Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 72.51 CNY per share, indicating an expected strong performance over the next 12 months [3][13]. Core Insights - The company reported a record high net profit in Q1 2024, exceeding expectations, with a revenue of 56.9 billion CNY, up 27.3% year-on-year, and a net profit of 6.5 billion CNY, up 43.4% year-on-year [6][12]. - The company has established an electric drive division to accelerate capacity expansion and has made significant progress in developing robotic actuators, indicating a strong market opportunity [12][13]. - The company is actively expanding its product lines and customer base, with a focus on lightweight automotive chassis, automotive electronics, and new energy vehicle thermal management [12][13]. Financial Performance Summary - For 2023, the company achieved a revenue of 197.01 billion CNY, a 23.2% increase year-on-year, and a net profit of 21.5 billion CNY, a 26.5% increase year-on-year [2][6]. - The company's gross margin improved in 2023, with a gross margin of 23.0%, net margin of 10.9%, and a period expense ratio of 9.5% [9][12]. - The earnings per share (EPS) for 2024 is projected to be 2.42 CNY, with a forecasted growth in EPS to 3.08 CNY in 2025 and 3.79 CNY in 2026 [2][13].

证券研究报告 | 2024年05月04日 拓普集团（601689.SH） 买入 盈利能力持续提升，一季度净利润同比增长 43% 核心观点 公司研究·财报点评 客户结构调整叠加产品线齐发力，公司业绩持续释放。2023年拓普集团营收 汽车·汽车零部件 197.0亿元，同比+23.2%，归母净利润21.6亿元，同比+27.0%，扣非净利润 证券分析师：唐旭霞 联系人：孙树林 20.2亿元，同比+22.1%，经营活动产生的现金流量净额33.7亿元，同比 0755-81981814 0755-81982598 tangxx@guosen.com.cn sunshulin@guosen.com.cn +47.4%。2024年Q1拓普实现营收56.9亿元，同比+27.3%，环比+2.5%；归 S0980519080002 母净利润6.5亿元，同比+43.3%，环比+17.3%，扣非净利润6.0亿元，同比 基础数据 +41.9%，环比+14.6%，在核心客户销量承压的背景下，得益于持续优化的客 投资评级 买入(维持) 户结构（华为、理想等）以及扎实的供货体系，公司实现业绩高增。 合理估值 收盘价 62.91元 平台化战略下产 ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨拓普集团（ ） 601689.SH [拓Ta普bl集e_团Ti一tle季] 报点评：受益问界等客户订单放 量，业绩超预期 报告要点 [受Ta益bl于e_问Su界m等m客ar户y]销量增长及新业务放量，公司2024Q1营业收入56.9亿元，同比+27.3%； 归母净利润 6.5 亿元，同比+43.4%，对应归母净利率 11.3%，同比+1.3pct。展望未来，华为 系、吉利、比亚迪、理想等国内新能源客户已经多点开花进入收获期，拓普集团九大产品线全 面启航，公司有望迎来新一轮成长周期，走向全球智能电动平台型企业。 ...

各位投资者大家上午好我是民生证券的汽车行业首席分析师崔岩首先非常感谢大家来参加我们今天组织的拓普集团的业绩交流会今天我们非常荣幸的邀请到了拓普集团的董事长吴总来跟各位投资人做交流拓普也是我们一直非常看好的汽车零部件的公司周末公司也是公布了一级报取得了非常亮眼的一个业绩收入端是有27%的增长利润端增长达到了43% 首先恭喜吴总恭喜管理层今天我们会议的机会是非常难得的我们会议会分为两个部分首先会先请吴总跟大家简要的再补充分享一下年报和一级报的情况然后接下来更多的时间我们会进入问答交流环节下面我们先把时间留给吴总有请吴总大家下午好我是托普董事长吴建树 今天我们的交流之前我对我们的年报和季报做三点补充我想大家对我们的年报和季报有一个充分的了解我们已经充分披露了披露了所有的内容那么我现在做以下第一个补充就是我们今年根据客户的要求 要挣扎80个亿的销售80个亿对实体经济来说是一个非常挑战的数字对互联网对金融这个可能是80亿不算什么一个数字那么80亿我们通过第一季度的交付是比较顺利的客户也比较满意的那么接下来的三个季度挑战会比第一季度还要大 根据客户要求要增长80个亿的销售这个过程是一个非常艰难的那么我们的一季度也展现出来 ...

