, with the company becoming a supplier for leading global brands [3]. - **Automotive Electronics**: Revenue was 415 million yuan, growing 5.20%, with ongoing collaborations with major Tier 1 suppliers [3]. - **Smart Products**: This segment achieved 618 million yuan in revenue, up 9.92%, with a gross margin of 23.67% [3]. Market Position and Outlook - The company is well-positioned to capitalize on the rapid growth of the electronics industry, with a focus on expanding its market share through innovation and strategic partnerships [9].

Core Viewpoint - The completion of the headquarters building for Suzhou Konghui Automotive Technology Co., Ltd. marks a significant step in the company's strategic layout in the Yangtze River Delta integration and the establishment of China's first dual-chamber electronic control suspension production line [1] Group 1: Project Overview - The Suzhou Konghui headquarters project, a key initiative in Suzhou, began construction in November 2024 and was topped off in 10 months [1] - The project covers an area of 38 acres with a total investment exceeding 1 billion yuan, aiming to create a comprehensive headquarters that includes R&D, administration, manufacturing, and equipment [1] - Upon reaching full production, the project is expected to generate an annual output value exceeding 2 billion yuan [1] Group 2: Company Background - Zhejiang Konghui Automotive Technology Co., Ltd. was founded by Guo Konghui, the first academician in the automotive industry from the Chinese Academy of Engineering, along with his team [1] - The company is the first in China to achieve OEM mass production supply of passenger car air suspension systems, providing services for over 40 vehicle models from 16 automakers, including Lantu, Ideal, and Zeekr [1] - Konghui holds over a hundred invention patents, showcasing its innovation capabilities [1] Group 3: Strategic Advantages - The decision to establish operations in Suzhou is driven by the city's talent advantages, complete industrial chain, and vibrant innovation ecosystem [1] - Suzhou Konghui is also developing Suzhou Hemeida Technology Co., Ltd., focusing on automation equipment manufacturing, which has completed 18 air spring production lines and 10 controller production lines, with an expected output value of 10 million yuan in 2024 [1] - The headquarters' operation will further integrate resources and accelerate technological breakthroughs for Konghui Technology [1]

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 Viewpoint - The company, Heertai (002402.SZ), reported a significant increase in revenue and net profit for the first half of the year, indicating strong business recovery and growth potential in its strategic sectors [1] Financial Performance - The company achieved operating revenue of 5.446 billion yuan, a year-on-year increase of 19.21% [1] - The controller business segment generated revenue of 5.245 billion yuan, reflecting a year-on-year growth of 16.64% [1] - The net profit attributable to shareholders was 354 million yuan, marking a year-on-year increase of 78.65% [1] - The net profit after deducting non-recurring gains and losses was 347 million yuan, up 97.24% year-on-year [1] - The controller business segment's net profit attributable to shareholders was 327 million yuan, a year-on-year increase of 56.35% [1] - The net profit for the controller segment after deducting non-recurring gains and losses was 321 million yuan, reflecting a year-on-year growth of 67.69% [1] Strategic Focus - The company plans to deepen its focus on three main strategic areas: home appliances, power tools and industrial automation, and automotive electronics [1] - Future initiatives will include breakthroughs in intelligent business sectors, targeting high-value customers through technological innovation, product structure optimization, and improved operational efficiency [1]

Core Viewpoint - The company is strategically focusing on the robotics sector as a significant direction for future development, leveraging existing resources and expertise in the automotive industry [2]. Summary by Relevant Sections Company Strategy - The company plans to accelerate its entry into the humanoid robotics market by utilizing its strong customer base and technological expertise in electric motors and controllers [2]. - Two complementary development paths are outlined: 1. **Core Component Extension**: The company aims to provide essential components for the robotics industry, including key parts like joint modules, by leveraging its technological accumulation in thermal management [2]. 2. **Liquid Cooling Solutions**: The company is addressing the increasing demand for liquid cooling in robotic joints by utilizing its technology in electronic pumps, temperature control valves, and integrated modules [2]. Collaboration and Development - The company has already initiated collaborative research and development projects with some of its automotive clients in the robotics field [2].

