宁波拓普集团股份有限公司（以下简称"公司"）拟收购芜湖长鹏汽车零部 件有限公司（以下简称"芜湖长鹏"）100%股权，详见公司分别于 2025 年 1 月 7 日、3 月 11 日在上海证券交易所网站披露的《拓普集团关于拟收购相关公司股 权的提示性公告》、《拓普集团关于签署股权收购协议暨收购相关公司股权的进 展公告》。 2025 年 5 月 12 日，芜湖长鹏 100%股权过户及工商变更登记手续已完成，本 次交易完成交割。同时，公司将芜湖长鹏更名为"芜湖拓普汽车部件有限公司"， 公司持有其 100%股权，其成为公司的全资子公司。 特此公告。 宁波拓普集团股份有限公司 关于收购相关公司股权完成交割的公告 公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 宁波拓普集团股份有限公司 证券代码：601689 证券简称：拓普集团 公告编号：2025-048 2025 年 5 月 12 日 ...

主要客户车型调整影响业绩，机器人业务 全面推进 核心观点 ⚫ 盈利预测与投资建议 ⚫ 预测 2025-2027 年归母净利润为 35.38、42.86、51.17 亿元，可比公司 2025 年 PE 平均估值 35 倍，目标价 71.40 元，维持买入评级。 风险提示 机器人业务进展不及预期、乘用车行业销量低于预期、NVH 产品、内饰功能件产品、轻 量化底盘产品、热管理产品配套量低于预期、产品价格下降幅度超预期。 公司主要财务信息 | | 买入 （维持） | | --- | --- | | 股价（2025年05月08日） | 52.38 元 | | 目标价格 | 71.40 元 | | 52 周最高价/最低价 | 76.21/30.69 元 | | 总股本/流通 A 股（万股） | 173,784/173,784 | | A 股市值（百万元） | 91,028 | | 国家/地区 | 中国 | | 行业 | 汽车与零部件 | | 报告发布日期 | 2025 年 05 月 09 日 | | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | ...

主要客户车型调整影响业绩，机器人业务 全面推进 核心观点 ⚫ 盈利预测与投资建议 ⚫ 预测 2025-2027 年归母净利润为 35.38、42.86、51.17 亿元，可比公司 2025 年 PE 平均估值 35 倍，目标价 71.40 元，维持买入评级。 风险提示 机器人业务进展不及预期、乘用车行业销量低于预期、NVH 产品、内饰功能件产品、轻 量化底盘产品、热管理产品配套量低于预期、产品价格下降幅度超预期。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 19,701 | 26,600 | 33,461 | 41,551 | 49,344 | | 同比增长 (%) | 23.2% | 35.0% | 25.8% | 24.2% | 18.8% | | 营业利润(百万元) | 2,476 | 3,420 | 4,005 | 4,853 | 5,795 | | 同比增长 (%) | 25.2% | 38.1% | 17.1% | 21.2% | 1 ...

一季度营收同比提升，大客户销量短期承压影响业绩释放。拓普集团2024年营收266.0 亿元，同比 +35.0%，归母净利润30.0 亿元，同比+38.9%，扣非净利润27.3 亿元，同比+35.0%；25Q1 拓普集团实现 营收57.7 亿元，同比+1.4%，环比-20.4%（特斯拉25Q1 销量33.7 万辆，同比-13%；问界销量4.5 万辆， 同比-46%），归母净利润5.7 亿元，同比-11.6%，环比-26.2%，扣非净利润4.9 亿元，同比-18.4%，环 比-31.0%。 研发投入持续，静待公司业绩回暖。费用层面，25Q1 拓普集团销售/管理/研发费用率分别为 1.2%/3.3%/5.9%，同比分别-0.2/+0.6/+1.4pct，环比分别+0.6/+1.2/+0.9pct，其中研发费用有所提升预计 主要系公司新产品（机器人、汽车电子相关）和新技术的持续投入；25Q1 拓普集团毛利率为19.9%， 同比-2.5pct，环比+0.1pct，预计主要系产品结构变化、规模效应缩窄、产品价格波动等因素所致； 25Q1 公司经营活动现金净流量8.9 亿元（24Q1 为5.8 亿元）；25Q1 拓普集团净 ...

