拓普集团(601689.SH)系列点评六 Tier0.5 平台型供应商 Q2 业绩超预期 2024 年 07 月 23 日 [Table_Author] 分析师:崔琰 执业证号:S0100523110002 邮箱:cuiyan@mszq.com ➢ 事件概述:公司披露 2024 半年度业绩快报:2024H1 实现营收 122.27 亿 元,同比+33.47%;归母净利润 14.52 亿元,同比+32.69%;扣非归母净利润 12.95 亿元,同比+26.06%。 ➢ 业绩超预期 收入&利润再创历史新高。公司 2024H1 实现营收 122.27 亿 元,同比+33.47%;归母净利润 14.52 亿元,同比+32.69%;扣非归母净利润 12.95 亿元,同比+26.06%。其中 2024Q2 实现营收 65.39 亿元,同比+39.36%, 环比+14.96%,营收创历史新高;实现归母净利 8.07 亿元,同比+25.25%,环 比+25.06%;实现扣非归母净利 6.99 亿元,同比+15.15%,环比+17.28%,净 利润同样创历史新高。公司业绩同环比实现高增,我们分析原因如下: 1)重点客户:特斯拉 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a projected PE of 23/17/14 times for the years 2024-2026 [1][3] Core Insights - The company is expected to achieve a revenue of 12.227 billion yuan in the first half of 2024, representing a year-on-year increase of 33.47%, and a net profit of 1.452 billion yuan, up 32.69% year-on-year [1] - The second quarter of 2024 is projected to show continued high growth, with revenue expected to reach 6.539 billion yuan, a year-on-year increase of 39.37% and a quarter-on-quarter increase of 14.96% [1] - The company's profitability is also expected to improve, with a projected net profit margin of 12.3% in Q2 2024, an increase of 1 percentage point from the previous quarter [1] Financial Performance Summary - Revenue is projected to grow from 15.993 billion yuan in 2022 to 41.364 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 20% [6][7] - The net profit attributable to the parent company is expected to increase from 1.700 billion yuan in 2022 to 4.862 billion yuan in 2026, reflecting a CAGR of around 26.63% [6][7] - The company's EBITDA is forecasted to rise from 3.571 billion yuan in 2022 to 8.406 billion yuan in 2026, indicating strong operational efficiency [6][7] Customer and Strategic Developments - The company is expanding its high-value customer base in the smart electric vehicle sector, with significant sales growth from its key client, which has sold over 110,000 units of its model since launch [2] - The company is advancing its platformization strategy, enhancing its competitive edge in interior components, lightweight chassis, and thermal management [2] - The internationalization strategy is progressing with the establishment of a factory in Mexico, which is expected to bolster its presence in the European market [2]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 12.227 billion yuan for the first half of 2024, representing a year-on-year increase of 33.47%, and a net profit attributable to shareholders of 1.452 billion yuan, up 32.69% year-on-year [6] - The company's platform strategy is progressing, with significant growth in sales from key domestic clients, including sales increases of 23.9% for Wanjie, 35.1% for Ideal, and 57.6% for BYD in Q2 2024 [6] - The company is investing 5 billion yuan to establish a research and production base for robotic electric drive systems, which is expected to drive long-term growth [6] Financial Summary - The company is projected to achieve net profits of 3.0 billion yuan, 3.61 billion yuan, and 4.3 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 22.3, 18.5, and 15.5 [7] - Revenue forecasts for the company are 19.701 billion yuan for 2023, 27.975 billion yuan for 2024, 34.510 billion yuan for 2025, and 40.721 billion yuan for 2026 [9] - The gross profit margin is expected to be 23.0% in 2023, decreasing slightly to 22.0% by 2026 [9]

证券研究报告 | 公司点评 2024 年 07 月 23 日 拓普集团(601689.SH) 业绩超预期,盈利能力持续增强 事件:公司发布 2024H1 业绩快报。2024H1,公司实现收入 122 亿元, 同比+33%;归母净利润 14.5 亿元,同比+33%;扣非 12.9 亿元,同比 +26%。 业绩超预期,Q2 盈利能力进一步提升。根据业绩快报,我们测算出 2024 Q2,公司收入 65 亿元,同比+39%,环比+15%;归母净利润 8.1 亿元, 同比+25%,环比+25%。收入端,我们预计增长主要受益于新能源车客 户订单放量。Q2 国内新能源车零售 235 万辆,环比+32%,其中问界销 量 9.5 万辆,环比+11%,特斯拉全球交付 44 万辆,环比+14%。盈利 端,我们测算出 2024Q2,公司归母净利率 12.3%,环比+1pct。目前铝 价有下降趋势,叠加规模效应,公司净利率有望维持较高水平。 开拓海外市场+拓张产品品类,打造业绩新的增长点。公司持续推进全球 化产能布局,扩大客户辐射范围,提高市场占有率。目前公司墨西哥一期 项目第一工厂已投产,另外三家工厂有序推进,就近配套提升有利于公司 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥12.23 billion, a 33.47% increase compared to ¥9.16 billion in the same period last year[4] - Operating profit was ¥1.67 billion, reflecting a 30.00% growth from ¥1.29 billion year-on-year[4] - Net profit attributable to shareholders was ¥1.45 billion, up 32.69% from ¥1.09 billion in the previous year[4] - The basic earnings per share rose to ¥0.87, a 29.85% increase from ¥0.67 in the previous year[4] Asset and Equity Growth - The company achieved a total asset value of ¥33.87 billion, marking a 10.08% increase from ¥30.77 billion at the beginning of the reporting period[4] - The equity attributable to shareholders increased by 31.01% to ¥18.06 billion from ¥13.78 billion[4] - The company raised ¥3.515 billion through a private placement, contributing to the increase in equity and share capital[7] Business Strategy and Innovation - The company’s Tier 0.5 innovation business model has gained acceptance among high-value electric vehicle clients, leading to an optimized customer structure[6] - The internationalization strategy is accelerating, with the first factory in Mexico now operational and additional factories progressing as planned[6] - The company continues to focus on cost reduction and efficiency improvement to enhance operational performance[6]

