| 证券代码：601689 | 证券简称：拓普集团 | 公告编号：2024-049 | | --- | --- | --- | | 转债代码：113061 | 转债简称：拓普转债 | | 为提高工作效率，公司董事会已提请股东大会授权董事会及管理层完成后续 工商变更登记等相关事宜。本次修订后的章程请见同日披露于上海证券交易所网 站的《拓普集团公司章程（2024 年 6 月修订）》。上述修订事项尚需提交公司股 东大会审议。 宁波拓普集团股份有限公司 特此公告。 关于修订《公司章程》的公告 宁波拓普集团股份有限公司 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。 宁波拓普集团股份有限公司（以下简称"公司"）于2024年6月3日召开公司 第五届董事会第十次会议，审议通过了《关于修订<公司章程>的议案》。随着现 有法规的修订更新和新法规的颁布实施，公司拟对章程相应条款进行同步更新修 订，具体修订内容请参考如下《修订对照表》。 | 修订对照表 | | --- | | 修订前 | 修订后 | | --- | --- | | 第十二条 ...

宁波拓普集团股份有限公司（以下简称"公司"）第五届董事会第十次会议 于 2024 年 6 月 3 日 15 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 5 月 23 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。 | 证券代码：601689 | 证券简称：拓普集团 公告编号：2024-047 | | --- | --- | | 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 第五届董事会第十次会议决议公告 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 二、董事会会议审议情况 修订对照表 | 修订前 | 修订后 | | --- | --- | | 第十二条 经依法登记，公司的经营范围为：一 | 第十二条 经依法登记，公司的经营范围为：一 | | 般项 ...

| 证券代码：601689 | 证券简称：拓普集团 | 公告编号：2024-048 | | --- | --- | --- | | 转债代码：113061 | 转债简称：拓普转债 | | 特此公告。 宁波拓普集团股份有限公司 关于不向下修正"拓普转债"转股价格的公告 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。 重要内容提示： "拓普转债" 转股价格将触发向下修正条款，公司决定不向下修正"拓 普转债"转股价格，且在未来三个月内，如再次触及相关修正条款亦不 提出向下修正方案。 宁波拓普集团股份有限公司（以下简称"公司"）于 2022 年 7 月 14 日公开 发行了 25 亿元的可转换公司债券（以下简称"可转债"、"拓普转债"）。根据《拓 普集团公开发行可转换公司债券募集说明书》的相关规定，在本次发行的可转债 存续期间，当公司股票在任意连续三十个交易日中至少有十五个交易日的收盘价 低于当期转股价格的 85%时，公司董事会有权提出转股价格向下修正方案并提交 公司股东大会审议表决。截至 2024 年 6 月 3 日，"拓普转债 ...