Investment Rating - Buy (Maintained) [1] Core Views - Top Group achieved significant revenue and profit growth in Q1 2024, with revenue reaching 5.688 billion yuan, a year-on-year increase of 27.29%, and net profit attributable to shareholders of 645 million yuan, a year-on-year increase of 43.36% [2] - The company's growth is driven by its high-quality customer base, including major automakers such as Huawei-Seres, Li Auto, Chery, Great Wall, Xiaomi, BYD, and Geely, with notable sales growth from Seres (up 592% YoY), Geely (up 49% YoY), and Li Auto (up 53% YoY) [3] - The company's Tier 0.5 strategy and scale effects have contributed to increased per-vehicle value and improved profitability, with net profit margins rising by 1.23 percentage points year-on-year and 1.54 percentage points quarter-on-quarter [3] - Top Group has completed a private placement raising 3.515 billion yuan, which will be used to expand production capacity for lightweight chassis systems, interior functional parts, and thermal management systems [3] - The company is investing 5 billion yuan to establish a robotics core component production base in Ningbo, with two electric drive system production lines already operational, aiming to leverage its expertise in smart electric vehicles to expand into the robotics sector [3] Financial Performance and Forecast - For 2024-2026, the company is expected to achieve revenues of 27.4 billion, 35.9 billion, and 44.8 billion yuan, with year-on-year growth rates of 39%, 31%, and 25%, respectively [5] - Net profit attributable to shareholders is forecasted to be 2.97 billion, 4.06 billion, and 5.06 billion yuan for 2024-2026, with growth rates of 38%, 37%, and 25%, respectively [5] - EPS is projected to be 2.6, 3.5, and 4.4 yuan for 2024-2026, with corresponding P/E ratios of 25x, 19x, and 15x [5] Market Data - Current stock price: 64.54 yuan [4] - 52-week price range: 43.30-84.82 yuan [4] - Total market capitalization: 75.05 billion yuan [4] - Average daily trading volume: 1.879 billion yuan [4]

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨拓普集团（ ） 601689.SH [拓Ta普b集le_团T年itle报] 点评：客户多元布局迎收获，毛利 率达近年高位 报告要点 [受Ta益bl于e_底Su盘m系m统ar等y]各项业务持续放量，公司业绩稳健增长。受益规模效应及产品结构优化，毛 利率达近年高位。展望未来，华为系、吉利、比亚迪、理想等国内新能源客户已经多点开花进 入收获期，拓普集团九大产品线全面启航，公司有望迎来新一轮成长周期，走向全球智能电动 平台型企业。 ...

2024年4月29日 公司研究 业绩增长稳健，机器人业务前景可期 ——拓普集团（601689.SH）跟踪报告 要点 买入（维持） 当 前价：64.54元 业绩增长稳健：2023年营业收入同比+23.2%至197.0亿元（vs. 我们预测204.2 亿元），归母净利润同比+26.5%至21.5亿元（vs. 我们预测21.7亿元）。1Q24 公司营业收入同比+2.5%/环比+27.3%至56.9亿元（约占我们原预测19%），归 作者 母净利润同比+16.6%/环比+43.4%至6.5亿元（约占我们原预测21%）。公司业 分析师：倪昱婧, CFA 绩增长稳健；其中，4Q23空气悬架等智能汽车业务放量、轻量化底盘项目产能 执业证书编号：S0930515090002 021-52523852 释放推动公司营收端同环比增长，1Q24华为问界爬坡对冲特斯拉承压影响。 niyj@ebscn.com “8+1”业务驱动长期发展，机器人业务前景可期：车端：公司已成功布局八大 联系人：邢萍 系列汽车产品。从2023年业务分拆来看，1）底盘系统表现强劲，收入同比+37.7% xingping@ebscn.com 至61.2亿元；2） ...

