Topband(SZ:002139) Guoxin Securities·2025-05-01 00:55Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][31] Core Views - The company is expected to achieve a revenue of 10.542 billion yuan in 2024, representing a year-on-year growth of 17.23%, and a net profit of 670 million yuan, reflecting a 30% increase [10][4] - The company is advancing towards smart technology through multiple pathways, with significant growth in its smart automotive sector, which saw a revenue increase of 121.1% in 2024 [2][3] - The gross margin for 2024 is projected to be 22.97%, an increase of 0.66 percentage points year-on-year, indicating improved operational efficiency [3][16] Revenue and Profit Forecast - The company forecasts net profits of 850 million yuan, 1.01 billion yuan, and 1.19 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 20, 16, and 14 [4][5][32] - Revenue from tools and home appliances is expected to reach 7.981 billion yuan in 2024, a 25.5% increase, accounting for 76% of total revenue [2][26] Business Segments Performance - The tools and home appliances segment remains the core business, with both automotive and home appliance revenues growing over 20% year-on-year [2][3] - The smart automotive segment is rapidly expanding, with a revenue of 380 million yuan in 2024, marking a 121.1% increase [2][29] - The digital energy segment experienced a decline of 17% in revenue due to falling battery prices [2][3] Cost Management and Efficiency - The company has successfully reduced management expenses by 8.4% year-on-year, leading to a decrease in management expense ratio by 1 percentage point [3][16] - The implementation of a digital management system has enhanced internal management efficiency and improved gross margins across various segments [3][16]