Core Viewpoint - SMIC's second-quarter financial results showed a revenue of $2.209 billion, a 1.7% decrease quarter-on-quarter but a 16.2% increase year-on-year. However, net profit fell to $133 million, down 19% year-on-year, missing market expectations of $167 million [2][3]. Group 1: Financial Performance - In Q2, SMIC's revenue was $2.209 billion, reflecting a 1.7% decrease from the previous quarter but a 16.2% increase year-on-year [2]. - The net profit for Q2 was $133 million, which is a 19% decline compared to the same period last year, falling short of market expectations [3]. - Following the earnings report, SMIC's AH shares experienced significant declines, with a 3.04% drop in Hong Kong and a 1.30% drop in A-shares [3]. Group 2: Market Outlook and Orders - SMIC's current order volume is in a state of supply-demand imbalance, with demand exceeding supply [7][11]. - CEO Zhao Haijun expressed optimism about the semiconductor industry's growth for this year and next, predicting stable growth unless extreme scenarios occur [5][36]. - Despite external pressures from tariffs, Zhao indicated that the impact on SMIC's revenue would be minimal, estimating it to be less than 10% of customer revenues [12][16]. Group 3: Investment Trends - Despite the challenges, some fund managers increased their positions in SMIC, citing opportunities in domestic semiconductor manufacturing and advanced process breakthroughs [4]. - SMIC remains a favorite among public funds, ranking among the top ten holdings with a market value exceeding 40 billion yuan, although the number of shares held decreased by 11.58% in Q2 [3][4]. Group 4: Strategic Developments - SMIC is focusing on meeting the demands of strategic customers by expanding its product offerings, particularly in power devices and analog chips [20][22]. - The company is also adapting to the growing demand for 8-inch wafers, primarily driven by domestic customers, while maintaining competitiveness in the international market [24][26]. Group 5: Pricing Strategy - SMIC has not actively raised or lowered prices, with ASP (average selling price) expected to rise due to a shift in product mix rather than direct price increases [28][30]. - The company maintains a cautious approach to pricing, ensuring that it does not compromise its market position while responding to competitive pressures [30]. Group 6: Industry Trends - The semiconductor industry is projected to grow steadily, with expectations of a 5%-6% increase in the coming year, driven by AI and other technological advancements [38]. - The demand for networking and storage-related products is expected to remain strong, with significant growth potential in domestic manufacturing of NAND Flash and DRAM [31][33].

Group 1 - The stock price of Hechuan Technology closed at 47.46 yuan on August 11, 2025, with an increase of 0.35 yuan, representing a rise of 0.74% [1] - The trading volume on that day was 41,708 hands, with a transaction amount of 198 million yuan [1] - Hechuan Technology focuses on the research, development, manufacturing, and sales of industrial automation products, including servo systems and controllers [1] Group 2 - The company's products are widely used in humanoid robots and intelligent manufacturing [1] - At the 2025 World Robot Conference, Hechuan Technology showcased core components for humanoid robots, including finger joint actuators and dexterous hand assemblies [1] - The linear joint actuator product can support a load of up to 50 kilograms, and the company is currently providing sample testing to customers, with mass production not yet achieved [1] Group 3 - On August 11, 2025, the net outflow of main funds for Hechuan Technology was 2.4198 million yuan, with a cumulative net outflow of 37.676 million yuan over the past five days [1]

Core Insights - The Jianghuai Center showcased the S1 robot, marking a significant breakthrough in the robotics field in Anhui Province [5][10] - The S1 robot features a unique rope-driven mechanism, allowing for more flexible and gentle interactions compared to traditional rigid-arm robots [5][10] Group 1: Product Features - The S1 robot has 46 degrees of freedom and is equipped with various sensors, including laser radar and depth cameras, enabling multi-dimensional scene interaction [5][10] - The rope-driven arm design reduces impact force during operation, making it safer for human interaction [5][10] Group 2: Application Scenarios - The S1 robot is designed for service-oriented environments such as homes, hotels, and retail stores, capable of tasks like meal preparation and cleaning [10] - The technology behind the S1 includes zero-sample visual perception and intelligent control algorithms based on physical world constraints [10]