Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company's performance in the first half of 2024 met expectations, with revenue of 12.22 billion yuan, a year-on-year increase of 33.42%, and a net profit attributable to shareholders of 1.456 billion yuan, also up 33.11% year-on-year [2] - The international market strategy is accelerating, with the North American Mexico industrial park progressing smoothly, and the first factory of the first phase has been put into production [2] - The product platform strategy is continuously advancing, enhancing the overall competitiveness of various business lines [2] Summary by Relevant Sections Financial Performance - In Q2 2024, the company achieved revenue of 6.534 billion yuan, a year-on-year increase of 39.25% and a quarter-on-quarter increase of 14.86% [2] - The net profit attributable to shareholders for Q2 2024 was 811 million yuan, up 25.94% year-on-year and 25.63% quarter-on-quarter [2] - The company expects revenues of 27.005 billion yuan, 34.302 billion yuan, and 42.574 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 2.895 billion yuan, 3.714 billion yuan, and 4.771 billion yuan for the same years [2][3] International Expansion - The company has established manufacturing plants in the USA, Brazil, Malaysia, Poland, and Mexico, facilitating faster and more efficient service to customers [2] - The company has secured a global project order for BMW's lightweight chassis core component, indicating successful progress in the European market [2] Product Development - The company has developed integrated R&D capabilities across mechanical, electronic control, and software domains, supporting its product platform strategy [2] - Key projects such as air suspension and intelligent cockpit are beginning mass production, with the air suspension project showing rapid growth [2]

[Table_Profit] 拓普集团（ [Table_StockNameRptType] 601689） 公司点评 新产品与新客户放量，收入持续高增长 | --- | --- | --- | |-------------------------------------|------------|-------------| | | | | | [Table_Rank] 投资评级：买入（维持） | | | | 报告日期： | 2024-09-03 | | | [Table_BaseData] 收盘价（元） | | 31.83 | | 近 12 个月最高 / | 最低（元） | 50.40/29.57 | | 总股本（百万股） | | 1,686 | | 流通股本（百万股） | | 1,686 | | 流通股比例（ % ） | | 100.00 | | 总市值（亿元） | | 537 | | 流通市值（亿元） | | 537 | -51% -36% -21% -5% 10% 9/23 12/23 3/24 6/24 拓普集团 沪深300 [Table_Author] 分析师：张志邦 执业证书号：S0010523 ...

Investment Rating - The report maintains a "Buy" rating for the company, Top Group (601689), with a target price set at 32.79 [1][7]. Core Views - Top Group reported a revenue of 12.227 billion yuan for H1 2024, reflecting a year-on-year growth of 33.47%. The net profit attributable to shareholders was 1.456 billion yuan, also up by 33.11% [2]. - The company has established strategic partnerships with major clients such as Huawei, BYD, and Xiaomi, indicating a strong growth trajectory in the automotive parts sector. The collaboration with luxury brands like Tesla and breakthroughs in European markets are significant milestones [2][4]. - Revenue projections for 2024-2026 are estimated at 27.08 billion, 34.57 billion, and 41.36 billion yuan, respectively, with net profits expected to reach 3.034 billion, 3.784 billion, and 4.627 billion yuan [4][5]. Financial Summary - The company’s revenue growth rate is projected to be 37.46% in 2024, followed by 27.66% in 2025 and 19.65% in 2026 [4]. - The earnings per share (EPS) are forecasted to be 1.80, 2.24, and 2.74 yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 18.71, 15.00, and 12.27 [4][5]. - The company is expected to achieve a return on equity (ROE) of 15.64% in 2024, increasing to 18.30% by 2026 [5].

