累计转股情况：拓普转债的转股起止日期为 2023 年 1 月 20 日至 2028 年 7 月 13 日。截至 2024 年 12 月 31 日，累计已有人民币 259,000 元拓 普转债转换成公司 A 股股票，累计转股股数为 3,803 股，占拓普转债转 股前公司已发行股份总额的比例约为 0.000345%。 未转股可转债情况：截至 2024 年 12 月 31 日，尚未转股的拓普转债金 额为人民币 2,499,741,000 元，占拓普转债发行总量的比例约为 99.989640%。 本季度转股情况：2024 年 10 月 1 日至 2024 年 12 月 31 日期间，拓普转 债累计转股金额为人民币 25000 元，累计转股股数为 512 股。 | 证券代码：601689 | 证券简称：拓普集团 | 公告编号：2025-001 | | --- | --- | --- | | 转债代码：113061 | 转债简称：拓普转债 | | 宁波拓普集团股份有限公司 可转债转股结果暨股份变动公告 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 ...

| 证券代码：601689 | 证券简称：拓普集团 | 公告编号：2024-094 | | --- | --- | --- | | 转债代码：113061 | 转债简称：拓普转债 | | 宁波拓普集团股份有限公司 关于签订募集资金专户存储三方监管协议的公告 本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。 一、募集资金基本情况 经中国证券监督管理委员会《关于核准宁波拓普集团股份有限公司公开发行 可转换公司债券的批复》（证监许可［2022］830 号）核准，公司公开发行了 2,500 万张可转换公司债券，每张面值 100 元，本次发行募集资金总额为人民币 2,500,000,000.00 元，扣除发行费用 11,027,358.47 元后募集资金净额为人民币 2,488,972,641.53 元。上述募集资金已于 2022 年 7 月 20 日全部到账，并由立信 会计师事务所（特殊普通合伙）对本次发行的募集资金到位情况进行了审验，出 具了《宁波拓普集团股份有限公司验资报告》（信会师报字［2022］第 ZF10923 号）。根 ...

| 证券代码：601689 | 证券简称：拓普集团 公告编号：2024-093 | | --- | --- | | 转债代码：113061 | 转债简称：拓普转债 | 关于使用部分暂时闲置募集资金委托理财的进展公告 本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。 重要内容提示： 一、本次委托理财概况 2024 年 12 月 25 日，公司分别在宁波银行北仑支行、杭州银行宁波北仑 分行、浦发银行宁波分行、兴业银行宁波分行使用暂时闲置募集资金进行结构 性存款，具体情况如下： （一）委托理财目的 通过使用部分暂时闲置募集资金进行适度的保本型理财，有利于提高募 集资金使用效率，增加资金收益，降低财务费用。 （二）资金来源 本次购买理财的资金来源为部分 2024 年 1 月完成的向特定对象发行 A 股股票的募集资金。 宁波拓普集团股份有限公司 为控制风险，公司选择发行主体为能够提供保本承诺的银行、证券公司 或信托公司等金融机构、投资的品种为安全性高、流动性好、有保本约定的 理财产品或结构性存款，因此投资风险小，在企业可控范围之内。 ...

| 证券代码：601689 | 证券简称：拓普集团 公告编号：2024-092 | | --- | --- | | 转债代码：113061 | 转债简称：拓普转债 | 宁波拓普集团股份有限公司 关于使用部分暂时闲置募集资金委托理财的进展公告 本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。 重要内容提示： 一、本次委托理财概况 2024 年 12 月 4 日，公司分别在宁波银行北仑支行、杭州银行宁波北仑 分行使用暂时闲置募集资金进行结构性存款，具体情况如下： （一）委托理财目的 通过使用部分暂时闲置募集资金进行适度的保本型理财，有利于提高募 集资金使用效率，增加资金收益，降低财务费用。 经中国证监会出具的《关于同意宁波拓普集团股份有限公司向特定对象 发行股票注册的批复》（证监许可[2023] 1443 号）核准，公司于 2024 年 1 月完成向特定对象发行人民币普通股（A 股）60,726,104 股，发行价格为 57.88 元/股，募集资金总额为 3,514,826,899.52 元，扣除与本次发行有关 费用人民币 1 ...

