Investment Rating - The investment rating for the company is "Trading Buy" with a target price of 30 CNY, indicating a potential upside of 5% to 15% from the current price of 26.57 CNY [2][7][12]. Core Insights - The company reported a significant decline in revenue for 2024, achieving 2.87 billion CNY, a year-over-year decrease of 36.9%. The net loss attributable to shareholders was 250 million CNY, compared to a profit of 90 million CNY in 2023 [7][12]. - The company is undergoing a strategic transformation focusing on product-oriented business while reducing project-based operations, which is expected to improve profitability in the future [7][9][12]. Company Performance - In Q4 2024, the company generated revenue of 637 million CNY, down 51.61% year-over-year, with a net loss of 254 million CNY, an increase in loss of 213 million CNY compared to the previous year [7]. - For Q1 2025, the company reported revenue of 360 million CNY, a decline of 63.8% year-over-year, with a net profit of 3.86 million CNY, down 87.1% year-over-year [7]. Business Segments - 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% - Intelligent Energy and Environmental Management: 42.8% [3]. Financial Forecast - The company is projected to achieve net profits of 44 million CNY in 2025, 72 million CNY in 2026, and 115 million CNY in 2027, indicating a recovery from losses in 2024 [10][12]. - The earnings per share (EPS) forecast for 2025 is 0.09 CNY, with subsequent increases to 0.15 CNY in 2026 and 0.24 CNY in 2027 [10][12]. Market Position - The company has a market capitalization of 8.972 billion CNY, with a price-to-book ratio of 4.52 and a current price-to-earnings ratio projected at 295.62 for 2025 [1][10]. - Institutional investors hold a small percentage of the circulating A-shares, with funds at 2.9% and general corporations at 2.8% [4].

Core Viewpoint - TuoStar (300607) reported a significant decline in financial performance for 2024, with total revenue of 2.872 billion yuan, a year-on-year decrease of 36.92%, and a net loss of 245 million yuan, marking a substantial downturn primarily due to the contraction in its smart energy and environmental management systems business and delays in project acceptance [1][4]. Group 1: Smart Energy and Environmental Management Systems - The smart energy and environmental management systems business generated revenue of 1.229 billion yuan in 2024, down 54.22% year-on-year, with a negative gross margin of 11.66% [4]. - The decline is attributed to intensified competition, overcapacity, and tight customer funding, leading to delays in project acceptance and settlement [4]. - The company plans to gradually divest this business through equity adjustments in subsidiaries to optimize its business structure, although this may impose short-term financial pressure [4]. Group 2: Industrial Robots and Automation Applications - Despite overall poor performance, the industrial robots and automation applications business showed resilience, achieving revenue of 755 million yuan, a decrease of 22.05%, but with an improved gross margin of 34.60%, up 8.36 percentage points [5]. - Revenue from industrial robots reached 275 million yuan, a year-on-year increase of 12.50%, with a gross margin of 47.53%, up 3.93 percentage points [5]. - The company's self-produced multi-joint robots performed exceptionally well, with revenue growth of 76.04% and cumulative shipments exceeding 8,000 units [5]. Group 3: Injection Molding Machines and CNC Machine Tools - The injection molding machines and related equipment business generated revenue of 511 million yuan, an increase of 18.67%, but the gross margin fell to 32.75%, down 1.49 percentage points [7]. - Revenue from injection molding machines was 225 million yuan, up 10.50%, but the gross margin decreased to 15.23%, down 5.23 percentage points due to intense market competition [7]. - The CNC machine tools business reported revenue of 308 million yuan, a decline of 11.71%, with a gross margin of 29.85%, down 1.81 percentage points, primarily due to production disruptions from capacity relocation [7]. Group 4: Future Outlook - TuoStar aims to focus on core businesses and optimize product structure, planning to gradually divest inefficient operations and enhance the standardization and scalability of its industrial robots, injection molding machines, and CNC machine tools [8]. - The company anticipates that increasing the proportion of product-based business will gradually restore profitability [8]. - However, TuoStar faces significant financial pressure in the short term, having made an asset impairment provision of approximately 142 million yuan, reducing net profit attributable to shareholders by about 108 million yuan [8].

Financial Performance - The company's total revenue for 2024 was 2.872 billion, a decrease of 1.681 billion compared to the same period last year, representing a year-on-year decline of 36.92% [1] - The net profit attributable to shareholders was -245 million, a decrease of 333 million compared to the same period last year, reflecting a year-on-year decline of 378.58% [1] - The net cash inflow from operating activities was 109 million, down by 84.74 million from the same period last year, a year-on-year decrease of 43.68% [1] Profitability and Efficiency Ratios - The latest asset-liability ratio stands at 51.22% [3] - The latest gross profit margin is 14.59% [3] - The latest return on equity (ROE) is -8.77%, a decrease of 12.42 percentage points compared to the same period last year [3] - The diluted earnings per share is -0.57, down by 0.78 from the same period last year, representing a year-on-year decline of 371.43% [3] - The total asset turnover ratio is 0.44 times, a decrease of 0.22 times compared to the same period last year, reflecting a year-on-year decline of 33.45% [3] - The inventory turnover ratio is 3.69 times, down by 0.13 times from the same period last year, representing a year-on-year decline of 3.29% [3] Shareholder Information - The number of shareholders is 76,800, with the top ten shareholders holding 206 million shares, accounting for 43.11% of the total share capital [3] - The largest shareholder is Wu Xingli, holding 30.3 million shares [3] Research and Development - The total R&D investment was 109 million, ranking fifth in the past five years, and decreased by 28.82 million compared to the same period last year, reflecting a year-on-year decline of 20.89% [3] - The latest R&D investment ratio is 3.80% [3]

