Company Overview - Guangdong Tuosda Technology Co., Ltd. is located in Dongguan, Guangdong Province, established on June 1, 2007, and listed on February 9, 2017. The company provides overall industrial automation solutions and related equipment for downstream manufacturing clients [2] - The main business revenue composition includes: Smart Energy and Environmental Management Systems (31.50%), Industrial Robots and Automation Application Systems (29.39%), Injection Molding Machines and Supporting Equipment (21.05%), CNC Machine Tools (15.07%), and Others (3.00%) [2] - Tuosda belongs to the Shenwan industry classification of Machinery Equipment - Automation Equipment - Robots, and is associated with concepts such as New Industrialization, Humanoid Robots, Machinery, Industrial Mother Machines, and Machine Vision [2] Financial Performance - As of June 30, 2025, Tuosda achieved operating revenue of 1.086 billion yuan, a year-on-year decrease of 36.98%, and a net profit attributable to shareholders of 28.73 million yuan, a year-on-year decrease of 19.75% [2] - The company has cumulatively distributed 284 million yuan in dividends since its A-share listing, with 48.18 million yuan distributed over the past three years [3] Stock Market Activity - On September 5, Tuosda's stock price increased by 2.02%, reaching 34.86 yuan per share, with a trading volume of 168 million yuan and a turnover rate of 1.47%, resulting in a total market capitalization of 16.627 billion yuan [1] - Year-to-date, Tuosda's stock price has risen by 36.76%, with a recent decline of 3.03% over the past five trading days, a 2.86% increase over the past 20 days, and a 1.22% increase over the past 60 days [1] - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent appearance on May 13, where it recorded a net buy of -129 million yuan [1] Shareholder Information - As of June 30, 2025, Tuosda had 87,200 shareholders, a decrease of 0.74% from the previous period, with an average of 3,806 circulating shares per person, a decrease of 0.94% [2] - Among the top ten circulating shareholders, the Huaxia CSI Robot ETF (562500) is the second-largest shareholder with 7.4858 million shares, an increase of 1.3327 million shares from the previous period [3]

Group 1 - The core viewpoint of the news is the performance and market position of Guangdong Tosstar Technology Co., Ltd., which has seen a stock price increase of 5.27% to 38.35 CNY per share, with a total market capitalization of 18.292 billion CNY [1] - The company, established on June 1, 2007, and listed on February 9, 2017, specializes in providing industrial automation solutions and related equipment to downstream manufacturing clients [1] - The revenue composition of the company includes: 31.50% from smart energy and environmental management systems, 29.39% from industrial robots and automation application systems, 21.05% from injection molding machines and supporting equipment, 15.07% from CNC machine tools, and 3.00% from other sources [1] Group 2 - In terms of fund holdings, Invesco Great Wall Fund has a significant position in Tosstar, with its ETF holding 566,600 shares, representing 3.61% of the fund's net value, making it the sixth-largest holding [2] - The Invesco Great Wall National Robot Industry ETF (159559) was established on November 30, 2023, with a latest scale of 535 million CNY and has achieved a year-to-date return of 31.09% [2] - The fund manager, Jin Huang, has been in charge for nearly two years, with the fund's total assets amounting to 23.021 billion CNY, achieving a best return of 97.59% during his tenure [3]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, indicating challenges in its strategic transformation and business performance [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.086 billion yuan, a year-on-year decrease of 36.98% [1]. - The net profit attributable to shareholders was 29 million yuan, down 19.75% year-on-year, with basic earnings per share at 0.06 yuan [1]. Group 2: Strategic Transformation - The company is focusing on a strategic transformation by "focusing on products and shrinking projects," which has led to a significant contraction in its smart energy and environmental management systems business, with revenue dropping 67.20% to 342 million yuan [2]. - Despite the challenges in project-based businesses, the product segment showed steady growth, with overall revenue increasing by 22.66%, driven by industrial robots and CNC machine tools, which grew by 22.55% and 83.74% respectively [2]. Group 3: CNC Machine Tool Business - The impact of relocating CNC machine tool production capacity has been alleviated, resulting in a notable increase in revenue for this segment, which reached 164 million yuan, up 83.74% year-on-year [3]. - The company reported a healthy order backlog in CNC machine tools, with sales volume of five-axis linkage CNC machines increasing by approximately 35% to around 200 units, and shipment volume rising by about 55% to around 140 units [3]. - The product mix has shifted towards smaller CNC machines due to increased demand for humanoid robot components, leading to a decline in the gross margin of the CNC machine tool business by 3.67 percentage points [3]. Group 4: Profitability Outlook - The company is in the process of divesting from project-based businesses, which is expected to improve profitability. The gross margin for the smart energy and environmental management systems business was only 8.94%, significantly lower than the overall company gross margin of 29.43% [3]. - The company anticipates a turnaround in net profit for 2025, with revised revenue expectations of 2.147 billion, 2.218 billion, and 2.449 billion yuan for 2025-2027, corresponding to earnings per share of 0.15, 0.26, and 0.36 yuan respectively [4].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [7]. Core Views - The company is deeply engaged in the industrial robot and five-axis CNC machine sectors, leveraging its strong foundation in high-end manufacturing. It is actively entering the embodied intelligence field through collaboration with Huawei, showcasing its new X5 robot motion control platform [7]. - The company is currently undergoing a transformation phase, with a strategic focus on product-oriented business as a future growth driver. Despite a significant revenue decline in 2024, the gross margin improved, indicating potential for recovery [7]. - Future earnings are projected to improve significantly, with net profits expected to reach RMB 0.4 billion in 2025, RMB 0.8 billion in 2026, and RMB 1.3 billion in 2027, reflecting a strong growth trajectory [7][9]. Summary by Sections Company Overview - The company operates in the machinery equipment sector, with a current A-share price of RMB 31.97 and a target price of RMB 38 [1]. - The company has a market capitalization of RMB 10.796 billion and a total share count of approximately 477 million [1]. Recent Ratings - The most recent rating was published on November 15, 2024, with a closing price of RMB 21.35 and a "Buy" recommendation [2]. Product Portfolio - The company's product mix includes industrial robots (9.6%), injection molding machines and supporting equipment (17.8%), CNC machine tools (10.7%), automation application systems (16.7%), and intelligent energy and environmental management systems (42.8%) [2]. Financial Performance - In 2024, the company reported revenue of RMB 2.872 billion, a year-over-year decline of 36.9%, and a net loss of RMB 245 million [9]. - The company’s revenue for Q1 2025 was RMB 360 million, down 63.8% year-over-year, but the gross margin improved by 14.8 percentage points to 32.1% [7]. Earnings Forecast - The forecast for net profit shows a recovery starting in 2025, with expected earnings per share (EPS) of RMB 0.09, RMB 0.16, and RMB 0.27 for 2025, 2026, and 2027 respectively [9]. - The projected price-to-earnings (P/E) ratios for 2026 and 2027 are 200 times and 118 times, respectively, indicating high growth expectations [9].