股 票 研 究 [Table_industryInfo] 运输设备业/可选消费品 [ Table_Main[拓ITnaf 普bol]e 集_Ti团tle]( 601689) [评Tab级le_：Inv est] 增持 上次评级： 增持 一季报表现亮眼，平台型优势不断凸显 目标价格： 86.13 上次预测： 86.13 公 ----拓普集团 2024年一季报点评 当前价格： 59.79 司 吴晓飞(分析师) 管正月(分析师) 2024.04.28 更 0755-23976003 021-38032026 [交Ta易bl数e_M据a rket] 新 wuxiaofei@gtjas.com guanzhengyue@gtjas.com 证书编号 S0880517080003 S0880521030003 52周内股价区间（元） 45.21-81.20 报 总市值（百万元） 69,522 告 本报告导读： 总股本/流通A股（百万股） 1,163/1,102 流通 B股/H股（百万股） 0/0 公司发布2024年一季报，业绩表现亮眼，下游客户优质丰富，增量客户不断涌现支 流通股比例 95% 撑成长，随着电驱动业务业务提 ...

[Table_Main] 公司研究|可选消费|汽车与汽车零部件 证券研究报告 拓普集团(601689)公司点评报告 2024年04月27日 业绩如研期兑发现驱，北动美整成体转长盈， 执行器项目进展迅速 [Table_Inves 买t] 入|维持 ——拓普集团(601689)公司点评报告 [事Ta件ble：_S ummary] [当Ta前b价le_/目Ta标rg价etP：r 5ic 9e.7] 9元/76.53元 公司发布 2023 年年报，业绩符合我们预期。2023 年实现营收 197.01 亿 目标期限： 6 个月 元，同比+23.18%；实现归母净利润 21.51 亿元，同比+26.50%；实现扣 [基Ta本bl数e_据Ba se] 非归母净利润20.21亿元，同比+22.07%。2023年Q4实现营收55.49亿 52周最高/最低价（元）： 81.2 / 45.21 元，同比+13.49%，环比+11.17%；实现归母净利润 5.54 亿元，同比 A股流通股（百万股）： 1102.05 +12.64%，环比+10.05%；实现扣非归母净利润5.20亿元，同比+8.05%， A股总股本（百万股）： 116 ...

Investment Rating - The report maintains a "Strong Push" rating for the company with a target price of 72.5 yuan [1] Core Views - The company's Q1 2024 performance exceeded expectations, with revenue of 5.7 billion yuan, up 27% YoY and 2.5% QoQ, and net profit attributable to the parent company of 650 million yuan, up 43% YoY and 17% QoQ [1] - Despite Tesla's weak performance, the company benefited from the growth of other clients such as Huawei-Jinkang, Li Auto, BYD, Xiaomi, Geely, and SAIC, with non-Tesla incremental revenue expected to reach nearly 7 billion yuan, contributing 35 percentage points to the 2024 growth rate [1] - The company's 2024 revenue is expected to reach 26.6 billion yuan, up 35% YoY, with net profit of 2.81 billion yuan, up 31% YoY [1] - The company's long-term growth potential remains strong, supported by its global expansion and new business in robotics components [1] Financial Performance - Q1 2024 revenue was 5.7 billion yuan, up 27% YoY and 2.5% QoQ, with net profit attributable to the parent company of 650 million yuan, up 43% YoY and 17% QoQ [1] - Gross margin was 22.4%, up 0.6 percentage points YoY but down 1.7 percentage points QoQ, while the expense ratio was 9.5%, down 1.0 percentage points YoY and up 0.1 percentage points QoQ [1] - The company's 2024 revenue is expected to reach 26.6 billion yuan, up 35% YoY, with net profit of 2.81 billion yuan, up 31% YoY [1] Growth Drivers - Short-term growth is driven by the rapid expansion of domestic mid-to-high-end electric vehicles, with expected incremental revenue of nearly 7 billion yuan from non-Tesla clients [1] - Long-term growth is supported by global expansion, with the company's factories in Poland and Mexico already operational, and new opportunities in the European and American automotive industries [1] - The company is also expanding into robotics components, leveraging its existing capabilities in motor R&D, system integration, and precision machining, with potential for high ASP in this new business [1] Valuation - The report adjusts the company's 2024-2025 net profit forecasts to 2.81 billion yuan and 3.39 billion yuan, with a 2026 forecast of 4.0 billion yuan, corresponding to a PE of 25x, 21x, and 17x respectively [1] - The target price of 72.5 yuan is based on a 2024 PE of 30x, reflecting the company's strong growth prospects in both automotive and robotics businesses [1]