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]

平台化战略持续推进，汽车电子实现较高 增长 核心观点 ⚫ 业绩符合预期。公司上半年营业收入 122.22 亿元，同比增长 33.4%；归母净利润 14.56 亿元，同比增长 33.1%；扣非归母净利润 12.96 亿元，同比增长 26.1%。2 季 度营业收入 65.34 亿元，同比增长 39.3%，环比增长 14.9%；归母净利润 8.11 亿 元，同比增长 25.9%，环比增长 25.6%；扣非归母净利润 7.00 亿元，同比增长 15.3%，环比增长 17.4%。 ⚫ 2 季度毛利率承压，费用率维稳。上半年毛利率 21.3%，同比减少 1.2 个百分点；2 季度毛利率 20.4%，同比减少 2.9 个百分点，环比减少 2.0 个百分点，预计主要系原 材料价格波动、年降落地以及新工厂产能爬坡等综合所致。上半年期间费用率 8.7%，同比增长 0.1 个百分点，其中销售/管理/研发费用率分别同比+0.1/-0.2/-0.6 个 百分点。上半年确认可转债费用 4395 万元，实际应付利息支出 248 万元，影响净利 润 4147 万元，叠加汇兑损益减少，财务费用同比提升 0.7 个百分点。上半年经营活 动现金流 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has achieved significant revenue growth in the first half of 2024, with a revenue of 12.22 billion yuan, representing a year-on-year increase of 33.42%. The net profit attributable to the parent company reached 1.456 billion yuan, also up by 33.11% year-on-year [6] - The company is benefiting from a diversified product line in the new energy vehicle sector, which has contributed to its rapid revenue growth [6] - The company is expected to maintain strong profit growth, with projected net profits of 3.030 billion yuan, 3.954 billion yuan, and 4.924 billion yuan for 2024, 2025, and 2026, respectively [6] Financial Performance Summary - In Q2 2024, the company achieved a revenue of 6.534 billion yuan, a year-on-year increase of 39.25% and a quarter-on-quarter increase of 14.86%. The net profit for Q2 was 811 million yuan, up 25.94% year-on-year and 25.63% quarter-on-quarter [6] - The company’s revenue and profit growth are attributed to its extensive product line in the new energy vehicle industry, overcoming economic fluctuations and industry volatility [6] - The company maintains its previous profit forecasts, with expected earnings per share (EPS) of 2.61 yuan, 3.40 yuan, and 4.23 yuan for 2024, 2025, and 2026, respectively [6] Capacity Expansion and Internationalization - The company is actively expanding its production capacity and accelerating its internationalization process, with ongoing construction of factories in various locations including Mexico and Europe [7] - The North American facility in Mexico is progressing well, with the first factory already in operation and two additional factories in the installation phase [7] - The company has secured global project orders from BMW and is planning further expansion in Poland to accommodate more local orders [7] Product Platform Strategy - The company is advancing its product platform strategy, collaborating with major domestic and international automotive manufacturers, which is expected to create new growth points [8] - The company’s orders for automotive electronic products are beginning to ramp up, with significant growth in projects such as air suspension and intelligent cockpit systems [8] - The comprehensive competitiveness of the company’s interior functional components, lightweight chassis, and thermal management business is continuously improving, contributing to steady revenue growth [8]

Investment Rating - The report maintains a "Buy" rating for the company, citing its strong performance in intelligent business segments and its integrated R&D capabilities in mechanical, electrical, and software domains [1][4] Core Views - The company's 1H24 performance was robust, with revenue increasing by 33.4% YoY to RMB 12.22 billion, and net profit attributable to shareholders rising by 33.1% YoY to RMB 1.46 billion [1] - The automotive electronics business saw explosive growth, with revenue surging by 796.9% YoY to RMB 710 million, driven by air suspension, intelligent driving, and smart cockpit components [1] - The company's robot business is entering a new phase, with revenue from the electric drive system reaching RMB 6.27 million in 1H24, up from RMB 