Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company achieved a revenue of 26.6 billion RMB in 2024, representing a year-over-year increase of 35.02%, and a net profit of 3.001 billion RMB, up 39.52% year-over-year [1] - The company's automotive business is expected to benefit from increased orders from key clients like Huawei and Xiaomi, while the robotics segment is anticipated to open long-term growth opportunities [1][4] - The company is expanding its product lines, with significant growth in automotive electronics, which saw an increase of 908% year-over-year, driven by the delivery of over 240,000 closed air suspension systems [2] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 7.248 billion RMB, a year-over-year increase of 30.63% and a quarter-over-quarter increase of 1.66% [1] - The gross margin for 2024 decreased by 2.1 percentage points to 20.8%, attributed to the ramp-up of new production capacity [3] - The net profit margin improved by 0.4 percentage points to 11.3% due to a reduction in credit impairment losses and lower expense ratios [3] Business Segments - Traditional shock absorber business grew steadily by 2.4% year-over-year, while the automotive electronics segment saw a significant increase due to the rapid adoption of new energy vehicles [2] - The company is actively investing in R&D to expand its product lines in both automotive and robotics sectors, indicating a broad growth potential [2][4] Profit Forecast and Valuation - The company is projected to achieve net profits of 3.81 billion RMB in 2025 and 4.71 billion RMB in 2026, with an estimated target price of 67.45 RMB based on a PE ratio of 30.8 for 2025 [5]

