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 ...

Core Viewpoint - O-Film Technology Co., Ltd. has reported a return to losses in its 2025 interim results, with a net profit of -1.09 billion yuan, marking a 378.13% decrease year-on-year, primarily due to increased share-based payment expenses and reduced investment income from joint ventures [1][2] Financial Performance - In the first half of 2025, the company achieved operating revenue of 9.837 billion yuan, a year-on-year increase of 3.15% [1] - The net profit for Q1 2025 was -589.5 million yuan, a 470.51% decline year-on-year, while the net profit for Q2 2025 was -49.92 million yuan, a 314.87% decrease year-on-year [2] - The cash flow from operating activities for the first half of 2025 was 325 million yuan, a 2.39% increase year-on-year [3] Business Segments - The smartphone segment generated revenue of 7.437 billion yuan in the first half of 2025, a 0.43% increase year-on-year, accounting for 75.60% of total revenue [4] - The smart automotive business saw revenue of 1.262 billion yuan, an 18.19% increase year-on-year, making it the fastest-growing segment [6] - Revenue from new fields, including handheld imaging devices and smart locks, reached 1.105 billion yuan, a 9.73% increase year-on-year [7] Market Conditions - The global smartphone market showed a modest growth of 1.28% in the first half of 2025, while the Chinese smartphone market experienced a slight decline of 0.35% [5] - The company faces challenges in the automotive sector, where profit growth lags behind revenue growth [7]

Core Viewpoint - The industry aims to compress the commercialization process of humanoid robots from approximately 25 years to 5-10 years, focusing on overcoming current technological limitations [1] Group 1 - The chief scientist of the National Local Co-construction Humanoid Robot Innovation Center, Jiang Lei, emphasizes the need for active exploration by companies in the humanoid robot sector [1] - Current technological challenges include the inadequacy of the "brain" and "small brain" of humanoid robots, which limits their practical application value [1] - The industry is currently shifting its focus towards the commercialization of humanoid robots [1]

Group 1 - The core viewpoint highlights that Chinese automotive companies are leveraging technological innovation to position themselves at the forefront of the global industry, particularly in the realm of smart driving and AI technology [1] - The transformation of traditional automotive enterprises and the rise of new force brands are central to the discussion on whether China can create its own "smart solutions" in this industrial revolution [1] - An event titled "Innovation Towards the Future: China's Automotive Innovation" will be held in Hefei, featuring leading representatives from the smart automotive industry to discuss key issues and pathways for breakthrough under the AI wave [1] Group 2 - The Hefei Xinqiao Intelligent Electric Vehicle Industrial Park is positioned as a witness to China's leadership in smart driving on a global scale, emphasizing the transition from technological breakthroughs to industrial implementation [2] - The event will include immersive experiences showcasing the full process of smart vehicle manufacturing and the appeal of intelligent driving technology [1]

Investment Rating - The report rates the industry as "Outperform" [1][9] Core Insights - Edge AI is reshaping the traditional cloud computing landscape, transitioning from a cloud-centric model to a hybrid architecture involving cloud, edge, and terminal collaboration [3][23] - The edge AI industry is experiencing exponential growth, with a market size projected to exceed 1.9 trillion yuan by 2028, reflecting a compound annual growth rate (CAGR) of 58% from 2023 to 2028 [36][40] - The complete edge AI industry chain has formed, with significant contributions from chip manufacturers, algorithm optimizers, and application developers [4][26] Summary by Sections 1. Edge AI as a New Engine for IoT - Edge AI is becoming a critical component in the evolution of intelligent terminal devices, enabling real-time data processing and decision-making [3][5] - The market for edge AI is expanding rapidly, with 22.8 billion consumer devices expected by 2023, including smartphones (29.8%), smart home devices (26.3%), and PCs/PADs (17.6%) [4][36] 2. Growth Drivers for Edge AI - Hardware performance breakthroughs are anticipated, with flagship smartphones expected to reach 100 TOPS of NPU computing power by 2025 [40] - The penetration rate of AI smartphones is projected to reach 38% by 2025, with significant growth in industrial and smart city applications [40] 3. Edge AI Industry Chain - The edge AI industry encompasses a complete ecosystem, from hardware components like AI chips and sensors to software solutions for diverse applications [26] - Key players in the industry include companies like Guanghe Tong, Lexin Technology, and Rockchip, which are positioned to benefit from the growth of edge AI [6][5] 4. Applications of Edge AI - Edge AI is transforming various sectors, including consumer electronics, automotive, industrial applications, and smart home devices [5][32] - In the automotive sector, edge AI supports autonomous driving systems and enhances user experience through intelligent cockpit features [29][30] 5. Financial Data of Key Companies - Guanghe Tong: Current price 28.06, EPS forecast for 2025 is 0.89, PE ratio for 2025E is 31.46, rated as "Buy" [6] - Lexin Technology: Current price 161.26, EPS forecast for 2025 is 4.13, PE ratio for 2025E is 39.05, rated as "Hold" [6] - Rockchip: Current price 177.88, EPS forecast for 2025 is 2.37, PE ratio for 2025E is 75.02, rated as "Buy" [6]