Investment Rating - The report maintains a "Buy" rating for Top Group (601689) as of September 2, 2024 [1] Core Views - The company's performance is driven by the growth of core customers, with a robust revenue increase and ongoing Tier 0.5 platform strategy [1][2] - The company reported a revenue of 12.22 billion yuan for H1 2024, a year-on-year increase of 33.42%, and a net profit of 1.456 billion yuan, also up 33.11% year-on-year [2] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 6.534 billion yuan, reflecting a year-on-year growth of 39.25% and a quarter-on-quarter increase of 14.86% [2] - The net profit for Q2 2024 was 811 million yuan, up 25.94% year-on-year and 25.63% quarter-on-quarter [2] - The company’s H1 2024 revenue breakdown includes: shock absorbers at 2.143 billion yuan, interior functional parts at 3.908 billion yuan, chassis systems at 3.789 billion yuan, thermal management systems at 919 million yuan, and automotive electronics at 707 million yuan, with respective year-on-year growth rates of 18.0%, 24.3%, 31.5%, 18.4%, and 743.6% [3] Customer and Market Dynamics - The revenue growth in Q2 2024 was primarily driven by key customers such as Wanjie and Xiaomi, with Wanjie's sales reaching 98,800 units, a year-on-year increase of 749.30% [3] - The company’s Tier 0.5 innovative business model continues to gain acceptance among clients, leading to an optimized customer structure [3] Future Outlook - The report projects that the company will achieve revenues of 27.2 billion, 35.6 billion, and 44.5 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 38%, 31%, and 25% [5] - The expected net profits for the same years are 2.95 billion, 4.02 billion, and 5.02 billion yuan, with growth rates of 37% for both 2024 and 2025, and 25% for 2026 [5]

拓普集团（601689.SH） 优于大市 二季度净利润同比增长 26%，迎来多品类发力新周期 客户与产品齐发力，上半年营收同比增长 33%。拓普集团 24H1 营收 122.3 亿元，同比+33%；单季度来看，营收 65.4 亿，同比+39%，环比+15%，营收 环比+8.5 亿元，预计主要系问界、小米、理想、比亚迪及吉利等客户贡献； 24H1 拓普实现归母净利润 14.5 亿元，同比+33%；单季度来看，归母净利润 8.1 亿元，同比+26%，环比+26%，扣非净利润 7.0 亿元，同比+15%，环比+17%， 考虑到 23Q2 汇兑影响，预计利润实际同比增速更为可观；整体来看，得益 于公司多产品线的稳定放量（汽车电子+原有主业）以及降本增效的持续推 进，经营业绩保持持续增长态势。 全球化进程提速，汽车电子业务高增。24Q2 拓普集团毛利率为 20.4%，环比 -2.0pct，同比-2.9pct，下半年随客户放量及产能利用率提升，有望逐步回 暖；分业务来看，减震业务营收 21.4 亿元，同比+18.0%，内饰业务营收 39.1 亿元，同比+24.3%%，底盘业务营收 37.9 亿元，同比+19.8%，汽车电 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a robust performance in H1 2024, achieving revenue of 12.22 billion and a net profit of 1.46 billion, both reflecting a year-on-year increase of 33% [10] - The automotive electronics business is entering a rapid growth phase, driven by the mass production of various projects including air suspension and intelligent cockpit systems [10] - The company is making steady progress in its international strategy, with its aluminum control arm products gaining recognition from high-end clients [10] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 122.22 billion, up 33% year-on-year, and a net profit of 14.56 billion, also up 33% year-on-year [10] - Q2 2024 revenue reached 65.34 billion, a 39% increase year-on-year, with net profit at 8.11 billion, a 26% increase [10] - The company’s gross margin was 21.35%, a decrease of 1.24 percentage points year-on-year [10] Business Segments - Revenue from various business segments in H1 2024 included: shock absorbers (2.14 billion, +18%), interior functional parts (3.91 billion, +24%), chassis systems (3.79 billion, +31%), automotive electronics (707 million, +744%), and thermal management systems (919 million, +18%) [10] - The air suspension products have become a new growth point for revenue, with significant sales from models like the AITO M9 and Xiaomi SU7 [10] Market Outlook - The company expects net profits for 2024-2026 to be 3.016 billion, 4.009 billion, and 4.866 billion respectively, with corresponding EPS of 1.79, 2.38, and 2.89 [8] - The projected PE ratios for the same period are 19X, 14X, and 12X [8]

国浩律师（上海）事务所 关于宁波拓普集团股份有限公司 2024 年第三次临时股东大会的法律意见书 致：宁波拓普集团股份有限公司 宁波拓普集团股份有限公司（以下简称"公司"）2024 年第三次临时股东大会 （以下简称"本次股东大会"）于 2024 年 9 月 2 日 8:00 召开，国浩律师（上海） 事务所（以下简称"本所"）接受公司的委托，指派余蕾律师、李嘉言律师（以下 简称"本所律师"）出席会议，并依据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、中国证券 监督管理委员会发布的《上市公司股东大会规则》和《宁波拓普集团股份有限公司 章程》（以下简称"公司章程"）出具本法律意见书。 本所律师已经按照有关法律、法规的规定对公司 2024 年第三次临时股东大会 召集、召开程序是否符合法律、法规和《公司章程》、出席会议人员的资格、召集 人资格是否合法有效和会议的表决程序、表决结果是否合法有效发表法律意见。 国浩律师（上海）事务所 法律意见书 本法律意见书中不存在虚假、严重误导性陈述及重大遗漏，否则本所律师愿意 承担相应的法律责任。 本所律师是根据对事实的了解 ...

