Investment Rating - The report maintains a "Buy" rating for the company with a target price indicating an expected return of over 20% within the next six months [5][14]. Core Insights - The company reported a significant year-on-year revenue increase of 36.75% for the first three quarters of 2024, reaching 19.352 billion yuan, with a net profit of 2.234 billion yuan, up 39.89% [1]. - The company's internationalization efforts are accelerating, with ongoing collaborations with various domestic and international automotive companies in the new energy vehicle sector [2][3]. - The company is expanding its production capacity both domestically and internationally, with new factories coming online and ongoing construction projects [3]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 7.13 billion yuan, representing a year-on-year increase of 42.85% and a net profit of 778 million yuan, up 54.63% [1]. - The gross margin for Q3 2024 was 20.88%, slightly down from the previous year, while the net margin improved to 10.96% [1]. - The company’s operating expenses (excluding R&D) were 3.99% of revenue, showing a decrease compared to the previous year [2]. Market Position and Growth Potential - The company is experiencing strong sales growth from downstream customers, with increasing per-vehicle revenue contributing to sustained profitability [2][4]. - The company’s net profit forecasts for 2024-2026 are 2.938 billion, 3.839 billion, and 4.862 billion yuan, respectively, indicating a robust growth trajectory [3][7]. - The company’s current market valuation corresponds to P/E ratios of 27, 20, and 16 for 2024-2026, suggesting potential for further appreciation [3][7].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 46.39 CNY per share [4][5]. Core Views - The company reported steady operational performance in Q3 2024, achieving revenue of 19.352 billion CNY for the first three quarters, a year-on-year increase of 36.75%. The net profit attributable to shareholders reached 2.234 billion CNY, up 39.89% year-on-year [4][5]. - The company is strategically aligned with major clients such as Tesla, which delivered 462,900 vehicles in Q3 2024, reflecting a 6.40% year-on-year increase. The report anticipates continued growth in sales for Tesla and other key clients [4][5]. - The company is expanding its overseas operations, with a new interior factory in Mexico starting production in September 2024 and a thermal management factory achieving a production milestone of 20,000 units by October 2024 [4][5]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 7.130 billion CNY, a year-on-year increase of 42.86% and a quarter-on-quarter increase of 9.13%. The gross profit margin for Q3 was 20.88%, showing a year-on-year decrease of 1.78 percentage points but an increase of 0.48 percentage points from the previous quarter [4][5]. - The company’s R&D expenses for Q3 2024 were 327 million CNY, a year-on-year increase of 27.12%, with the R&D expense ratio decreasing by 0.57 percentage points to 4.58% [4][5]. Market Position and Strategy - The company is positioned as a Tier 0.5 supplier aiming to become a leading player in the global automotive parts industry. It has established strategic partnerships with both traditional automakers and new energy vehicle manufacturers [5]. - The company is actively developing its robotics segment, with plans to invest 5 billion CNY in a new electric drive system R&D and production base, which is expected to enhance its capabilities in the robotics market [5]. Future Projections - Revenue projections for the company are estimated at 27.505 billion CNY for 2024, 35.098 billion CNY for 2025, and 44.177 billion CNY for 2026. Corresponding net profits are projected to be 2.969 billion CNY, 3.945 billion CNY, and 4.935 billion CNY respectively [6][7]. - The report anticipates that the company will benefit from the growing demand for lightweight materials, intelligent driving systems, and thermal management systems, as well as the expansion of its robotics business [5].

