Investment Rating - The investment rating for the company is "Buy" [1][4][24]. Core Views - The company has shown continuous improvement in profitability, with a net profit growth of 43% year-on-year in Q1 2024. The revenue for 2023 reached 19.7 billion yuan, a 23.2% increase year-on-year, and the net profit was 2.16 billion yuan, up 27.0% year-on-year [1][5]. - The company's performance is driven by an optimized customer structure and a robust supply chain, particularly with key clients like Huawei and Li Auto. The platform strategy and product line expansion are expected to enhance profitability further [1][21]. - The company is focusing on high-quality customer relationships and new product launches, which are anticipated to provide revenue certainty for 2024. Key clients include North American customers, Huawei, Li Auto, Geely, BYD, and Xiaomi [1][21]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 19.7 billion yuan, a year-on-year increase of 23.2%. The net profit was 2.16 billion yuan, reflecting a 27.0% growth year-on-year. The cash flow from operating activities was 3.37 billion yuan, up 47.4% year-on-year [1][5]. - For Q1 2024, the company reported a revenue of 5.69 billion yuan, a 27.3% increase year-on-year, and a net profit of 650 million yuan, which is a 43.3% increase year-on-year [1][5]. Profitability Metrics - The gross margin for 2023 was 23.0%, an increase of 1.4 percentage points year-on-year, while the net margin was 10.9%, up 0.3 percentage points year-on-year. For Q1 2024, the gross margin was 22.4%, a year-on-year increase of 0.5 percentage points [1][8][11]. - The company’s various business segments showed different growth rates, with the chassis business revenue increasing by 37.7% year-on-year, and the interior business growing by 20.4% year-on-year [1][14]. Strategic Initiatives - The company is expanding its global production capacity, with over 70 factories established across China, Europe, North America, and Southeast Asia. This expansion aims to enhance supply chain efficiency and meet the demands of international clients [19][21]. - The company is also investing in R&D to enhance its product offerings, focusing on key technologies and integrating various disciplines to improve product development efficiency [17][19]. Future Outlook - The company is expected to maintain strong growth in 2024, driven by the expansion of its customer base and the launch of new products. The projected net profits for 2024, 2025, and 2026 are 2.98 billion yuan, 4.14 billion yuan, and 5.15 billion yuan, respectively [24][26].

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company benefited from increased sales from clients such as Wanjie, leading to a revenue of 5.69 billion yuan in Q1 2024, representing a year-on-year growth of 27.3% [4][5]. - The net profit attributable to the parent company reached 650 million yuan, up 43.4% year-on-year, with a corresponding net profit margin of 11.3%, an increase of 1.3 percentage points year-on-year [4][5]. - The company is entering a new growth cycle, supported by diversified clients in the domestic new energy sector, including Huawei, Geely, BYD, and Li Auto, as well as the launch of new product lines [5]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 5.69 billion yuan, a year-on-year increase of 27.3% and a quarter-on-quarter increase of 2.5% [4][5]. - The wholesale sales of passenger vehicles reached 5.685 million units, a year-on-year increase of 10.6% [4]. - The company's gross profit margin for Q1 2024 was 22.4%, a year-on-year increase of 0.6 percentage points [4][5]. Client and Product Development - The company has diversified its client base, with significant sales growth from Wanjie and other new energy clients [4][5]. - New products such as air suspension and electronic control systems are being launched, contributing to revenue growth [5]. Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 3.01 billion, 3.81 billion, and 4.52 billion yuan for 2024, 2025, and 2026, respectively [5]. - The company’s automotive single-unit matching amount is estimated to reach 30,000 yuan, indicating strong growth potential in the global new energy market [5].