Core Viewpoint - Top Group (601689.SH) has achieved continuous growth in operating performance, with record high revenues and profits in 2024, reflecting its strong position in the automotive parts industry [1][2][4]. Financial Performance - In 2024, Top Group reported operating revenue of 26.6 billion yuan, a year-on-year increase of 35.02%, and a net profit of 3.001 billion yuan, up 39.52% from the previous year [1][2]. - The company has maintained a five-year consecutive growth in both operating revenue and net profit, with double-digit year-on-year growth rates during this period [2][3]. - The proposed cash dividend for 2024 is 0.519 yuan per share, totaling 900 million yuan, which accounts for 30.06% of the net profit [1][4]. Business Segments - The revenue breakdown for 2024 includes: - Shock Absorber Systems: 4.402 billion yuan (up 2.40%) - Interior Functional Parts: 8.434 billion yuan (up 28.24%) - Chassis Systems: 8.203 billion yuan (up 33.98%) - Automotive Electronics: 1.820 billion yuan (up 907.63%) - Thermal Management Systems: 2.140 billion yuan (up 38.24%) - Electric Drive Systems: 13.4274 million yuan (up 624.11%) [3]. Asset and Cash Flow - As of the end of 2024, total assets reached 37.544 billion yuan, a 22.02% increase year-on-year, while total liabilities rose by 5.93% to 17.961 billion yuan [3]. - The net cash flow from operating activities was 3.236 billion yuan, with investment cash outflows of 7.646 billion yuan, indicating significant investment in fixed assets to prepare for the growth in the new energy vehicle market [3][6]. R&D and Innovation - In 2024, Top Group invested 1.224 billion yuan in R&D, representing 4.60% of its operating revenue, with a total of 4,159 R&D personnel, accounting for 18.32% of the total workforce [5][6]. - The company has established a comprehensive R&D capability across various product lines, enhancing its competitive edge [5][6]. Market Expansion and Acquisitions - Top Group has expanded its manufacturing bases in key automotive industry clusters in China and established factories in several countries to better serve international clients [6]. - The company has initiated the acquisition of Wuhu Changpeng Automotive Parts Co., aiming to enhance its market share in interior products and strengthen its industry position [7].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on a PE ratio of 25 for 2025 [5]. Core Insights - The company achieved a revenue of 26.6 billion yuan in 2024, representing a year-on-year growth of 35.0%, and a net profit of 3.0 billion yuan, up 39.5% year-on-year [1][2]. - The company's innovative Tier 0.5 business model is gaining acceptance among more clients, contributing to significant growth in automotive electronics, which saw a 906% increase in 2024 [1][2]. - The company is actively expanding into robotics, with plans to invest 5 billion yuan in a new R&D and production base for electric drive systems [3]. Financial Performance - The gross margin for 2024 was 20.8%, a decrease of 2.2 percentage points year-on-year, with Q4 2024 gross margin at 19.8% [2]. - The company expects revenues of 32.99 billion yuan in 2025, 39.18 billion yuan in 2026, and 46.18 billion yuan in 2027, with corresponding net profits of 3.62 billion yuan, 4.50 billion yuan, and 5.57 billion yuan respectively [4][8]. - The projected EPS for 2025, 2026, and 2027 are 2.08 yuan, 2.59 yuan, and 3.20 yuan respectively, with PE ratios decreasing from 25 in 2025 to 16 in 2027 [4][8]. Strategic Developments - The company is strategically partnering with leading electric vehicle manufacturers such as Tesla, RIVIAN, and BYD, enhancing its position in the global supply chain [2][3]. - The company has established stable cooperation with both international and domestic innovative car manufacturers, aligning with the industry's shift towards electric and intelligent vehicles [2][3].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on a PE ratio of 25 for 2025 [5][3]. Core Viewpoints - The company achieved a revenue of 26.6 billion yuan in 2024, representing a year-on-year growth of 35.0%, and a net profit of 3.0 billion yuan, up 39.5% year-on-year [1][2]. - The growth is attributed to the acceptance of the Tier 0.5 innovative business model by more clients, rapid growth in automotive electronics, and the strengthening of core thermal management business advantages [1][2]. - The company is actively expanding into robotics, with significant investments planned for the development of electric drive systems [3][2]. Financial Performance Summary - In 2024, the gross margin was 20.8%, a decrease of 2.2 percentage points year-on-year, with Q4 gross margin at 19.8% [2]. - The company’s operating revenue is projected to grow to 32.998 billion yuan in 2025, 39.177 billion yuan in 2026, and 46.177 billion yuan in 2027, with corresponding net profits of 3.615 billion yuan, 4.502 billion yuan, and 5.569 billion yuan respectively [4][8]. - The report forecasts an EPS of 2.08 yuan for 2025, increasing to 3.20 yuan by 2027, with a PE ratio decreasing from 30 in 2024 to 16 in 2027 [4][8]. Strategic Developments - The company is focusing on becoming a leading global auto parts supplier by establishing stable partnerships with both traditional and new energy vehicle manufacturers [2][3]. - The Tier 0.5 business model is designed to enhance the value of single vehicle components for leading smart electric vehicle manufacturers [2][3]. - The company plans to invest 5 billion yuan in a new robotics electric drive system R&D and production base, with an annual capacity of 300,000 electric drive actuators [3][2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a robust performance in 2024, with total revenue reaching 26.6 billion yuan, a year-on-year increase of 35.02%, and a net profit attributable to shareholders of 3 billion yuan, up 39.52% year-on-year [7] - The automotive electronics segment significantly contributed to revenue growth, with a staggering 907.63% increase in revenue [7] - The company is expanding into the robotics sector, which is expected to open new growth avenues [7] - The profit forecast for 2025-2026 has been slightly adjusted downwards due to client production line changes, with net profit estimates of 3.554 billion yuan and 4.460 billion yuan respectively [7] Financial Summary - Total revenue projections for 2023A to 2027E are as follows: 19.701 billion yuan (2023A), 26.600 billion yuan (2024A), 32.879 billion yuan (2025E), 40.774 billion yuan (2026E), and 48.929 billion yuan (2027E) [1] - Net profit attributable to shareholders is projected to grow from 2.151 billion yuan in 2023A to 5.652 billion yuan in 2027E [1] - The latest diluted EPS is expected to increase from 1.24 yuan in 2023A to 3.25 yuan in 2027E [1] - The company’s P/E ratio is projected to decrease from 41.85 in 2023A to 15.93 in 2027E, indicating a potential for value appreciation [1]

证券研究报告·公司点评报告·汽车零部件 拓普集团（601689） 2024 年年报点评：业绩稳健向好，机器人打 开成长空间 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 19,701 | 26,600 | 32,879 | 40,774 | 48,929 | | 同比（%） | 23.18 | 35.02 | 23.60 | 24.01 | 20.00 | | 归母净利润（百万元） | 2,151 | 3,001 | 3,554 | 4,460 | 5,652 | | 同比（%） | 26.49 | 39.52 | 18.46 | 25.47 | 26.72 | | EPS-最新摊薄（元/股） | 1.24 | 1.73 | 2.05 | 2.57 | 3.25 | | P/E（现价&最新摊薄） | 41.85 | 29.99 | 25.32 | 20.18 | 15.93 | [Table_Tag] [Tab ...