Core Viewpoint - The article discusses the transformation of China's manufacturing industry through AI, highlighting the shift from traditional manufacturing to intelligent manufacturing, which is crucial for ascending the global value chain [1][2]. Group 1: AI Integration in Traditional Manufacturing - Traditional car manufacturers are evolving from simple manufacturers to deep integrators of AI technology, with companies like Geely leading the way by deploying advanced computing capabilities [5][6]. - Geely has achieved a computing power level of 23.5 EFlops, positioning itself among the leaders in the automotive industry [5]. Group 2: Breakthroughs in Autonomous Driving - The cost of autonomous driving technology has decreased by at least 70% compared to previous generations, facilitating the transition from technical validation to commercial operation [8]. - The emergence of a new economy based on fully autonomous vehicles is reshaping urban landscapes, moving from a few vehicles under supervision to a truly driverless environment [9]. Group 3: Global Opportunities in Intelligent Manufacturing - China possesses a unique advantage in the current technological revolution, characterized by an "engineer dividend," which is driving the transformation of traditional manufacturing into intelligent manufacturing [11]. - Companies are integrating AI modules and operational control technologies while building talent pipelines and comprehensive supply chains to achieve breakthroughs in key technologies [11]. Group 4: Software-Defined Vehicles - The future of the automotive industry lies in "software-defined vehicles," where advanced electronic architectures and integrated designs provide a solid foundation for software empowerment [13]. - Software is becoming the core driving force behind automotive intelligence, transforming vehicles into mobile intelligent terminals rather than mere mechanical products [13]. Group 5: Leap from Imitation to Leadership - The competitive landscape in the AI era hinges on the ability to integrate talent, technology, and ecosystems across the entire supply chain [14]. - Unlike previous industrial revolutions, China is leveraging its unique advantages, such as the engineer dividend and rapid commercialization, to achieve significant breakthroughs in AI and operational control technologies [14].

Group 1 - The new global headquarters of XPeng Motors in Guangzhou is set to open with a total investment of approximately 4 billion yuan, covering an area of 400,000 square meters [1] - The headquarters will serve as a multifunctional hub for core business operations, including research and development, testing, production, office space, and exhibition [1] - The facility will showcase popular global smart vehicles, AI robots, flying cars, and will fully integrate AI technology for services such as robot reception, food delivery, and parcel delivery [1] Group 2 - The new office space is three times larger than the previous headquarters, focusing on efficiency and connectivity, with dining capacity increased from over 2,000 to 5,000 [1] - The campus will feature rich humanistic amenities, including a children's driving school, urban forest, riverside landscape, barbershop, and milk tea shop, enhancing employee sense of belonging [1] - The planned opening was initially set for August but may be delayed to September due to final work on ventilation and formaldehyde dispersion [1]