拓普集团 (601689 CH) 证券研究报告 Q1 客户产销承压，机器人成长势能强 | 华泰研究 | | | 调研报告 | | --- | --- | --- | --- | | 2025 年 | 5 月 | 08 日│中国内地 | 汽车零部件 | 拓普集团公布一季报业绩，公司 Q1 实现营收 57.68 亿元（yoy+1.40%， qoq-20.43%），归母净利 5.65 亿元（yoy-12.39%，qoq-26.23%），环比下 滑系核心大客户产量较弱。公司坚定"大客户"战略，25 年下游新势力客 户新车催化仍足，公司作为重要供应商有望受益，维持"买入"评级。 Q1 核心客户产量波动影响收入及毛利率表现 25Q1 公司营收同比微增，毛利率同环比-2.5/+0.1pct 至 19.9%，或受核心 客户产量波动影响，25Q1 核心客户问界产量同环比-46%/-49%，特斯拉中 国同环比-22%/-30%。期 间费用方面，25Q1 销售/管理费率分别为 1.2%/3.3% ，同比 -0.2/+0.6 ，环比 +0.55/+1.2pct ； 研 发 费 率 同 环 比 +1.4pct/+0.9pct 至 5. ...

证券研究报告 拓普集团 (601689 CH) Q1 客户产销承压，机器人成长势能强 | 华泰研究 | | | 调研报告 | | --- | --- | --- | --- | | 2025 年 | 5 月 | 08 日│中国内地 | 汽车零部件 | 拓普集团公布一季报业绩，公司 Q1 实现营收 57.68 亿元（yoy+1.40%， qoq-20.43%），归母净利 5.65 亿元（yoy-12.39%，qoq-26.23%），环比下 滑系核心大客户产量较弱。公司坚定"大客户"战略，25 年下游新势力客 户新车催化仍足，公司作为重要供应商有望受益，维持"买入"评级。 Q1 核心客户产量波动影响收入及毛利率表现 25Q1 公司营收同比微增，毛利率同环比-2.5/+0.1pct 至 19.9%，或受核心 客户产量波动影响，25Q1 核心客户问界产量同环比-46%/-49%，特斯拉中 国同环比-22%/-30%。期 间费用方面，25Q1 销售/管理费率分别为 1.2%/3.3% ，同比 -0.2/+0.6 ，环比 +0.55/+1.2pct ； 研 发 费 率 同 环 比 +1.4pct/+0.9pct 至 5. ...