Summary of Top Group Conference Call Company Overview - The conference focused on Top Group, a company known for its significant performance improvements through partnerships with major clients like Geely, Tesla, and recently, Seres [1][2]. Key Points and Arguments Market Position and Product Offerings - Top Group is recognized for its strong presence in both structural components and functional keys within the automotive industry [2]. - The company primarily focuses on aluminum alloy products, including steering knuckles, control arms, and subframes, with a notable emphasis on control arms due to their high volume production [2]. Functional Key Developments - The shift towards steer-by-wire technology has created substantial opportunities in functional keys, particularly in the suspension systems [3]. - Top Group has made significant progress in air suspension systems, having delivered 60,000 sets, which is notable given that the total domestic air suspension shipments last year were 570,000 sets [3]. Early Investments and Innovations - The company began its layout in line-controlled braking systems (IBS) as early as 2015-2016, although mass production remains limited [5]. - Top Group has achieved considerable advancements in its steering business, with over 20 projects secured, projecting several hundred million in revenue this year [6]. Market Dynamics and Competitive Landscape - The domestic market for these components is still underdeveloped, with local production only around 30%, indicating significant growth potential [7]. - Top Group's early investments in bushings, which are critical for connecting various chassis components, have positioned it well in the market [8][10]. Challenges and Opportunities - The complexity of manufacturing bushings, which require extensive testing and material expertise, presents a barrier to entry for new competitors [9]. - The company faces competition from a limited number of global players, making its market position relatively secure [9][10]. Client Relationships and Revenue Projections - Top Group is one of the few Chinese suppliers for Xiaomi's chassis, highlighting its competitive edge in securing high-profile clients [12]. - Despite concerns about Tesla's market share, Top Group is expected to benefit from Seres, projecting nearly 4 billion in revenue from this client, representing a 10% increase [13]. - The company anticipates net profits of 2.9 billion, 3.9 billion, and 4.5 billion in the next three years, with a current valuation of approximately 23 times earnings [15]. Additional Important Insights - The interconnectedness of various components in the chassis system enhances Top Group's ability to cross-sell products, creating a competitive advantage [11]. - The company’s strong product line and customer base provide a solid foundation for future growth, making it a standout player in the Chinese chassis industry [15]. Risk Factors - Potential risks include fluctuations in downstream demand and raw material prices, which could impact profitability [15].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is transitioning towards becoming a Tier 0.5 platform supplier, with a focus on enhancing single vehicle component value and expanding its customer base [6][19] - The company has established a strong partnership with Tesla, contributing approximately 40% of its revenue, while also expanding its client matrix to include other major domestic and international automakers [7][25] - The company is leveraging its expertise in lightweight chassis and thermal management systems to drive growth, with significant investments planned in smart driving technologies and robotics [8][29] Summary by Sections 1. Automotive Tier 0.5 Leader, Building a Technology-Driven Platform Supplier - The company has been in the automotive parts industry for 40 years, evolving from a single product leader to a platform company [19] - It has developed nine major product lines, enhancing its competitive edge and increasing the single vehicle component value to a maximum of 30,000 yuan [21][23] - The company has a concentrated shareholding structure, which strengthens decision-making and execution capabilities [36][37] 2. Deepening Tier 0.5 Cooperation Model, Large Client Strategy Injecting Development Vitality - The company has shifted from a multi-client strategy to a large client strategy, establishing long-term partnerships with major automakers like Tesla and Geely [25][27] - It actively participates in the design and development processes of its clients, enhancing customer loyalty and expanding its client base [28] 3. Horizontal Expansion of Product Lines, Increasing Single Vehicle Component Value - The company has seen significant revenue growth driven by the expansion of its lightweight chassis and thermal management systems [29] - The average compound growth rate for the lightweight chassis business from 2015 to 2023 is 54.76%, indicating strong market demand [32] - The company’s gross margin has improved steadily, reaching 23.03% in 2023, supported by economies of scale and increasing client volumes [34]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1][3][6]. Core Views - The company's air suspension business is expected to contribute significantly to revenue growth in 2024, with multiple production launches planned [2][3]. - The company has demonstrated robust growth in 1Q24 and 2023, with revenue and net profit increasing by 27.3% and 43.4% year-on-year, respectively [2][3]. - The company is expanding its production capacity through a recent capital increase, which will enhance its ability to meet growing demand in automotive electronics and robotics [2][3]. Financial Summary - Revenue is projected to grow from 19,701 million in 2023 to 26,501 million in 2024, reflecting a year-on-year growth rate of 34.5% [1][7]. - Net profit is expected to rise from 2,151 million in 2023 to 2,956 million in 2024, with a growth rate of 37.4% [1][7]. - The company's return on equity (ROE) is forecasted to improve from 15.6% in 2023 to 18.2% in 2024 [1][7]. - The earnings per share (EPS) is anticipated to increase from 1.85 in 2023 to 2.54 in 2024 [1][7]. Business Development - The company has established a diverse business portfolio, including eight major segments such as automotive NVH systems, lightweight body components, and intelligent cockpit parts [3][6]. - The company is implementing a Tier 0.5 cooperation model, which is expected to enhance order growth and product delivery capabilities [3][6]. - Manufacturing bases have been set up in key automotive industry clusters, with ongoing expansions in Poland, Mexico, and the United States [3][6].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [4]. Core Views - The company achieved a revenue of 19.701 billion yuan in 2023, representing a year-on-year increase of 23.18%, and a net profit attributable to the parent company of 2.151 billion yuan, up 26.50% year-on-year [1][3]. - The company is experiencing high growth in Q1 2024, with revenue reaching 5.688 billion yuan, a year-on-year increase of 27.29%, and a net profit of 645 million yuan, a significant increase of 43.36% year-on-year [1][2]. - The company is expanding its Tier 0.5 level cooperation model with major domestic and international automotive manufacturers, enhancing its market position [2][3]. Financial Performance Summary - In 2023, the company's revenue was 19.701 billion yuan, with a growth rate of 23.18%. The projected revenue for 2024 is 27.903 billion yuan, indicating a growth rate of 41.64% [3][6]. - The net profit attributable to the parent company for 2023 was 2.151 billion yuan, with a growth rate of 26.50%. The forecast for 2024 is 2.935 billion yuan, reflecting a growth rate of 36.45% [3][6]. - The company's gross margin for 2023 was 23.03%, an increase of 1.42 percentage points year-on-year, while the net margin was 10.91%, up 0.29 percentage points year-on-year [1][6]. Business Development - The company is actively expanding its production capacity with new factories in various locations, including Hangzhou Bay and Chongqing, to support its growth strategy [2][3]. - New business initiatives include the establishment of an electric drive division, which has received positive feedback from clients for its robotic electric drive actuators [2][3]. Valuation Metrics - The current market capitalization corresponds to a price-to-earnings (P/E) ratio of 24 for 2024, 18 for 2025, and 14 for 2026 [2][3]. - The projected earnings per share (EPS) for 2024 is 2.52 yuan, increasing to 4.17 yuan by 2026 [3][6].