1.85 million in 2023, indicating improved product maturity [1] - The company is optimizing its customer structure and expanding its global production capacity, with new factories in Mexico and Europe contributing to its long-term growth prospects [1] Financial Performance - In 1H24, the company's gross margin decreased by 1.2 percentage points YoY to 21.3%, primarily due to fluctuations in raw material costs and pressure from downstream price reductions [1] - The company's revenue growth is expected to remain steady, with full-year revenue from major customer Tesla projected to stabilize, while new clients like Huawei, Zeekr, Xiaomi, and BYD contribute to growth [1] - The report forecasts a 3.0% increase in 2024E net profit to RMB 2.93 billion, with further growth expected in 2025E and 2026E to RMB 3.91 billion and RMB 4.72 billion, respectively [1] Business Segments - The automotive electronics segment, particularly the air suspension system, is expected to drive future revenue growth, with the company having produced its 60,000th air suspension system and achieving an annual production capacity of 1 million units [1] - The chassis system segment continued to perform strongly, with revenue increasing by 35.8% YoY to RMB 3.79 billion in 1H24 [1] - The robot segment, particularly the electric drive system, is showing signs of maturity, with revenue growth and a decline in gross margin indicating progress toward mass production [1] Global Expansion - The company is actively expanding its global footprint, with new factories in Mexico and Europe, including a facility in Poland that has secured a global order from BMW [1] - The company's Tier 0.5 platform supply advantage is expected to help it scale efficiently and manage costs, while its in-house R&D capabilities will mitigate risks from customer sales fluctuations and cost pressures [1]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [34]. Core Insights - The company reported a 33.42% year-on-year increase in revenue for H1 2024, reaching 12.222 billion yuan, and a net profit of 1.456 billion yuan, also up by 33.11% year-on-year [2]. - The automotive electronics segment showed exceptional growth, with revenue soaring by 743.59% year-on-year, driven by the mass production of projects such as air suspension and intelligent cockpit [2][3]. - The company has established a Tier 0.5 platform with eight major product lines, enhancing its customer base, including partnerships with notable companies like Huawei, NIO, and BYD [3]. - The company is expanding its overseas production capacity, with factories in multiple countries, which positions it well to capture new growth opportunities in the international market [3]. Financial Performance Summary - For 2024, the company forecasts revenue growth to 28.123 billion yuan, a 43% increase year-on-year, with net profit expected to reach 2.859 billion yuan, reflecting a 33% growth [1][2]. - The gross margin for H1 2024 was reported at 21.35%, with a slight decrease of 1.23 percentage points year-on-year, while the expense ratio was controlled at 8.74% [2]. - The company’s current market capitalization is approximately 55.285 billion yuan, with projected P/E ratios for 2024-2026 at 19.34X, 15.11X, and 11.98X respectively [1][4].

拓普集团（601689） 证券研究报告 2024 年 08 月 29 日 投资评级 行业 汽车/汽车零部件 6 个月评级 买入（维持评级） 当前价格 32.79 元 目标价格 元 业绩略高于预告，电驱系统开始贡献收入 业绩略高于预告，24H1 同比高增 公司发布 2024 年半年报，24H1 公司实现营收 122.22 亿元，同比+33.42%； 归母净利润 14.56 亿（预告为 14.52 亿），同比+33.11%；扣非归母净利润 12.96 亿（预告为 12.95 亿），同比+26.14%。公司 24H1 毛利率 21.35%，同 比-1.24pct；24H1 净利率 11.96%，同比-0.04pct。公司收入高增，主要系赛 力斯问界 24Q2 销量 9.8 万辆，同比大增 743.6%，环比增长 19.0%；小米 Q2 销售 3 万辆。 分业务看，减震器收入 21.4 亿元，同比+18.03%，毛利率 21.12%，同比 -3.41pct；内饰功能件收入 39.1 亿元，同比+24.3%，毛利率 17.08%，同比 -2.78pct；底盘系统收入 37.9 亿元，同比+31.46%，毛利率 19.8 ...