Group 1 - The company reported Q1 2025 revenue of approximately 5.768 billion yuan, a year-on-year increase of about 1.40% but a quarter-on-quarter decrease of about 20.43%. The net profit attributable to the parent company was approximately 565 million yuan, a year-on-year decrease of about 12.39% and a quarter-on-quarter decrease of about 26.23% [1] - Customer demand experienced fluctuations, leading to short-term performance pressure. In Q1 2025, Tesla's production was approximately 373,200 units, a year-on-year decrease of about 20.45%. In contrast, BYD's production increased by approximately 73.54% year-on-year to about 1,062,600 units [2] - The company's gross margin was approximately 19.89%, a year-on-year decrease of about 2.54 percentage points, while the net profit margin was approximately 9.81%, a year-on-year decrease of about 1.58 percentage points. The total expense ratio for Q1 2025 was approximately 10.52%, a year-on-year increase of about 1.21 percentage points and a quarter-on-quarter increase of about 2.16 percentage points [3] Group 2 - The company is expanding its customer base and product categories, with traditional businesses progressing steadily. The automotive electronics segment is accelerating, and the robotics business is opening new growth opportunities. Revenue projections for 2025 to 2027 are approximately 33.17 billion yuan, 40.30 billion yuan, and 50.61 billion yuan, representing year-on-year growth rates of approximately 24.7%, 21.5%, and 25.6% respectively [4] - The net profit projections for the same period are approximately 3.64 billion yuan, 4.49 billion yuan, and 5.62 billion yuan, with year-on-year growth rates of approximately 21.2%, 23.4%, and 25.1% respectively. As of April 30, 2025, the stock price corresponds to a PE ratio of approximately 25.0 times, 20.2 times, and 16.2 times for 2025 to 2027 [4]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - In Q1 2025, customer demand experienced fluctuations, leading to short-term performance pressure [2] - The company is expanding its customer base and product categories, with steady progress in traditional businesses and accelerated growth in automotive electronics and robotics [5] Summary by Relevant Sections Financial Performance - In Q1 2025, the company achieved revenue of approximately 5.768 billion yuan, a year-on-year increase of about 1.40% but a quarter-on-quarter decrease of approximately 20.43% [1] - The net profit attributable to the parent company was approximately 565 million yuan, a year-on-year decrease of about 12.39% and a quarter-on-quarter decrease of approximately 26.23% [1] - The gross margin for Q1 2025 was approximately 19.89%, a year-on-year decrease of about 2.54 percentage points, while the net margin was approximately 9.81%, a year-on-year decrease of about 1.58 percentage points [3] Market Opportunities - The robotics sector presents significant market potential, with each robot requiring dozens of motion actuators, each valued at several thousand yuan [4] - The company is actively developing a range of robotic components, including linear actuators, rotary actuators, and dexterous hand motors, and has received positive feedback from clients [4] Growth Projections - Revenue projections for 2025 to 2027 are estimated at 33.17 billion yuan, 40.30 billion yuan, and 50.61 billion yuan, representing year-on-year growth rates of approximately 24.7%, 21.5%, and 25.6% respectively [5] - Net profit projections for the same period are approximately 3.64 billion yuan, 4.49 billion yuan, and 5.62 billion yuan, with year-on-year growth rates of about 21.2%, 23.4%, and 25.1% respectively [5]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Views - The company achieved a revenue of 5.77 billion yuan in Q1 2025, representing a year-on-year increase of 1.4%, while the net profit attributable to shareholders was 570 million yuan, down 12.4% year-on-year. The company is transitioning towards becoming a global intelligent electric platform enterprise with nine product lines fully operational [2][4]. Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 57.7 billion yuan, up 1.4% year-on-year but down 20.4% quarter-on-quarter. The net profit attributable to shareholders was 5.7 billion yuan, reflecting a decrease of 12.4% year-on-year and 26.2% quarter-on-quarter. The gross profit margin was 19.9%, a decline of 2.5 percentage points year-on-year [2][4][11]. Customer Performance - Major customers such as Tesla and Wanjie faced sales pressure, impacting the company's revenue stability. In Q1, the wholesale sales of passenger cars reached 6.417 million units, a year-on-year increase of 12.9% but a quarter-on-quarter decrease of 27.7%. Tesla's global sales were 337,000 units, down 22.3% year-on-year, while Wanjie's sales dropped 45.7% year-on-year [11]. Future Outlook - The company anticipates accelerated growth in multiple product lines in 2025, with international strategies further advancing. Key clients like Tesla, Wanjie, Geely, and BYD are expected to drive revenue growth. The company plans to expand its production capacity and enhance its global footprint, including new factories in Malaysia and Thailand [11][12]. Investment Recommendations - The company is positioned for significant growth with a diversified customer base and product offerings. The projected net profits for 2025, 2026, and 2027 are 3.5 billion, 4.3 billion, and 5.3 billion yuan, respectively, with corresponding price-to-earnings ratios of 25.5X, 20.7X, and 16.9X [11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company is expected to achieve revenue of 26.6 billion yuan in 2024, representing a year-on-year increase of 35.0%, and a net profit attributable to shareholders of 3.0 billion yuan, up 39.5% year-on-year [2][4]. - The company is transitioning into a global intelligent electric platform enterprise with nine product lines fully launched, marking the beginning of a new chapter [2]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 26.6 billion yuan, a year-on-year increase of 35.0%, with a net profit of 3.0 billion yuan, up 39.5% year-on-year [4][11]. - The fourth quarter revenue was 7.25 billion yuan, showing a year-on-year increase of 30.6% and a quarter-on-quarter increase of 1.7% [11]. - The gross profit margin for Q4 was 19.8%, approximately 20.5% after adjusting for accounting policy impacts, which is a decrease of 3.1 percentage points year-on-year [11]. Business Segments - The company reported significant growth in various segments, with automotive electronics revenue increasing by 1049.6% year-on-year, primarily due to the large-scale release of products like air suspension [11]. - The revenue from thermal management products grew by 58.3% year-on-year, while chassis system revenue increased by 36.2% [11]. Future Outlook - The company anticipates continued growth with net profits projected to reach 3.6 billion yuan, 4.5 billion yuan, and 5.98 billion yuan for 2025, 2026, and 2027, respectively [6]. - The company is expanding its global footprint with new factories in various countries, including Malaysia and Poland, and plans to establish a new factory in Thailand [11].