Summary of Conference Call Company and Industry - The conference call pertains to Top Group, a company involved in the automotive and robotics sectors, particularly focusing on lightweight chassis and electronic systems. Key Points and Arguments Sales and Client Strategy - Top Group has set a sales growth target of 8 billion for the year, with Tesla accounting for approximately 35% of revenue last year. However, Tesla's share is expected to decline significantly as it shifts more business to competitors like BYD and Geely while maintaining overall sales levels [1][2][3] - The company anticipates a substantial increase in revenue from robotics-related income, particularly in the electronics sector, which is expected to grow 6 to 8 times this year [2] Product Growth and Market Position - In automotive electronics, air suspension systems are experiencing the fastest growth, with annual revenue exceeding 1 billion [3] - Top Group is a leader in the domestic closed air suspension system market, with strong R&D capabilities and technology accumulation. The company expects significant application space in vehicles priced below 250,000 [16][25] Manufacturing and Cost Management - The cost of components produced in the Mexican factory is higher than in China, but these costs will be passed on to customers to mitigate supply risks. The profitability of the Mexican factory is expected to be comparable to domestic factories, although political risks and material tariffs may affect cost advantages [3][4] - The Polish factories are performing well, with advanced equipment and good cost control, leading to higher-than-expected returns [4][5] Capital Expenditure and Profitability - Capital expenditures are expected to decrease significantly this year as domestic investment is complete, with future investments focused on locations outside Mexico, such as Hungary and the U.S. R&D spending is projected to remain around 5% [7][10] - The company aims to increase gross profit margins to over 38%, although it has not yet reached this level [13][14] Customer Relationships and Strategic Partnerships - Top Group emphasizes the importance of maintaining healthy and high-quality customer relationships, particularly in the new energy sector. The company is committed to providing comprehensive products and services to strategic clients like Huawei and Tesla [11][12][18] - The company has a long-term development plan for the Mexican market, which is a crucial part of its globalization strategy [15] Future Outlook and Market Expansion - The company expects to add 7 to 8 billion in revenue next year, driven by increased orders from high-quality clients like Huawei and Xiaomi, as well as acquisitions of German partners [10] - Top Group plans to gradually open up the European market, with positive progress in partnerships with global giants [11] Human Resources and Operational Efficiency - The company plans to expand its workforce from over 7,000 to nearly 20,000, while focusing on increasing per capita output from 700,000 to 1.5 million [18] - The management strategy will involve a division management system and advanced management practices to ensure effective operations during this expansion [18][21] Competitive Landscape - Top Group believes that competition is shifting from purely technical and economic production methods to cultural integration and meeting local market demands. The company employs local management teams to ensure cultural integration and responsiveness to local needs [21][22] Robotics Business Development - Currently, the robotics business has not generated revenue but is expected to contribute over 8 billion in incremental revenue next year. The company is in the preparation phase for mass production [24] - Top Group holds a competitive edge in the robotics sector due to its core technology and patents, as well as its willingness to invest in talent and equipment [25] Unique Position in Aluminum Chassis Market - Top Group is recognized as a unique supplier in the aluminum chassis market, with excess capacity in overseas markets and exclusive supply agreements in Mexico and Europe [27][28] Other Important Content - The company is cautious about the risks associated with overseas expansion and has considered various scenarios for potential investment failures [20] - The management emphasizes the importance of cultural and managerial aspects in overseas expansion, aiming for sustainable development through local integration [21]

