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。 ...

（文章来源：每日经济新闻） 每经AI快讯，11月12日，拓邦股份(002139.SZ)发布投资者关系活动记录表，公司从空心杯电机切入人 形机器人灵巧手领域，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 提供空心杯单电机或者包括空心杯电机本体+减速箱+编码器一体的执行器组件等多类产品，不同技术 路径的头部客户端已实现多项进展，样品及小批量产持续交付中。此外，在数据中心领域，受益于AI 技术加速渗透带动相关基础设施建设需求增长，目前公司已获取海外头部客户在数据中心服务器电源领 域订单，相关样品将按订单节奏逐步交付。 ...

Group 1: Business Performance and Market Trends - The electric tool industry has seen significant market dividends over the past decade, but maturity has increased, leading to reliance on core competencies such as capacity layout, R&D investment, and technology accumulation [2] - The company has achieved a compound annual growth rate (CAGR) of over 20% in recent years, surpassing the overall growth rate of the downstream tool industry [2] - Despite intensified competition and short-term pressures, companies with global layout and operational capabilities are expected to gain market share [3] Group 2: Profitability Challenges - The decline in profits in Q3 was attributed to a combination of tariff policies and intensified market competition, which increased cross-border transportation costs and pressured product pricing [4] - The company is addressing these challenges through innovative product categories, optimized product structures, and global supply chain adjustments, with long-term profitability expected to gradually recover [4] Group 3: Customer and Market Development - The tool segment's customer base is primarily overseas and highly concentrated, with the company focusing on high-value products in industrial and professional sectors [5] - The company is exploring market layouts in the U.S., with current overseas production mainly in Vietnam and Mexico, and has made significant progress in product development and certification for the renewable energy sector [6] Group 4: Order Trends and Visibility - The company has a strong revenue base with high visibility, and expects growth to recover with increased overseas capacity and efficiency [7] - New business markets, particularly in digital energy, are gradually expanding, contributing to incremental revenue, although the order value and delivery cycles may introduce volatility [7] Group 5: Research and Development Focus - The company has achieved scale efficiency in R&D investments, focusing on digital energy, smart vehicles, and robotics, with significant opportunities in the global energy storage market [8] - The company is entering the humanoid robot sector, leveraging its expertise in hollow cup motors to develop high-precision robotic components [9] Group 6: Strategic Positioning - The company avoids competing products with existing clients and focuses on market expansion under its own brand in the digital energy sector [10] - In the data center sector, the company has secured orders from leading overseas clients for server power supplies, with plans for gradual scale-up based on market feedback [11]