招商证券股份有限公司关于宁波拓普集团股份有限公司 向特定对象发行股票限售股上市流通的专项核查意见 招商证券股份有限公司（以下简称"招商证券"或"保荐机构"）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"）向特定对象发行股 票的保荐机构，根据《公司法》《证券法》《上市公司证券发行注册管理办法》 《上海证券交易所股票上市规则》等相关法规的要求，对拓普集团向特定对象发 行股票限售股份申请上市流通事项进行了核查，发表核查意见如下： 2024 年 7 月 19 日，由于"拓普转债"转股，公司总股份数增至 1,686,025,143 股。 三、本次限售股上市流通的有关承诺及履行情况 本次解禁的限售股持有人承诺本次认购的股份自发行结束之日起 6 个月内 不得转让。锁定期内限售股持有人均严格履行了承诺，不存在承诺未履行影响本 次限售股上市流通的情况。 一、本次限售股上市类型 2023 年 6 月 29 日，中国证监会出具《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）。经该文同意，拓 普集团向特定对象发行 A 股 60,726,104 股，并于 2024 ...

| 证券代码：601689 | 证券简称：拓普集团 公告编号：2024-064 | | --- | --- | | 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 向特定对象发行股票限售股上市流通公告 2023 年 6 月 29 日，中国证监会出具《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）。经该文同意，宁波拓 普集团股份有限公司（以下简称 "公司"）向特定对象发行 A 股 60,726,104 股（以 下简称"本次发行"），并于 2024 年 1 月 26 日在中国证券登记结算有限责任公司 上海分公司办理完成本次发行新增股份的登记、托管及限售手续。 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、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为非公开发行股份；股票认购方式为网下，上市股数为 88,052,851 股。 本次股票上市流通总数为 88,052,851 股。 本次股票上市流通日期为 2024 年 7 月 26 日。 一、本次限售股上市类型 ...

Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Insights - The company has established a solid Tier0.5 platform, optimized its customer structure, and is advancing its actuator business in an orderly manner [1]. - The company is expected to benefit from a continuous increase in revenue driven by the optimization of its client structure and the expansion of its product matrix [9]. - The company has a strong focus on capital efficiency, customer insight, and a forward-looking global layout, which positions it well in the automotive parts industry [20][31]. Summary by Sections Growth Review - The company has expanded its product matrix and optimized its customer structure, leading to sustained growth in both volume and price [3]. - The product matrix includes NVH products and electric intelligent automotive components, with the highest single vehicle ASP reaching 30,000 yuan [14]. - The company has successfully transitioned from relying on joint ventures to focusing on major clients like Tesla, Huawei, and Geely, enjoying scale benefits [16]. Overall Understanding - The company has effectively managed capital expenditures, achieving a positive cycle of "customer targeting - capacity expansion - customer consolidation - new orders" [20]. - The capital expenditure for 2023 is approximately 3.177 billion yuan, with a CAGR of 33.48% from 2013 to 2023 [20]. - The company has established a global presence with numerous R&D and manufacturing centers, increasing its overseas revenue share from 21% in 2019 to 29% in 2023 [31]. Growth Logic - The client structure is continuously optimized, with major contributions from leading independent and new force clients [33]. - The company anticipates significant revenue growth from clients like Huawei, BYD, and Geely, which are expected to launch new models in 2024 [35][37]. - The company is positioned to benefit from the rapid growth of thermal management and automotive electronics in the coming years [40].

| 证券代码：601689 | 证券简称：拓普集团 公告编号：2024-061 | | --- | --- | | 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 关于调整可转债转股价格的公告 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法律责任。 2024 年 6 月 24 日，宁波拓普集团股份有限公司召开 2023 年年度股东大会， 审议通过了《关于 2023 年度利润分配的议案》。公司拟以实施权益分派股权登记 日登记的总股份数为基数，每股派发现金红利 0.556 元（含税）。同时以资本公积 转增股本，每 10 股转增 4.5 股。本次权益分派实施的股权登记日为 2024 年 7 月 调整前转股价格：70.92 元/股 调整后转股价格：48.06 元/股 "拓普转债"本次转股价格调整实施日期：2024 年 7 月 19 日 18 日，除权除息日为 2024 年 7 月 19 日，详细内容请见公司同日在上海证券交易 所网站（www.sse.com.cn）披露的《拓普集团 2023 年度权益分派实施公告》 ...

证券代码：601689 证券简称：拓普集团 公告编号：2024-060 宁波拓普集团股份有限公司 2023 年年度权益分派实施公告 1. 发放年度：2023 年年度 2. 分派对象： 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： | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 新增无限售 条件流通股 | 现金红利发 | | --- | --- | --- | --- | --- | --- | | | | | | | 放日 | | | | | | 份上市日 | | | Ａ股 | 2024/7/18 | － | 2024/7/19 | 2024/7/19 | 2024/7/19 | 差异化分红送转： 否 一、 通过分配、转增股本方案的股东大会届次和日期 本次利润分配及转增股本方案经公司 2024 年 6 月 24 日的 2023 年年度股东大会审议通过。 二、 分配、转增股本方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司 ...