【行业研究报告】拓邦股份-2022业绩快报点评：业绩快报符合预期，新能源业务快速增长

Keywords:#SecondCurve#NewProduct,technology,customers
#Earningsinlinewithexpectations
InvestmentThesis
◼2022annualearningsQuickTake:performancemeetsexpectations,and
thenewenergybusinessisgrowingrapidly.In2022,thecompany'srevenue
wasRMB8.9bn(+14.3%YoY);thenetprofitwas586millionyuan(+3.7%
YoY).Thehomeapplianceandtoolsectors,asthecompany'sbasic
YoY).Thehomeapplianceandtoolsectors,asthecompany'sbasic
businesses,achievedaslightgrowthin2022.Thenewenergysector,asthe
company'sthirdgrowthcurve,achievedrapidgrowthin2022byfocusingon
advantageousproductsandhigh-growthareas.
◼Thedemandforhomeappliancesandtoolsisrecovering,andthe
companycontinuestoinnovateproductstoattractnewcustomers.The
smartificationofhomeappliancesandthecordless,brushless,andlithium-ion
ofpowertoolsbringcontinuousinnovationtobasicproductsintheracetrack.
Thehomeapplianceandtoolsectorsareexpectedtomaintainagrowthrate
of15%+in2023.
◼Newenergybusinessisgrowingrapidly,withagrowthrateof50%+in
2023.Thedemandforoverseashouseholdenergystorageandportableenergy
storagecontinuestoincreaseandtheCAGRfrom2021to2026is
130%/50%+.Thecompanyhasformeda"battery+BMS+batterypack"
technicalsolutionbasedonlong-termtechnologyreserves.Householdenergy
storageproductsaremainlysoldtoEuropeandNorthAmerica.Portable
inverterproductsarebundledwithHuabaoNewEnergyandcontinuetobreak
throughtonewcustomers.Inthefuture,itisexpectedtocontinuouslyexpand
tointegratedproducts.
◼EarningsForecast&Rating:Werevisethecompany's2022-2024netprofit
fromRMB0.6/0.87/1.40bntoRMB0.58/0.88/1.40bn,correspondingtoPEof
26x/17x/11x.Wemaintainthe"Buy"rating.
◼Risks:Downstreammarketdemandislessthanexpected;Productprice
fluctuationsrisk;Grossprofitmarginfluctuationsrisk.
PriceMovement
MarketData