Summary of Key Points from Conference Call Industry Overview - The smart automotive industry is expected to evolve through three stages: 1. Electrification penetration until 2027 2. Widespread adoption of autonomous driving from 2027 to 2030 3. Global leap of Chinese brands post-2030 [1][3] Core Insights and Arguments - The business model will shift from hardware-centric to software-centric [1][3] - Key competitive factors in autonomous driving technology include computing power, algorithms, data, funding, and talent innovation [1][4] - By 2027-2028, robotaxi services are anticipated to become commonplace, marking a significant branch of the global AI technology revolution [1][6] - The automotive industry is transitioning from 1.0 (mechanical) to 2.0 (system experience) and finally to 3.0 (separation of hardware and software) [1][8] Changes in Vehicle Framework - The vehicle framework changes with technological advancements: - Traditional vehicles focus on engines - Electric vehicles focus on the three electric systems - Smart vehicles focus on algorithms and data [1][10] - Each stage has its leaders and followers, with demand creators and satisfiers [1][10] Future Company Types - The future automotive landscape may consist of three types of companies: 1. Autonomous vehicle operation companies (internet framework) 2. High-end consumer market companies (consumer goods attributes) 3. Traditional manufacturers (manufacturing framework) [1][14] Robotaxi Business Model - Key factors for the robotaxi business model include algorithm providers, hardware cost control, platform traffic aggregation, and user operation capabilities [2][15] - The electric vehicle consumer goods framework remains effective but may have limited application [2][17] Impact of Smart Technology - Smart technology will further enhance electrification and disrupt the traditional fuel vehicle market [1][13] - The core competitive factors will shift from the three electric systems to computing power, algorithms, and data [1][13] Industry Role Classification - Companies can be classified into four roles based on their innovation contributions: 1. Technology leaders 2. Demand creators 3. Technology followers 4. Demand satisfiers [1][11] Huawei's Role - Huawei collaborates with joint ventures and state-owned enterprises in the electric vehicle sector, positioning itself as a technology follower in battery technology [1][12] Recommendations for Future Development - Companies are advised to change their mindset and focus on iterative framework development, as past strategies may no longer be applicable [1][19]

Group 1: Industry Transformation - The global automotive industry is undergoing profound changes driven by the "new four modernizations," with a focus on the transition from electrification to intelligence and from local market dominance to global value chain restructuring [1] - The period from now until 2030 is critical for cultivating intelligent driving culture and popularizing lower-level intelligent driving technologies, necessitating clear development goals and strategies from major companies [1][2] Group 2: Safety and Technology Challenges - The penetration rate of L2-level intelligent vehicles in China has surpassed 50%, leading the world, but recent serious traffic accidents related to intelligent driving have raised safety concerns [2][3] - Current intelligent vehicle safety technologies are evolving along two main paths: "rule-driven" and "data-driven," each with its own advantages and limitations [3][4] Group 3: Cognitive-Driven Approach - A "cognitive-driven" approach is proposed to combine the advantages of both "rule-driven" and "data-driven" systems, enhancing adaptability and transparency in decision-making processes [4][5] - The stability of automotive safety heavily relies on the performance of automotive-grade chips, which must meet stringent reliability standards [5][6] Group 4: Competitive Landscape - The cost structure of vehicles is shifting, with electronic hardware and AI becoming increasingly significant, projected to rise from less than 25% to 70% by 2030 [7][8] - Companies are encouraged to break traditional industry boundaries and collaborate with technology firms to enhance their competitive edge in the intelligent and AI-driven automotive landscape [8][9]

Core Viewpoint - Lens Technology has been awarded the "Supply Chain Influence Award" and included in the "ESG Investment Value List" by Securities Star for its outstanding practices in the Environmental, Social, and Governance (ESG) fields [1][4]. Environmental Practices - Lens Technology integrates green concepts throughout its entire supply chain, focusing on clean energy alternatives, resource recycling, and innovative production processes to establish a low-carbon management system [4]. - In 2024, the company implemented 75 energy-saving technical reform projects, saving 386,000 tons of water and 80.49 million KWH of electricity [4]. - The company achieved over 2.4 billion KWH of clean energy applications through measures such as photovoltaic power generation and green electricity procurement, resulting in a carbon reduction of 2.7 million tons of CO2e [4]. Social Contributions - Lens Technology emphasizes collaborative innovation in emerging fields such as consumer electronics and smart vehicles, investing in cutting-edge technology research and development [5]. - The company actively promotes public welfare initiatives focusing on educational equity, rural revitalization, and disaster relief, exploring sustainable models to empower disadvantaged groups [5]. - Lens Technology is committed to creating a diverse and inclusive workplace, enhancing career development opportunities, and ensuring health and safety for its employees [5]. Corporate Governance - The company continuously optimizes its board decision-making mechanisms and strengthens risk management and compliance to align long-term interests among shareholders, employees, suppliers, and customers [5]. - Lens Technology builds a transparent and efficient information disclosure system to uphold its commitment to social responsibility through high standards of corporate governance [5]. Future Commitment - Lens Technology aims to continue promoting the integration of green development and social responsibility, contributing to sustainable development efforts [6].