Investment Rating - Buy (Maintained) [1] Core Views - Top Group achieved significant revenue and profit growth in Q1 2024, with revenue reaching 5.688 billion yuan, a year-on-year increase of 27.29%, and net profit attributable to shareholders of 645 million yuan, a year-on-year increase of 43.36% [2] - The company's growth is driven by its high-quality customer base, including major automakers such as Huawei-Seres, Li Auto, Chery, Great Wall, Xiaomi, BYD, and Geely, with notable sales growth from Seres (up 592% YoY), Geely (up 49% YoY), and Li Auto (up 53% YoY) [3] - The company's Tier 0.5 strategy and scale effects have contributed to increased per-vehicle value and improved profitability, with net profit margins rising by 1.23 percentage points year-on-year and 1.54 percentage points quarter-on-quarter [3] - Top Group has completed a private placement raising 3.515 billion yuan, which will be used to expand production capacity for lightweight chassis systems, interior functional parts, and thermal management systems [3] - The company is investing 5 billion yuan to establish a robotics core component production base in Ningbo, with two electric drive system production lines already operational, aiming to leverage its expertise in smart electric vehicles to expand into the robotics sector [3] Financial Performance and Forecast - For 2024-2026, the company is expected to achieve revenues of 27.4 billion, 35.9 billion, and 44.8 billion yuan, with year-on-year growth rates of 39%, 31%, and 25%, respectively [5] - Net profit attributable to shareholders is forecasted to be 2.97 billion, 4.06 billion, and 5.06 billion yuan for 2024-2026, with growth rates of 38%, 37%, and 25%, respectively [5] - EPS is projected to be 2.6, 3.5, and 4.4 yuan for 2024-2026, with corresponding P/E ratios of 25x, 19x, and 15x [5] Market Data - Current stock price: 64.54 yuan [4] - 52-week price range: 43.30-84.82 yuan [4] - Total market capitalization: 75.05 billion yuan [4] - Average daily trading volume: 1.879 billion yuan [4]

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨拓普集团（ ） 601689.SH [拓Ta普b集le_团T年itle报] 点评：客户多元布局迎收获，毛利 率达近年高位 报告要点 [受Ta益bl于e_底Su盘m系m统ar等y]各项业务持续放量，公司业绩稳健增长。受益规模效应及产品结构优化，毛 利率达近年高位。展望未来，华为系、吉利、比亚迪、理想等国内新能源客户已经多点开花进 入收获期，拓普集团九大产品线全面启航，公司有望迎来新一轮成长周期，走向全球智能电动 平台型企业。 ...

2024年4月29日 公司研究 业绩增长稳健，机器人业务前景可期 ——拓普集团（601689.SH）跟踪报告 要点 买入（维持） 当 前价：64.54元 业绩增长稳健：2023年营业收入同比+23.2%至197.0亿元（vs. 我们预测204.2 亿元），归母净利润同比+26.5%至21.5亿元（vs. 我们预测21.7亿元）。1Q24 公司营业收入同比+2.5%/环比+27.3%至56.9亿元（约占我们原预测19%），归 作者 母净利润同比+16.6%/环比+43.4%至6.5亿元（约占我们原预测21%）。公司业 分析师：倪昱婧, CFA 绩增长稳健；其中，4Q23空气悬架等智能汽车业务放量、轻量化底盘项目产能 执业证书编号：S0930515090002 021-52523852 释放推动公司营收端同环比增长，1Q24华为问界爬坡对冲特斯拉承压影响。 niyj@ebscn.com “8+1”业务驱动长期发展，机器人业务前景可期：车端：公司已成功布局八大 联系人：邢萍 系列汽车产品。从2023年业务分拆来看，1）底盘系统表现强劲，收入同比+37.7% xingping@ebscn.com 至61.2亿元；2） ...

股 票 研 究 [Table_industryInfo] 运输设备业/可选消费品 [ Table_Main[拓ITnaf 普bol]e 集_Ti团tle]( 601689) [评Tab级le_：Inv est] 增持 上次评级： 增持 一季报表现亮眼，平台型优势不断凸显 目标价格： 86.13 上次预测： 86.13 公 ----拓普集团 2024年一季报点评 当前价格： 59.79 司 吴晓飞(分析师) 管正月(分析师) 2024.04.28 更 0755-23976003 021-38032026 [交Ta易bl数e_M据a rket] 新 wuxiaofei@gtjas.com guanzhengyue@gtjas.com 证书编号 S0880517080003 S0880521030003 52周内股价区间（元） 45.21-81.20 报 总市值（百万元） 69,522 告 本报告导读： 总股本/流通A股（百万股） 1,163/1,102 流通 B股/H股（百万股） 0/0 公司发布2024年一季报，业绩表现亮眼，下游客户优质丰富，增量客户不断涌现支 流通股比例 95% 撑成长，随着电驱动业务业务提 ...

