Topband(002139) 浙商证券·2025-03-18 07:19Investment Rating - The investment rating for the company is "Buy" (maintained) [3][21]. Core Insights - The company has received small batch orders for hollow cup motors in the humanoid robot sector, indicating a strong product reserve in this area. The company has been a leading supplier in the hollow cup motor market since 2014 and is well-positioned for growth in humanoid robotics [1][9]. - The humanoid robot industry is expected to accelerate, with a projected demand of approximately 2.04 million units in China and the US by 2030, representing a market space of about 305 billion yuan, with hollow cup motors accounting for around 7% of the value, equating to approximately 20.4 billion yuan [2]. - The smart controller business is anticipated to benefit from the AI wave, with a market CAGR of 13% over the past five years, suggesting a potential for accelerated demand in the coming years [2]. - The company is undervalued when viewed solely as a smart controller manufacturer, as it is transitioning towards a more integrated approach with control technology as its foundation [2]. Financial Summary - The company’s projected revenues are as follows: - 2023: 8,992 million yuan - 2024: 10,542 million yuan (up 17.2%) - 2025: 12,116 million yuan (up 14.9%) - 2026: 14,273 million yuan (up 17.8%) [3][20]. - The projected net profit attributable to the parent company is: - 2023: 516 million yuan - 2024: 670 million yuan (up 30%) - 2025: 887 million yuan (up 32.5%) - 2026: 1,085 million yuan (up 22.2%) [3][20]. - The company maintains a long-term R&D investment ratio of 7-10% of revenue, with a total of 1,138 invention patents, indicating a strong focus on innovation [11][15]. Additional Insights - The company has established a dedicated business unit for humanoid robots, reflecting its commitment to this growing market [10]. - The company’s stock option incentive plan for 2024 aims for revenue targets of 11.6 billion yuan, 13.8 billion yuan, and 16 billion yuan for 2025-2027, respectively [8]. - The company has been recognized as a national high-tech enterprise, which will provide a 15% income tax rate benefit from 2024 to 2026, potentially enhancing profit margins [7][16].