拓斯达20250822

Summary of the Conference Call for TuoSiDa Company Overview - Company: TuoSiDa - Date of Call: August 22, 2025 Key Points Industry and Company Performance - Overall Revenue: TuoSiDa reported a revenue growth of 22.66% in the first half of the year, with a gross margin of 38.83% [2][3] - Industrial Robotics Segment: Revenue slightly increased, with a notable 80% growth in multi-joint robots, while automation systems contracted due to a focus on major clients [2][4] - Injection Molding Segment: Auxiliary machine revenue grew by 30%, while main injection machine revenue declined by 30%. Electric injection machines generated several tens of millions in revenue, with improved gross margins [2][5] - CNC Machine Tool Segment: Revenue increased by 83.74% year-on-year, with approximately 200 units sold, driven by orders from humanoid robot parts processing and aerospace sectors [2][5] - Green Energy and Environmental Management Systems: Revenue significantly decreased, with a 60% drop, as the company is gradually divesting from this segment [5] Financial Metrics - Net Profit: The net profit attributable to shareholders was 28 million, a decrease of about 20% year-on-year [3] - Gross Margins: Expected gross margins for 2025 are approximately 40% for industrial robots and automation, 27%-28% for CNC machines, and around 9% for green energy [11] Market Dynamics - Competition in CNC Machine Tools: The industry is highly competitive, with some companies offering zero down payment and leasing options. TuoSiDa has not adopted such strategies, leading to a decline in prices and gross margins [9] - International Market Growth: Significant growth in overseas markets, with revenue excluding green energy products increasing by over 90% [12] Future Outlook - Sales Projections for Electric Injection Machines: Expected sales for the first half of 2025 are several tens of millions, with full-year projections reaching several hundreds of millions [7] - Automation Business Orders: Orders are primarily driven by clients establishing overseas factories, particularly for new Apple product processes, with a positive market response anticipated for 2026 [8] Strategic Partnerships - Collaboration with AI Companies: No new developments with Huawei on core algorithms; however, a partnership with Zhipu AI has been established to develop humanoid robots using their AI models [10] Operational Insights - Cash Flow: Operating cash flow increased significantly due to reduced taxes and employee compensation [20] - Inventory Management: High inventory turnover days (320 days) may lead to potential impairment provisions in the second half of the year [21] R&D and Product Development - New Product Launches: A global open day event is scheduled for September 12, 2025, to showcase AI-integrated products, including humanoid robots [22][23] Challenges and Risks - Green Energy Business: The company is in the process of divesting from the green energy segment, which has been a significant drag on overall performance [5][18] - Market Uncertainties: The company is navigating strategic adjustments and external uncertainties, particularly related to the green energy business and accounts receivable pressures [17][18] Conclusion TuoSiDa is experiencing growth in several segments, particularly in industrial robotics and CNC machine tools, while facing challenges in the green energy sector. The company is strategically focusing on international markets and partnerships to enhance its product offerings and operational efficiency.