本次会议采取现场投票与网络投票相结合的方式对需审议案表决，表决方式 符合《公司法》、《公司章程》等相关法律法规的规定。公司董事长邬建树先生主 (一) 股东大会召开的时间：2024 年 9 月 2 日 (二) 股东大会召开的地点：宁波市北仑区育王山路 268 号公司总部 C-105 会 议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 持本次股东大会。 证券代码：601689 证券简称：拓普集团 公告编号：2024-077 宁波拓普集团股份有限公司 2024 年第三次临时股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 688 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,111,148,999 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 65.9034 | (四) 表决方式是否 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 58.82 CNY [3][9]. Core Views - The mid-year report meets expectations, with a successful platform strategy leading to smooth customer expansion and a richening product line, driving rapid revenue growth [1]. - The company achieved a revenue of 12.22 billion CNY in the first half of 2024, representing a year-on-year growth of 33.4%, and a net profit of 1.46 billion CNY, also up by 33.1% [3]. - The automotive electronics business shows significant growth, with various product lines contributing to revenue increases, including a remarkable 767% growth in automotive electronics revenue [3]. - The company is accelerating its global expansion, establishing manufacturing plants in multiple countries, which lays a foundation for long-term growth [3]. Financial Summary - Revenue for 2022 was 15,993 million CNY, projected to grow to 46,229 million CNY by 2026, reflecting a compound annual growth rate (CAGR) of 28.2% [2]. - Net profit attributable to the parent company is expected to rise from 1,700 million CNY in 2022 to 4,959 million CNY in 2026, with a CAGR of 28.0% [2]. - The earnings per share (EPS) is forecasted to increase from 1.01 CNY in 2022 to 2.94 CNY in 2026 [2]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 33.38 in 2022 to 11.45 in 2026, indicating improving valuation [2].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved revenue of 12.22 billion and a net profit of 1.456 billion in 1H24, with year-on-year growth of 33.4% and 33.1% respectively [1] - In 2Q24, the company reported revenue of 6.534 billion, with year-on-year growth of 39.3% and quarter-on-quarter growth of 14.9% [1] - The company is expanding its production capacity and launching new automotive electronic products, which are expected to drive future growth [1] Financial Performance - Revenue (in million) for the years 2022A, 2023A, 2024E, 2025E, and 2026E are 15,993, 19,701, 26,780, 32,282, and 40,639 respectively, with growth rates of 39.5%, 23.2%, 35.9%, 20.5%, and 25.9% [1][4] - Net profit (in million) for the same years are 1,700, 2,151, 2,966, 3,521, and 4,760, with growth rates of 67.1%, 26.5%, 37.9%, 18.7%, and 35.2% [1][4] - The company's ROE for the years 2022A, 2023A, 2024E, 2025E, and 2026E are 14.0%, 15.6%, 15.1%, 15.5%, and 17.6% respectively [1][4] Business Segments - In 1H24, revenue from various business segments includes 2.14 billion from shock absorbers, 3.91 billion from interior functional parts, 3.79 billion from chassis systems, 710 million from automotive electronics, and 920 million from thermal management systems, with respective year-on-year growth rates of 18%, 24%, 31%, 744%, and 18% [1] - The automotive electronics segment is experiencing significant growth, with orders starting to ramp up [1] Future Outlook - The company is expected to achieve revenues of 26.78 billion, 32.28 billion, and 40.64 billion in 2024, 2025, and 2026 respectively, with corresponding net profits of 2.97 billion, 3.52 billion, and 4.76 billion [1] - The report estimates the company's P/E ratios to be 17.9, 15.1, and 11.2 for the years 2024E, 2025E, and 2026E respectively [1]