Core Viewpoint - The company, Guangdong Tosstar Technology Co., Ltd., reported a significant decline in both revenue and net profit for the year 2024, with net profit dropping by 378.58%, leading to a loss, highlighting challenges in business transformation and market environment changes [1][3]. Revenue and Profit Decline - Revenue decreased by 36.92%, with total revenue for 2024 at approximately 2.87 billion yuan, down from 4.55 billion yuan in 2023, primarily due to a strategic shift focusing on product concentration and project reduction [2]. - The smart energy and environmental management systems business saw a revenue drop of over 50%, significantly contributing to the overall revenue decline [2]. - Revenue from industrial robots and automation systems fell by 22.05%, while injection molding machines and related equipment saw an 18.67% increase in revenue [2]. Net Loss Factors - The net loss attributable to shareholders was approximately 245 million yuan, compared to a profit of 88 million yuan in the previous year, marking a substantial decline [3]. - Factors contributing to the loss included intensified competition, overcapacity, and financial strain among clients, affecting project acceptance and settlement [3]. Expense and Cash Flow Analysis - Sales expenses decreased by 11.62%, while management expenses increased by 5.62%, and financial expenses dropped by 14.79% [4]. - Research and development expenses remained high despite a 20.89% decrease, indicating the company's commitment to enhancing core competitiveness [4]. - Operating cash flow net amount was approximately 109 million yuan, down 43.68%, with cash inflows decreasing by 9.82% and cash outflows decreasing by 7.85% [5]. Investment and Financing Activities - Cash inflow from investment activities increased by 71.90%, while cash outflow rose by 74.49%, resulting in a net cash flow deficit from investment activities of approximately 322 million yuan [5]. - Financing activities saw a slight increase in cash inflow by 2.65%, but cash outflow increased by 14.02%, leading to a net cash flow deficit of approximately 42 million yuan [5]. Risks and Challenges - The company's strategic decision to reduce the scale of the smart energy and environmental management systems business poses short-term performance risks, with long-term prospects still uncertain [6]. - Client risks are heightened due to concentration in volatile industries, which may affect project acceptance and accounts receivable [7][8]. - The competitive landscape in the intelligent manufacturing equipment sector necessitates rapid technological advancement to avoid obsolescence [9].

广东拓斯达科技股份有限公司 2024 年度独立董事述职报告 （冯杰荣） 各位股东及股东代表： 本人作为广东拓斯达科技股份有限公司（以下简称"公司"、"拓 斯达"）的独立董事，严格按照《公司法》》《上市公司独立董事管 理办法》《深圳证券交易所创业板股票上市规则》《深圳证券交易所 上市公司自律监管指引第 2 号——创业板上市公司规范运作》及其它 相关法律法规和《公司章程》《独立董事工作细则》等规章制度的要 求，认真履行独立董事职责，诚信、独立、勤勉地行使独立董事的权 利，通过本人在法律层面的专业技能，充分发挥独立董事的作用，确 保公司经营合法合规，有效维护公司整体利益和全体股东特别是中小 股东利益。 现将 2024 年度本人履行独立董事职责的工作情况汇报如下： 一、基本情况 本人冯杰荣，1992 年出生，中国国籍，无境外居留权，本科学 历。2014 年 8 月至今任广东可园律师事务所合伙人律师；2020 年 7 月至今任本公司独立董事。 报告期内，本人任职符合《上市公司独立董事管理办法》第六条 规定的独立性要求，不存在影响独立性的情况。 本人依照《公司章程》及《董事会议事规则》的规定和要求，认 真审议议案，积极参 ...

一、基本情况 本人周鑫，1965 年出生，中国国籍，无境外永久居留权，本科 学历，中国注册会计师、资产评估师。1990 年 9 月至 1992 年 4 月任 四川省渠县食品公司主管会计；1992 年 5 月至 1994 年 5 月任四川省 渠县商业局审计专干；1994 年 6 月至 1997 年 1 月任中石油四川渠县 石油公司副科长；1997 年 2 月至 1999 年 12 月任东莞市审计师事务 所项目经理；2000 年 1 月至 2006 年 10 月任东莞市德信康会计师事 务所项目经理；2015 年 3 月至 2023 年 8 月 7 日任地球村同益科技（深 圳）有限公司监事；2020 年 3 月至 2023 年 12 月 13 日任广东简税信 息科技有限公司监事；2009 年 2 月至 2024 年 3 月 28 日任东莞市鑫 成税务师事务所有限公司监事；2006 年 11 月至今任东莞市鑫成会计 师事务所（普通合伙）部门经理；2017 年 4 月至今任广东德怀投资 管理有限公司监事；2019 年 3 月至今任广州市聚信诚信息科技有限 1 公司监事；2021 年 4 月至今任中坚（东莞）管理有限公司 ...