| 证券代码：601689 | 证券简称：拓普集团 公告编号：2024-091 | | --- | --- | | 转债代码：113061 | 转债简称：拓普转债 | 宁波拓普集团股份有限公司 关于召开2024年第三季度业绩说明会的公告 本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。 重要内容提示： 投资者可于 2024 年 11 月 12 日 至 11 月 18 日 12:00 前 通过公司邮箱 ir@tuopu.com提问。公司将在说明会上对投资者普遍关注的问题进行回答。 一、说明会类型 本次业绩说明会以网络文字互动形式召开，公司将针对2024年第三季度的经 营成果、财务指标的具体情况与投资者进行互动交流，在信息披露允许的范围内 就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点、方式 1、会议召开时间：2024年11月18日 15:00-16:00 2、说明会召开地点：e公司直播（http://egs.stcn.com/live/list.html） 3、会议召开方式：网络文字互动 三、参会人员 会议召开 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant year-on-year increase in revenue and net profit for Q3 2024, with revenue reaching 7.13 billion yuan, up 42.85%, and net profit attributable to shareholders at 778 million yuan, up 54.63% [2] - The gross margin faced pressure, decreasing by 1.79 percentage points to 20.88%, but effective cost control was noted, with sales expense ratio at 1.13%, management expense ratio at 2.23%, R&D expense ratio at 4.58%, and financial expense ratio at 0.63% [2] - The company is enhancing its production capacity, with various business segments showing strong revenue growth, including shock absorber business at 1.17 billion yuan, interior functional parts at 2.12 billion yuan, chassis systems at 2.23 billion yuan, automotive electronics at 583 million yuan, and thermal management at 584 million yuan [3] - The company is expanding its international market presence, with production facilities in North America and Europe progressing well, including the completion of the first factory in the Mexico industrial park and ongoing construction in Poland [3] Financial Forecast - The company is expected to achieve net profits of 2.91 billion yuan, 3.90 billion yuan, and 4.54 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding PE ratios of 27.96, 20.91, and 17.95 [4]

Investment Rating - The report maintains a **Buy** rating for the company with a target price of **59.73 RMB** [4] Core Views - The company's performance met expectations, with Q1-Q3 revenue reaching **19.352 billion RMB**, a **36.7% YoY increase**, and net profit attributable to shareholders of **2.234 billion RMB**, up **39.9% YoY** [1] - Q3 revenue was **7.13 billion RMB**, a **42.9% YoY increase**, with net profit attributable to shareholders of **778 million RMB**, up **54.6% YoY** [1] - Gross margin improved in Q3, reaching **20.9%**, up **0.5 percentage points QoQ**, despite a **1.8 percentage point YoY decline** due to raw material price fluctuations and rising labor costs [1] - The company's platform strategy is advancing, with rapid growth in thermal management and automotive electronics businesses [1] - Domestic and international production capacity is progressing steadily, with new factories in China and overseas projects in Mexico and Poland [1] Financial Performance - Q1-Q3 operating cash flow was **1.139 billion RMB**, down **57.8% YoY**, mainly due to increased purchases and employee compensation [1] - The company's R&D investment continues to grow, supporting the leading position of its product lines, including smart cabins, IBS, EPS, and air suspension systems [1] - The company's single-vehicle supporting amount is approximately **30,000 RMB**, with potential for further growth as new customers and projects are secured [1] Business Segments - In Q3, revenue from shock absorbers, interior functional parts, chassis systems, thermal management systems, and automotive electronics reached **1.174 billion RMB**, **2.116 billion RMB**, **2.225 billion RMB**, **584 million RMB**, and **583 million RMB**, respectively, with automotive electronics growing **1,357.5% YoY** [1] - The company's thermal management and automotive electronics businesses are experiencing rapid growth, with automotive electronics achieving significant scale [1] Production Capacity Expansion - Domestic projects, including the Hangzhou Bay Industrial Park Phase VIII and new factories in Anhui and Zhejiang, are progressing well [1] - Overseas projects, such as the Mexico Industrial Park Phase I and Phase II, are on track, with Phase I expected to start production in H1 2024 [1] - The company is also preparing for the Poland Phase II factory to meet European demand [1] Financial Forecasts - The report forecasts net profit attributable to shareholders for 2024-2026 to be **3.056 billion RMB**, **3.729 billion RMB**, and **4.693 billion RMB**, respectively, with a 2024 PE ratio of **33x** [1] - Revenue is expected to grow to **25.278 billion RMB** in 2024, **33.216 billion RMB** in 2025, and **42.111 billion RMB** in 2026, with YoY growth rates of **28.3%**, **31.4%**, and **26.8%**, respectively [3] - Gross margin is projected to remain stable at around **23%** from 2024 to 2026 [3] Valuation Metrics - The company's 2024 PE ratio is estimated at **23.7x**, with a PB ratio of **3.7x** [3] - The EV/EBITDA ratio is forecasted to decrease from **26.0x** in 2022 to **10.5x** in 2026 [9]