Investment Rating - The report maintains an "Accumulate" rating for Top Group (601689.SH) [2][6] Core Views - The company's Q3 2024 performance met expectations, with Q4 anticipated to benefit from machine orders, particularly from Tesla's humanoid robot [4][5] - The company is expected to continue benefiting from high-margin products and a reduction in depreciation costs, contributing to improved profitability [5][6] Summary by Sections Company Overview - Revenue for 2022 was 15,993 million RMB, projected to grow to 41,205 million RMB by 2026, reflecting a compound annual growth rate (CAGR) of 21.61% [3] - Net profit attributable to shareholders was 1,700 million RMB in 2022, expected to reach 4,905 million RMB by 2026, with a CAGR of 25.51% [3] Performance Analysis - For the first three quarters of 2024, the company achieved revenue of 19,352 million RMB, a year-on-year increase of 36.75%, and a net profit of 2,234 million RMB, up 39.89% [4] - Q3 2024 revenue was 7,130 million RMB, showing a year-on-year growth of 42.85%, with net profit increasing by 54.63% to 778 million RMB [4] Financial Metrics - The gross profit margin for Q3 2024 was 20.88%, slightly down from the previous year, while the net profit margin improved to 10.96% [4][5] - The company’s return on equity (ROE) is projected to increase from 15.60% in 2023 to 20.70% by 2026 [3] Future Outlook - The report anticipates that the company's Tier 0.5 model and contributions from suspension and thermal management will drive revenue growth [6] - The introduction of Tesla's humanoid robot is expected to open new growth avenues for the company, particularly in actuator orders [5][6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its performance and growth potential [1][4]. Core Views - The company's automotive electronics business continues to experience high growth, with a significant increase in revenue and profit margins despite some pressure from raw material prices and market conditions [1]. - The company is expected to benefit from the launch of new models by major clients like Tesla, which could drive revenue growth in the coming years [1]. - The ongoing globalization efforts, including the establishment of new production facilities in Mexico and Europe, are anticipated to enhance the company's operational capacity and market reach [1]. Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue increase of 42.9% year-on-year, reaching 7.13 billion yuan, with a net profit of 780 million yuan, reflecting a 54.6% year-on-year growth [1]. - For the first three quarters of 2024, total revenue was 19.35 billion yuan, a 36.7% increase compared to the previous year, with a net profit of 2.23 billion yuan, up 39.9% [1][2]. Business Segments - The automotive electronics segment saw a remarkable revenue growth of 940.3% year-on-year, totaling 1.29 billion yuan, driven by the rapid expansion of air suspension, intelligent driving, and smart cockpit components [1]. - The chassis system segment also performed well, with a revenue increase of 33.14% to 6.01 billion yuan [1]. - The company is optimistic about the continued growth of its automotive electronic products and the positive contribution from its robotics segment, which reported a revenue of 6.27 million yuan in the first half of 2024 [1]. Market Position and Strategy - The company has optimized its client structure, expanding its partnerships with notable clients such as Huawei, Zeekr, Xiaomi, and BYD, which is expected to provide a solid foundation for long-term growth [1]. - The establishment of new production facilities in Mexico is projected to contribute significantly to the company's revenue from interior components and thermal management systems [1]. Profitability and Valuation - The report projects the company's net profit for 2024, 2025, and 2026 to be 2.93 billion yuan, 3.91 billion yuan, and 4.72 billion yuan, respectively, indicating a strong growth trajectory [1][7]. - The company's return on equity (ROE) is expected to improve from 18.2% in 2024 to 20.7% by 2026, reflecting enhanced profitability [7].

财联社10月28日讯（记者 汪斌） 受益于国内外优质客户放量，今年以来拓普集团（601689.SH）营收 与利润保持快速增长。其中，Q3营收、扣非净利均创下上市以来单季新高。 今晚，拓普集团发布公告，今年前三季度，公司实现营业收入193.52亿元，同比增长36.75%；实现归属 于上市公司股东的净利润22.34亿元，同比增长39.89%。今年第三季度，拓普集团实现营收71.3亿元， 同比增长42.85%；归母净利润7.78亿元，同比增长54.63%；扣非净利7.27亿元，同比增长53.68%。其 中，第三季度营收、扣非净利润均创下单季历史新高。 对于业绩增长的原因，拓普集团方面表示，公司在新能源汽车产业的广阔产品线、系统研发能力及创新 型商业模式等也是重要因素之一。另据拓普集团官方微信公众号发布，今年1-9月，公司减震器、内饰 功能件、底盘系统、热管理系统和汽车电子分别实现收入33.17亿元、60.24亿元、60.14亿元、15.03亿 元、12.9亿元，同比分别增长12.93%、25.84%、31.27%、28.35%、940.32%。 财联社记者注意到，今年前三季度，公司经营活动产生的现金流量净额同比减少 ...