Investment Rating - The report maintains a "Buy" rating for Top Group (601689.SH) [4] Core Views - The company achieved significant revenue growth in H1 2024, with total revenue of 12.2 billion yuan, up 33% year-on-year, and a net profit of 1.46 billion yuan, also up 33% year-on-year [1] - The growth is attributed to increased production and sales in the electric vehicle sector, with the company benefiting from the expansion of key clients [1][2] - The company is expanding its global production capacity, with successful projects in Mexico and Europe, including securing orders from BMW [1][2] Financial Summary - In H1 2024, the company's gross margin was 21%, a decrease of 1 percentage point year-on-year, while the net profit margin remained stable at 12% [1] - The company received government subsidies of 110 million yuan in Q2 2024, which positively impacted the net profit margin [1] - The forecast for net profit from 2024 to 2026 is 3.05 billion, 3.75 billion, and 4.64 billion yuan, respectively, with corresponding P/E ratios of 17, 14, and 12 times [2][3]

拓普集团（601689.SH）系列点评七 2024H1 业绩高增 "车+机器人"协同 2024 年 08 月 29 日 [Table_Author] 分析师：崔琰 分析师：白如 事件：公司披露 2024 半年报：2024H1 实现营收 122.22 亿元，同比+33.42%； 归母净利润 14.56 亿元，同比+33.11%；扣非归母净利润 12.96 亿元，同比 +26.14%；其中 2024Q2 实现营收 65.34 亿元，同比+39.25%，环比+14.87%； 归母净利润 8.11 亿元，同比+25.90%，环比+25.71%；扣非归母净利润 7.00 亿 元，同比+15.32%，环比+17.45%。 ➢ 经营业绩稳健，新产品、新客户不断突破。公司 2024H1 营收同比+33.11%； 归母净利润同比+33.11%；其中 2024Q2 营收同比+39.25%，环比+14.87%， 营收创历史新高；归母净利同比+25.90%，环比+25.71%，净利润同样创历史新 高。公司业绩同环比高增，我们分析原因如下： 1）重点客户：①特斯拉 2024Q2 交付量 44.40 万辆，同比-4.76%，环比+14. ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's Q2 performance met expectations, with revenue of 6.534 billion RMB, a year-on-year increase of 39.25%, and a net profit of 811 million RMB, up 25.94% year-on-year [2] - The revenue growth is primarily driven by high-value electric vehicle clients, including AITO M9, Xiaomi SU7, and BYD [3] - The company is expected to benefit from the release of Tesla's humanoid robot in H2 2024, leveraging its leading technology in rotary and linear actuators [3] Summary by Sections Performance Overview - In H1 2024, the company achieved revenue of 12.222 billion RMB, a year-on-year increase of 33.42%, and a net profit of 1.456 billion RMB, up 33.11% year-on-year [2] - The gross profit margin for H1 2024 was 21.35%, down 1.24 percentage points year-on-year, while the net profit margin was 11.96%, down 0.04 percentage points year-on-year [2] Revenue Breakdown - Revenue from various segments in Q2 2024: shock absorbers (2.143 billion RMB, +18.03%), interiors (3.908 billion RMB, +24.3%), chassis (3.789 billion RMB, +31.46%), automotive electronics (707 million RMB, +743.59%), thermal management (919 million RMB, +18.35%), and electric drive (60 thousand RMB) [3] - The gross margins for these segments were: shock absorbers (21.12%), interiors (17.08%), chassis (19.83%), automotive electronics (19.13%), thermal management (17.52%), and electric drive (52.32%) [3] Cost Management - The expense ratios for sales, management, finance, and R&D in Q2 2024 were 1.06%, 2.40%, 0.51%, and 4.25%, respectively, indicating ongoing cost control efforts [3] Future Outlook - The company is projected to achieve revenues of 28.903 billion RMB in 2024, 37.387 billion RMB in 2025, and 42.357 billion RMB in 2026, with year-on-year growth rates of 46.7%, 29.4%, and 13.3%, respectively [4] - Net profits are expected to reach 3.03 billion RMB in 2024, 4.00 billion RMB in 2025, and 4.67 billion RMB in 2026, with growth rates of 40.7%, 32.1%, and 16.8%, respectively [4]

Financial Performance - The company's operating revenue for the first half of 2024 reached RMB 12,221,820,236.43, representing a 33.42% increase compared to RMB 9,160,451,044.52 in the same period last year[17]. - Net profit attributable to shareholders was RMB 1,456,245,678.61, up 33.11% from RMB 1,094,024,695.52 year-on-year[17]. - The net profit after deducting non-recurring gains and losses was RMB 1,295,768,391.51, reflecting a 26.14% increase from RMB 1,027,259,033.76 in the previous year[17]. - The total profit reached 1.69 billion RMB, up 32.80% compared to the same period last year[36]. - The total comprehensive income for the first half of 2024 was ¥1,433,128,748.88, compared to ¥1,111,086,773.31 in the same period of 2023, showing an increase of approximately 28.9%[152]. Cash Flow and Assets - The net cash flow from operating activities was RMB 1,038,398,021.56, a decrease of 