Investment Rating - The report maintains a "Buy" rating for the company [2][9]. Core Insights - The company achieved a record high revenue of 7.13 billion yuan in Q3 2024, with a year-on-year growth of 42.85% and a quarter-on-quarter growth of 9.13% [3]. - The net profit attributable to shareholders reached 778 million yuan, reflecting a year-on-year increase of 54.63% but a slight quarter-on-quarter decrease of 4.07% [3]. - The company’s innovative Tier 0.5 business model continues to gain acceptance among clients, with notable sales increases from key customers such as Tesla, Geely, and Xiaomi [3]. - The overseas expansion is progressing, with the first factory of the Mexico industrial park and the second phase project already in operation, contributing to future revenue growth [3]. Financial Performance - In Q3 2024, the company reported a gross margin of 20.88%, which is a slight year-on-year decrease of 1.79 percentage points but a quarter-on-quarter increase of 0.48 percentage points [4]. - The net profit margin for Q3 2024 was 10.96%, showing a year-on-year increase of 0.86 percentage points but a quarter-on-quarter decrease of 1.49 percentage points [4]. - The company expects improvements in gross and net margins in Q4 2024 as production capacity ramps up [4]. Revenue and Profit Forecast - The company is projected to achieve revenues of 26.5 billion, 34.7 billion, and 43.4 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 35%, 31%, and 25% [4][7]. - The net profit attributable to shareholders is expected to reach 2.91 billion, 3.89 billion, and 4.81 billion yuan for the same years, with growth rates of 35%, 34%, and 24% [4][7]. - The earnings per share (EPS) are forecasted to be 1.73, 2.31, and 2.85 yuan for 2024, 2025, and 2026, respectively [7][9].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The report highlights that the company has achieved rapid growth in performance, driven by high-quality customers and product structure, with further growth potential from international expansion [1][4] - The company reported a revenue of 19.35 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 36.75%, and a net profit of 2.23 billion yuan, up 39.89% year-on-year [4][5] - The company’s gross margin is reported at 21.17%, a decrease of 1.44 percentage points year-on-year, while the net profit margin increased by 0.26 percentage points to 11.59% [4] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 193.52 billion yuan, with a net profit of 22.34 billion yuan [4] - The company’s Q3 2024 revenue reached a historical high of 71.30 billion yuan, marking a 42.85% increase year-on-year and a 9.13% increase quarter-on-quarter [5] - The projected revenues for 2024, 2025, and 2026 are 27.25 billion yuan, 34.03 billion yuan, and 41.15 billion yuan respectively, with year-on-year growth rates of 38.3%, 24.9%, and 20.9% [6][8] Product Revenue Breakdown - Revenue from key products in the first three quarters includes: shock absorbers (3.32 billion yuan), interior and exterior functional parts (6.02 billion yuan), chassis systems (6.01 billion yuan), thermal management systems (1.50 billion yuan), and automotive electronics (1.29 billion yuan) [4] - The company is expanding its production capacity domestically and accelerating its international strategy, with new factories in Mexico, the U.S., and Poland [5] Earnings Forecast - The forecasted net profits for 2024, 2025, and 2026 are 30.10 billion yuan, 37.43 billion yuan, and 46.33 billion yuan respectively, with corresponding EPS of 1.79 yuan, 2.22 yuan, and 2.75 yuan [6][8] - The report assigns a valuation premium based on the company's leading position in the parts industry and the potential of its new robotics-related product line, suggesting a reasonable value range of 44.4 to 55.5 yuan for 2025 [6]

Investment Rating - The report maintains a "Buy" rating for the company [5][3] - The target price is set at 58.82 CNY [5][3] Core Views - The company's Q3 2024 results met expectations, with rapid revenue growth driven by a platform strategy and new product orders [1][3] - Revenue for the first nine months of 2024 reached 19.35 billion CNY, a year-on-year increase of 36.8%, while net profit attributable to shareholders was 2.23 billion CNY, up 39.9% [3] - The company is experiencing a harvest period in its automotive electronics business, with new clients contributing to revenue growth [3] - Global expansion is accelerating, with partnerships with major international clients and new manufacturing facilities being established [3] Financial Summary - Revenue projections for 2024-2026 are 27.55 billion CNY, 36.07 billion CNY, and 46.23 billion CNY, respectively, with growth rates of 39.9%, 30.9%, and 28.2% [2] - Net profit attributable to shareholders is forecasted to be 2.87 billion CNY, 3.88 billion CNY, and 4.96 billion CNY for 2024-2026, reflecting growth rates of 33.6%, 35.0%, and 28.0% [2] - The company's earnings per share (EPS) are projected to be 1.70 CNY, 2.30 CNY, and 2.94 CNY for 2024-2026 [2] - The price-to-earnings (P/E) ratio is expected to decrease from 27.23 in 2024 to 15.76 in 2026 [2]