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。 证券代码：601689 证券简称：拓普集团 公告编号：2025-047 宁波拓普集团股份有限公司 关于召开2024年年度股东大会的通知 股东大会召开日期：2025年5月14日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 重要内容提示： 一、 召开会议的基本情况 (一)股东大会类型和届次 2024年年度股东大会 (四)现场会议召开的日期、时间和地点 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 14 日 至2025 年 5 月 14 日 召开的日期时间：2025 年 5 月 14 日 8 点 0 分 召开地点：宁波市北仑区育王山路 268 号公司总部 C-105 会议室 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时 ...

证券代码：601689 证券简称：拓普集团 公告编号：2025-035 宁波拓普集团股份有限公司 第五届监事会第十七次会议决议公告 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"）第五届监事会第十七次会 议于 2025 年 4 月 22 日 14 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 2025 年 4 月 12 日以通讯方式发出。本次会议由监事会主席颜群力先 生召集并主持，应出席监事三名，实际出席监事三名。会议的召集、召开及表决 程序符合《中华人民共和国公司法》及《公司章程》的规定。 二、 监事会会议审议情况 （一）审议通过了《关于2024年度监事会工作报告的议案》 该议案的详细内容请见公司同日披露于上海证券交易所网站的《拓普集团 2024年度监事会工作报告》。 （四）审议通过《关于2024年度募集资金存放与使用情况的议案》 监事会经审议后认为：公司2024年度募集资金存放与实际使用符合《上市公 司监管指引第2号——上市公 ...

证券代码：601689 证券简称：拓普集团 公告编号：2025-034 宁波拓普集团股份有限公司 第五届董事会第二十一次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 宁波拓普集团股份有限公司（以下简称"公司"）第五届董事会第二十一次 会议于 2025 年 4 月 22 日 9 时在公司总部 C-105 会议室以现场会议方式召开。公 司董秘办已于 2024 年 4 月 12 日以通讯方式发出会议通知。本次会议由董事长邬 建树先生召集并主持，会议应出席董事九名，实际出席董事九名。公司监事、高 级管理人员列席了会议。会议的召集、召开及表决程序符合《中华人民共和国公 司法》及《公司章程》等规定，合法有效。 （二）审议通过《关于2024年度独立董事履职报告的议案》 本议案内容详见公司同日披露于上海证券交易所网站的公告《拓普集团2024 年度独立董事履职报告》（谢华君、赵香球、汪永斌）。 表决结果：同意9票，反对0票，弃权0票，回避0票 （三）审议通过《关于2024年度董事会审计委员会履职报告 ...

宁波拓普集团股份有限公司 第五届董事会第二十一次会议决议 宁波拓普集团股份有限公司(以下简称"公司")第五届董事会第二十一次会 议于2025年4月22日9时在公司总部C-105会议室以现场会议方式召开,公司董秘 办已于2025年4月12日通讯方式发出会议通知。本次会议由董事长邬建树召集并 主持,会议应到董事九名,实际出席董事九名,公司监事、高级管理人员列席了 会议。会议的召集、召开以及表决程序符合《公司法》和《公司章程》的有关规 定。与会董事经认真审议，通过了以下议案: (一)审议通过《关于2024年度董事会工作报告的议案》 该报告即《拓普集团2024年年度报告》之"第二节《公司简介和主要财务指 标》"和"第三节《管理层讨论与分析》",详情请参阅上述章节。 表决结果:同意9票,反对0票,弃权0票,回避0票 (二)审议通过《关于2024年度独立董事履职报告的议案》 本议案的内容详见《拓普集团2024年度独立董事履职报告》(谢华君、赵香 球、汪永斌)。 表决结果:同意9票,反对0票,弃权0票,回避0票 表决结果:同意9票,反对0票,弃权0票,回避0票 (四)审议通过《关于2024年度总裁(总经理)工作报告的议案》 ...