15.31% compared to RMB 1,226,121,434.62 in the same period last year[17]. - The total assets of the company at the end of the reporting period were RMB 34,090,579,889.00, an increase of 10.79% from RMB 30,769,771,206.88 at the end of the previous year[17]. - The company's cash and cash equivalents increased by 41.81% to ¥4,049,299,491.76, accounting for 11.88% of total assets, primarily due to funds raised from a private placement[43]. - The total liabilities decreased to CNY 15,991,209,956.73 from CNY 16,955,468,301.15, a reduction of approximately 5.6%[145]. - Cash and cash equivalents at the end of the period totaled CNY 3.56 billion, compared to CNY 2.31 billion at the end of the previous year, an increase of approximately 54.3%[158]. Revenue Sources and Market Performance - The company's main business revenue from automotive parts was RMB 11,472,791,402.25, with a gross margin of 18.92%, a decrease of 2.71 percentage points compared to the previous year[24]. - Domestic revenue was RMB 8,198,483,191.04, reflecting a year-on-year increase of 41.17%, while international revenue was RMB 3,274,308,211.21, up 13.10%[27]. - In the first half of 2024, global passenger car sales reached approximately 28.737 million units, a year-on-year increase of 3.5%, with China's sales at about 11.976 million units, up 6.3%[23]. - The company is positioned in the new energy sector, which is recognized by governments and industries globally, indicating a strong strategic direction with promising prospects[51]. Research and Development - R&D investment accounts for approximately 5% of the company's revenue, supporting continuous improvement in competitiveness and product line expansion[31]. - The company plans to invest 100 million RMB in research and development for new technologies in the next fiscal year[95]. - Research and development expenses increased to ¥533,298,050.74 in the first half of 2024, up from ¥450,976,583.06 in the same period of 2023, indicating a growth of approximately 18.2%[152]. Environmental Responsibility - The company has been listed as a key pollutant discharge unit, indicating a commitment to environmental responsibility and compliance with regulatory standards[59]. - The company has established a hazardous waste management ledger and transfer slip system to comply with hazardous waste management regulations[62]. - The company’s wastewater treatment facilities are operational, ensuring compliance with GB27632-2011 and GB8978-1996 standards for wastewater discharge[64]. - The company is committed to environmental improvement and has passed environmental acceptance inspections by local authorities[73]. Strategic Initiatives and Future Outlook - The company aims to expand its product line and enhance customer satisfaction through a one-stop, modular product and service offering[28]. - The company plans to leverage its capabilities in integrated control systems and innovative vehicle manufacturing models to meet future market demands[28]. - The company has set a future outlook with a revenue target of 3 billion RMB for the full year 2024, which would represent a 25% increase from 2023[91]. - A strategic acquisition was completed, enhancing the company's capabilities in technology, with an investment of 200 million RMB[94]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 47,937[120]. - The top shareholder, Maike International Holdings (Hong Kong) Limited, holds 693,680,000 shares, representing 59.66% of the total shares[121]. - The company plans to distribute a cash dividend of RMB 0.556 per share and a capital reserve conversion of 0.45 shares per share, totaling RMB 646.5 million in cash dividends[115]. - The company has a clear ownership structure with a high shareholding ratio by the founder, ensuring stable decision-making and long-term development[35]. Financial Management and Investments - The company raised approximately 3.50 billion RMB through refinancing in January 2024 to enhance its financial strength for future growth opportunities[40]. - The company has a total of RMB 349,843.78 million planned for investment across various projects, with RMB 63,398.17 million already invested from self-raised funds[107]. - The company has approved an additional temporary use of raised funds up to RMB 800 million for working capital, effective from the date of shareholder approval[108]. - The company has engaged in structured deposits with various banks, with amounts ranging from RMB 10 million to RMB 100 million[111][112].