广东拓斯达科技股份有限公司 本人作为广东拓斯达科技股份有限公司（以下简称"公司"、"拓 斯达"）的独立董事，本着严格按照《深圳证券交易所上市公司自律 监管指引第 2 号——创业板上市公司规范运作》等规范性文件、以及 《公司章程》《独立董事工作细则》相关条款的要求，在 2024 年度 任职工作期间，认真履行了独立董事的职责，恪尽职守，勤勉尽责， 及时了解跟进公司生产经营情况，结合行业及技术趋势为公司建言献 策，积极出席相关会议，认真审议董事会及董事会专门委员会的各项 会议议案，对公司重大事项发表了意见，对公司的生产经营和业务发 展提出了合理的建议，充分发挥了独立董事及各专业委员会委员的作 用，切实维护了公司整体利益和全体股东特别是中小股东的合法权 益。现将本人履行 2024 年度独立董事职责的工作情况汇报如下： 一、基本情况 本人万加富，1976 年出生，中国国籍，无境外居留权，华南理 工大学机械电子工程博士。2003 年 7 月至 2014 年 4 月历任广东机电 职业技术学院助教、讲师、副教授相关职位；2014 年至今任华南理 工大学机械与汽车工程学院副教授、教授；2021 年 6 月至今任山西 大同大学兼 ...

证券代码：300607 证券简称：拓斯达 公告编号：2025-019 广东拓斯达科技股份有限公司 2024 年年度报告披露提示性公告 广东拓斯达科技股份有限公司 2024 年年度报告及摘要已于 2025 年 4 月 22 日在中国证监会指定的创业板信息披露网站巨潮 资讯网（http://www.cninfo.com.cn）上披露，请投资者注意查 阅。 特此公告。 广东拓斯达科技股份有限公司董事会 2025 年 4 月 22 日 1 本公司及董事会全体成员保证信息披露的内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 ...

广东拓斯达科技股份有限公司 2024 年度董事会工作报告 2024 年，广东拓斯达科技股份有限公司（以下简称"公司"） 董事会严格按照《公司法》《证券法》《深圳证券交易所创业板股票 上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业 板上市公司规范运作》等有关法律法规、规范性文件以及《公司章程》 《董事会议事规则》等公司制度的规定，切实履行股东大会赋予的董 事会职责，勤勉尽责地开展各项工作。董事会、管理层带领全体员工 群体奋斗，锐意进取，积极应对各种困难和挑战，报告期内公司经营 业绩持续稳定健康发展。现将公司董事会 2024 年度工作情况汇报如 下： 一、报告期内公司主要经营情况 （一）整体业绩表现 2024 年，公司持续推进"聚焦产品，收缩项目"的战略转型， 主动调整业务结构。报告期内，公司实现营业收入 287,163.57 万元， 较去年同期下降 36.92%；净利润-23,895.25 万元，同比下降 325.44%， 归属于上市公司股东的净利润-24,524.13 万元，同比下降 378.58%， 归属于上市公司股东的扣除非经常性损益的净利润-24,987.55万元， 同比下降 445. ...

广东拓斯达科技股份有限公司 2024 年度总裁工作报告 尊敬的各位投资者、客户和合作伙伴： 2024 年，公司持续推进"聚焦产品，收缩项目"的战略转型， 深化业务结构调整，回归经营本质。智能能源及环境管理系统业务的 大幅收缩对公司 2024 年业绩产生较大影响，但也代表转型进入最后 攻坚阶段，公司向成为一家名副其实的产品公司坚定迈进。 一、2024 年公司总体经营情况 （二）经营成果 1、整体经营情况 报告期内，公司实现营业收入 287,163.57 万元，较去年同期下 降 36.92%；净利润-23,895.25 万元，同比下降 325.44%，归属于上 市公司股东的净利润-24,524.13 万元，同比下降 378.58%，归属于上 市公司股东的扣除非经常性损益的净利润-24,987.55 万元，同比下 降 445.33%。 （一）经营亮点 报告期内，公司主要经营亮点如下： 1、围绕标定行业深耕：机器人新机型不断推出，3C 行业已经取 得成果，形成稳定的复购循环。数控机床在人形机器人、低空飞行器、 新能源汽车等板块，展现出独特的优势和竞争力。电动注塑机性能在 精密连接器、医疗穿刺器、车灯透镜三大高精密领域 ...