财联社财经通讯社打开APP17:19:13【拓普集团：前三季度净利润22.34亿元 同比增长39.89%】财联社10 月28日电，拓普集团发布2024年第三季度报告，公司前三季度实现营业收入193.52亿元，同比增长 36.75%；净利润22.34亿元，同比增长39.89%；基本每股收益1.33元。 第三季度实现营业收入71.30亿元，同比增长42.85%；净利润7.78亿元，同比增长54.63%。 拓普集团+0.02%A股公告速递查看公告原文财联社声明：文章内容仅供参考，不构成投资建议。 投资者据此操作，风险自担。 2024-10-28 17:19:1326075 阅读商务合作发送 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥7,130,174,754.48, representing a 42.85% increase compared to ¥4,991,259,279.17 in the same period last year[3] - Net profit attributable to shareholders was ¥777,809,789.85, a 54.63% increase from ¥503,029,200.18 year-on-year[3] - The net profit after deducting non-recurring gains and losses was ¥727,491,996.89, up 53.68% from ¥473,367,741.91 in the previous year[3] - The basic earnings per share for the quarter was ¥0.46, reflecting a 48.39% increase compared to ¥0.31 in the same period last year[3] - Revenue for the current reporting period increased by 42.85% due to the expansion of high-quality domestic and international customers[8] - Net profit attributable to shareholders for the current reporting period rose by 54.63%, primarily driven by the increase in revenue[8] - Basic earnings per share for the current reporting period reached 48.39 yuan, reflecting the increase in net profit[9] - The company reported a significant increase in capital reserves, rising to CNY 8.26 billion from CNY 5.34 billion, an increase of approximately 54.5%[17] - The total profit for the first three quarters of 2024 was RMB 2.56 billion, a 39.0% increase from RMB 1.84 billion in 2023[19] Assets and Liabilities - The company's total assets at the end of the reporting period were ¥34,655,401,662.46, a 12.63% increase from the previous year[4] - Current assets totaled CNY 16.37 billion, up from CNY 13.49 billion, indicating a year-over-year increase of about 21.4%[16] - Total liabilities decreased to CNY 15.81 billion from CNY 16.96 billion, a reduction of approximately 6.8%[17] - Shareholders' equity increased to CNY 18.84 billion from CNY 13.81 billion, representing a growth of about 36.1%[17] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥1,138,834,138.74, a significant decrease of 57.78% compared to ¥2,697,286,384.00 in the same period last year[3] - The net cash flow from investment activities was -3,732,211,775.57 CNY, compared to -2,725,831,278.86 CNY in the previous year, indicating a significant increase in cash outflow[22] - Cash inflow from financing activities totaled 5,050,326,899.52 CNY, up from 3,195,945,474.84 CNY year-over-year[22] - Cash outflow for investment activities was 6,062,579,203.23 CNY, compared to 3,558,424,394.70 CNY in the previous year, reflecting increased investment spending[22] Shareholder Information - Total number of ordinary shareholders at the end of the reporting period was 41,598[12] - The largest shareholder, Maike International Holdings (Hong Kong) Limited, holds 1,005,836,000 shares, accounting for 59.66% of total shares[12] Future Plans and Strategies - The company plans to continue expanding its market presence and developing new products and technologies[10] - The company has identified potential acquisition targets to enhance its market position and operational capabilities[10] - The company is focusing on expanding its market presence and investing in new technologies to drive future growth[17] Research and Development - Research and development expenses rose to RMB 860 million, an increase of 21.4% from RMB 708 million in the previous year[18]

| 证券代码：601689 | 证券简称：拓普集团 公告编号：2024-089 | | --- | --- | | 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 第五届监事会第 1 次临时会议决议公告 监事会同意公司调整原方案，调整为仅使用票据方式支付募投项目所需资金 并以募集资金等额置换的事项。 监事会认为：本次使用票据方式支付募投项目所需资金并以募集资金等额置 换的事项，有利于提高资金使用效率、降低资金使用成本，不会影响募投项目的 正常实施，也不存在变相改变募集资金用途，亦不存在损害公司、股东尤其是中 小股东利益的情形，符合相关法律、法规的要求。 表决结果：同意3票，反对0票，弃权0票 特此公告。 宁波拓普集团股份有限公司 本公司监事会及全体监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、 监事会会议召开情况 宁波拓普集团股份有限公司（以下简称"公司"）第五届监事会第 1 次临时 会议于 2024 年 10 月 18 日 10 时在公司总部 C-105 会议室以现场会议方式召开， 会议通知已于 20 ...

| 证券代码：601689 | 证券简称：拓普集团 | 公告编号：2024-090 | | --- | --- | --- | | 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（以下简称"公司"或"拓普集团"）于2024 年10月15日披露《拓普集团关于使用票据及自有资金等方式支付募投项目所需资 金并以募集资金等额置换的公告》（公告编号：2024-087）。 经公司第五届董事会第1次临时会议、第五届监事会第1次临时会议审议通 过，公司对相关原方案进行调整，现就原公告中内容更正如下： 一、更正前： "为提高公司及全资子公司整体资金使用效率、降低资金使用成本、合理优 化募投项目款项支付方式，公司及全资子公司拟在上述募投项目实施期间，根据 实际情况并经相关审批后，以银行承兑汇票（或背书转让）、商业承兑汇票（或 背书转让）及自有资金方式先行支付部分募投项目款项，再以募集资金进行等额 置换。" "财务部按照募集资金支付的有关审批流程，每月将以自有资金垫付的募投 项目相关款项等额划转至公司基本户及一般户，并通知保荐人；" 宁波拓普集团股份有限公司 关于使用票据方式支付募投项目所需资金并 ...

招商证券股份有限公司关于宁波拓普集团股份有限公司 使用票据方式支付募投项目所需资金并以募集资金等额置 换的核查意见 招商证券股份有限公司（以下简称"招商证券"或"保荐人"）作为宁波拓普集 团股份有限公司（以下简称"拓普集团"或"公司"）公开发行可转换公司债券、2022 年向特定对象发行 A 股股票的保荐人，根据《证券发行上市保荐业务管理办法》 《上海证券交易所股票上市规则》《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求》《上海证券交易所上市公司自律监管指引第 1 号— —规范运作》《上海证券交易所上市公司自律监管指引第 11 号——持续督导》 等相关法律法规和规范性文件的要求，对拓普集团使用票据方式支付募投项目所 需资金并以募集资金等额置换的事项进行了核查，核查情况如下： 一、募集资金的基本情况 （一）公开发行可转换公司债券募集资金的基本情况 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 2,500,00 ...