华西证券研报指出，拓邦股份前三季度实现归母净利润4.20亿元，同比减少23.86%；Q3实现归母净利 润0.90亿元，同比减少44.69%。业绩承压，海外产能有望明年爬坡。公司基本盘稳健，新业务逐步拓 展。炒菜机器人已进入批量交付阶段，服务机器人方案份额稳定；人形机器人领域，公司是国内最早雄 心被电机自研自产自销的公司之一，提供空心杯电机或整体的执行器组件等多累产品，目前样品及小批 量量产持续交付中，同时公司从空心杯电机切入灵巧手领域，以自研空心杯电机为核心，打造高精度、 强耐用的机器人"手指关节模组"。公司受关税和行业竞争态势影响，整体营收增速和毛利率水平均低于 我们此前的预期，考虑公司海外二期明年爬产，基本盘业务确定性强，创新型业务提供增长动能，调整 盈利预测，维持"买入"评级。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will exceed the market benchmark by over 20% in the next 6-12 months [4][10]. Core Insights - The company reported Q3 revenue of 2.69 billion yuan, a year-on-year increase of 0.1%, but a quarter-on-quarter decrease of 5.2%. The net profit attributable to the parent company was 90 million yuan, down 44.7% year-on-year and 32.2% quarter-on-quarter. For the first three quarters, total revenue reached 8.19 billion yuan, up 6.3% year-on-year, while net profit decreased by 23.9% [1][4]. - The gross margin is under short-term pressure due to increased tariffs and intensified industry competition. The gross margin for the first three quarters was 22%, down 1.7 percentage points year-on-year, and the net profit margin was 5.1%, down 2.1 percentage points year-on-year. The increase in comprehensive expense ratio to 16.2% is attributed to stock incentive expenses and growth in R&D and marketing investments [1][2]. - The company is actively expanding into overseas markets and new business areas, including digital energy, smart automotive, and robotics, which are expected to drive future growth [2][3]. Financial Summary - Revenue projections for the company are as follows: 2023 at 8.99 billion yuan, 2024 at 10.50 billion yuan, 2025 at 11.16 billion yuan, 2026 at 12.56 billion yuan, and 2027 at 14.33 billion yuan, with growth rates of 1.3%, 16.8%, 6.3%, 12.5%, and 14.1% respectively [3][9]. - The net profit attributable to the parent company is projected to be 516 million yuan in 2023, 671 million yuan in 2024, 620 million yuan in 2025, 851 million yuan in 2026, and 1.08 billion yuan in 2027, with growth rates of -11.5%, 30.2%, -7.7%, 37.2%, and 26.9% respectively [3][9]. - The company’s earnings per share (EPS) are expected to be 0.41 yuan in 2023, 0.54 yuan in 2024, 0.50 yuan in 2025, 0.68 yuan in 2026, and 0.87 yuan in 2027 [3][9].