证券研究报告·公司点评报告·自动化设备 伟创电气（688698） 2025 年半年报点评：业绩符合市场预期，"内 生+开放合作"布局机器人业务 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,305 | 1,640 | 1,930 | 2,329 | 2,809 | | 同比（%） | 44.03 | 25.70 | 17.70 | 20.64 | 20.61 | | 归母净利润（百万元） | 190.80 | 245.03 | 295.58 | 365.63 | 441.53 | | 同比（%） | 36.38 | 28.42 | 20.63 | 23.70 | 20.76 | | EPS-最新摊薄（元/股） | 0.89 | 1.15 | 1.38 | 1.71 | 2.07 | | P/E（现价&最新摊薄） | 66.11 | 51.48 | 42.68 | 34.50 | 28.57 | [Table ...

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 ...

Group 1 - Kazakhstan's Energy Minister Erlan Akhmetzhanov announced that the country is advancing 30 renewable energy projects with a total installed capacity of 1,700 megawatts, covering solar, wind, and energy storage sectors [3][4] - The cooperation between Kazakhstan and China has evolved beyond mere raw material trade, focusing on building a technology-intensive industrial ecosystem [3] - Several cooperation agreements were signed during the Central Asia-China Energy Forum, including strategic partnerships in local production, research and development, and decarbonization funds [3][4] Group 2 - The forum aims to deepen technological and investment cooperation in energy transition between Kazakhstan, China, and other Central Asian countries, promoting digitalization and sustainable industrial development in the energy sector [4]

Group 1: Industry Outlook - The smart transportation industry is experiencing strong growth driven by national policies, technological advancements, and market demand [2] - The integration of ETC and C-V2X technologies is accelerating the development of smart transportation [2] - The digital transformation of traffic infrastructure supports the construction of a strong transportation nation [2] Group 2: Company Performance - In 2024, the company achieved a revenue of 7,875.48 million yuan, a year-on-year increase of 16.39% [3] - The net profit attributable to shareholders reached 5.96 million yuan, reflecting a year-on-year growth of 59.69% [3] - The company’s first-quarter net profit in 2025 declined due to increased R&D expenses and reduced financial income from changes in monetary policy [4] Group 3: Strategic Initiatives - The company aims to leverage its dual capabilities in "transportation + IT" to enhance its service offerings in various sectors, including vehicle-road-cloud integration and digital energy [5] - The focus will be on deepening domestic market engagement while actively exploring international opportunities for growth [5] - The company plans to build an efficient and flexible market operation system to improve response speed and service quality [5] Group 4: Management and Compensation - The compensation for directors and senior management is structured around a base salary, performance salary, bonuses, and long-term incentives [6] - The company follows a market-oriented principle in its compensation strategy, aiming to enhance talent competitiveness [7]