Core Viewpoint - The company TuoSiDa (300607.SZ) has announced a third delay in the implementation of its convertible bond fundraising project, extending the deadline for the smart manufacturing overall solution R&D and industrialization project to December 31, 2025, primarily due to changes in the market economic environment and the need for product and technology adaptation [1][4][8]. Group 1: Project Delays - TuoSiDa's smart manufacturing project was initially set to be operational by March 31, 2023, but has faced multiple delays, with the first extension announced in March 2023 and the second in May 2024 [1][5][6]. - As of May 23, 2025, the project has seen a total investment of 232 million yuan, achieving a progress rate of 49.28% [2][7]. - The project has been impacted by external macroeconomic factors and the need for technological updates, leading to a cautious investment approach [8][9]. Group 2: Financial Performance - In 2024, TuoSiDa reported a significant revenue decline of 36.92%, with total revenue of 2.872 billion yuan and a net loss of 245 million yuan, marking the first loss since its listing in 2017 [2][3][9]. - The company's decision not to distribute profits in 2024 is also a first since its IPO, reflecting the financial strain [3][9]. - The decline in revenue is largely attributed to a substantial drop in the smart energy and environmental management system business, which saw a 54.22% decrease in revenue [9][10]. Group 3: Business Adjustments - TuoSiDa is undergoing a strategic transformation, focusing on product refinement and reducing project scope, which has led to a contraction in the smart energy and environmental management system business [9][10]. - Despite the challenges in the smart energy sector, other business segments, such as industrial robots and automation systems, have shown relative stability, with a revenue of 755 million yuan, albeit down 22.05% [9][10]. - The overall gross margin for the remaining business segments, excluding the smart energy sector, increased to 34.25%, indicating some resilience in other areas [10].

Core Viewpoint - Guangdong Tosstar Technology Co., Ltd. reported its first loss since 2012, attributing the decline in revenue and net profit to the active contraction of its "project-based" business [2][4]. Business Performance - In 2024, Tosstar achieved revenue of 2.872 billion yuan, a year-on-year decrease of 36.92%, and a net profit of -245 million yuan, down 378.58% [4]. - The company's net profit for the first quarter of 2025 was 4 million yuan, a decline of 87.14% year-on-year, with revenue of 362 million yuan, down 63.83% [4][5]. Business Strategy - Tosstar has initiated a strategic shift to focus on product-based business, specifically in industrial robots, injection molding machines, and CNC machine tools, while reducing the scale of its project-based business [3][7]. - The company plans to further shrink its smart energy and environmental management systems business and gradually divest from related projects [6]. Revenue Breakdown - The smart energy and environmental management systems business saw a revenue decline of over 50% in 2024, significantly impacting overall profitability [4]. - In the first quarter of 2025, revenue from the smart energy and environmental management systems dropped by over 90% [5]. Product Performance - In 2024, Tosstar's industrial robot revenue increased by 12.50%, while CNC machine tool revenue decreased by 11.71% due to production constraints from facility relocation [8]. - The company reported a gross margin increase of 3.30 percentage points for its non-smart energy businesses, with a gross margin of 34.25% [7]. International Market - Despite overall revenue decline, Tosstar's overseas revenue grew by 19.48% in 2024, reaching approximately 601 million yuan, accounting for 20.92% of total revenue [10]. - The company has established new offices and technical centers in Vietnam, Mexico, and Indonesia to enhance service and product support in international markets [10]. Future Outlook - Tosstar anticipates that as its product lines for industrial robots, injection molding machines, and CNC machine tools expand, the proportion of product-based business will increase while project-based business will continue to decline [9].