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [4][10]. Core Views - The company reported a significant revenue increase of 23.18% year-on-year, reaching 19.701 billion yuan in 2023, with a net profit growth of 26.50%, amounting to 2.151 billion yuan [1][2]. - The company is advancing its Tier 0.5 collaboration model with major domestic and international automotive manufacturers, enhancing its market position and revenue per vehicle [2]. - The establishment of new production facilities and the launch of new business segments, such as the electric drive division, are expected to drive future growth [2]. Financial Performance Summary - In Q1 2024, the company achieved a revenue of 5.688 billion yuan, representing a year-on-year increase of 27.29% and a net profit of 645 million yuan, a substantial increase of 43.36% year-on-year [1]. - The gross margin for 2023 was 23.03%, an increase of 1.42 percentage points year-on-year, while the net margin reached 10.91%, up by 0.29 percentage points [1]. - The company’s revenue projections for 2024 to 2026 are 27.903 billion yuan, 34.470 billion yuan, and 41.364 billion yuan, respectively, with expected growth rates of 41.64%, 23.53%, and 20.00% [3][6]. Customer and Production Capacity - The company has secured orders from major clients such as BYD, Geely, and international automakers like Ford and GM, indicating strong demand for its products [2]. - New production facilities are being established across various locations, including Hangzhou and Chongqing, to support increased production capacity [2]. Valuation Metrics - The current market valuation corresponds to a price-to-earnings (P/E) ratio of 24, 18, and 14 for the years 2024, 2025, and 2026, respectively [2][3]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 2.52 yuan, 3.30 yuan, and 4.17 yuan, respectively [3][6].

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company reported Q1 2024 revenue of 5.69 billion yuan, a year-on-year increase of 27% and a quarter-on-quarter increase of 3%. The net profit attributable to shareholders was 650 million yuan, up 43% year-on-year and 16% quarter-on-quarter [1]. - The company's automotive product offerings are comprehensive, with a per-vehicle value of approximately 30,000 yuan. It has secured orders from leading domestic and international new energy vehicle manufacturers, enhancing its competitive edge in the robot business [1]. - The company is expanding its global production capacity, with its Poland factory already in production and facilities in Mexico and the United States progressing steadily [1]. Financial Performance - Revenue growth rates for 2024E, 2025E, and 2026E are projected at 39.7%, 25.8%, and 20.0%, respectively [3]. - The net profit attributable to shareholders is expected to reach 2.94 billion yuan in 2024E, with growth rates of 36.7%, 29.7%, and 21.4% for the following years [3]. - The company’s sales gross margin for Q1 2024 was 22.4%, with a net profit margin of 11.4% [1]. Market Position and Strategy - The company has a strong project pipeline and is positioned well in a robust model cycle, which is expected to enhance its profitability through scale effects [1]. - The core technology reserves in the robot business, particularly in actuators, are expected to lead to significant market share gains in the future [1].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 72.51 CNY per share, indicating an expected strong performance over the next 12 months [3][13]. Core Insights - The company reported a record high net profit in Q1 2024, exceeding expectations, with a revenue of 56.9 billion CNY, up 27.3% year-on-year, and a net profit of 6.5 billion CNY, up 43.4% year-on-year [6][12]. - The company has established an electric drive division to accelerate capacity expansion and has made significant progress in developing robotic actuators, indicating a strong market opportunity [12][13]. - The company is actively expanding its product lines and customer base, with a focus on lightweight automotive chassis, automotive electronics, and new energy vehicle thermal management [12][13]. Financial Performance Summary - For 2023, the company achieved a revenue of 197.01 billion CNY, a 23.2% increase year-on-year, and a net profit of 21.5 billion CNY, a 26.5% increase year-on-year [2][6]. - The company's gross margin improved in 2023, with a gross margin of 23.0%, net margin of 10.9%, and a period expense ratio of 9.5% [9][12]. - The earnings per share (EPS) for 2024 is projected to be 2.42 CNY, with a forecasted growth in EPS to 3.08 CNY in 2025 and 3.79 CNY in 2026 [2][13].