[Table_Main] 公司研究|可选消费|汽车与汽车零部件 证券研究报告 拓普集团(601689)公司点评报告 2024年04月27日 业绩如研期兑发现驱，北动美整成体转长盈， 执行器项目进展迅速 [Table_Inves 买t] 入|维持 ——拓普集团(601689)公司点评报告 [事Ta件ble：_S ummary] [当Ta前b价le_/目Ta标rg价etP：r 5ic 9e.7] 9元/76.53元 公司发布 2023 年年报，业绩符合我们预期。2023 年实现营收 197.01 亿 目标期限： 6 个月 元，同比+23.18%；实现归母净利润 21.51 亿元，同比+26.50%；实现扣 [基Ta本bl数e_据Ba se] 非归母净利润20.21亿元，同比+22.07%。2023年Q4实现营收55.49亿 52周最高/最低价（元）： 81.2 / 45.21 元，同比+13.49%，环比+11.17%；实现归母净利润 5.54 亿元，同比 A股流通股（百万股）： 1102.05 +12.64%，环比+10.05%；实现扣非归母净利润5.20亿元，同比+8.05%， A股总股本（百万股）： 116 ...

Investment Rating - The report maintains a "Strong Push" rating for the company with a target price of 72.5 yuan [1] Core Views - The company's Q1 2024 performance exceeded expectations, with revenue of 5.7 billion yuan, up 27% YoY and 2.5% QoQ, and net profit attributable to the parent company of 650 million yuan, up 43% YoY and 17% QoQ [1] - Despite Tesla's weak performance, the company benefited from the growth of other clients such as Huawei-Jinkang, Li Auto, BYD, Xiaomi, Geely, and SAIC, with non-Tesla incremental revenue expected to reach nearly 7 billion yuan, contributing 35 percentage points to the 2024 growth rate [1] - The company's 2024 revenue is expected to reach 26.6 billion yuan, up 35% YoY, with net profit of 2.81 billion yuan, up 31% YoY [1] - The company's long-term growth potential remains strong, supported by its global expansion and new business in robotics components [1] Financial Performance - Q1 2024 revenue was 5.7 billion yuan, up 27% YoY and 2.5% QoQ, with net profit attributable to the parent company of 650 million yuan, up 43% YoY and 17% QoQ [1] - Gross margin was 22.4%, up 0.6 percentage points YoY but down 1.7 percentage points QoQ, while the expense ratio was 9.5%, down 1.0 percentage points YoY and up 0.1 percentage points QoQ [1] - The company's 2024 revenue is expected to reach 26.6 billion yuan, up 35% YoY, with net profit of 2.81 billion yuan, up 31% YoY [1] Growth Drivers - Short-term growth is driven by the rapid expansion of domestic mid-to-high-end electric vehicles, with expected incremental revenue of nearly 7 billion yuan from non-Tesla clients [1] - Long-term growth is supported by global expansion, with the company's factories in Poland and Mexico already operational, and new opportunities in the European and American automotive industries [1] - The company is also expanding into robotics components, leveraging its existing capabilities in motor R&D, system integration, and precision machining, with potential for high ASP in this new business [1] Valuation - The report adjusts the company's 2024-2025 net profit forecasts to 2.81 billion yuan and 3.39 billion yuan, with a 2026 forecast of 4.0 billion yuan, corresponding to a PE of 25x, 21x, and 17x respectively [1] - The target price of 72.5 yuan is based on a 2024 PE of 30x, reflecting the company's strong growth prospects in both automotive and robotics businesses [1]

证券研究报告 公 2024年04月28日 司 报 告 拓普集团(601689) │ 行 业： 汽车/汽车零部件 公 投资评级： 司 当前价格： 59.79元 季 利润率提升显著，一季度业绩同环比高增 目标价格： 报 点 事件： 评 基本数据 4 月 26 日，公司发布 2024 年一季报：2024 年一季度公司实现营业收入 总股本/流通股本(百万股) 1,162.78/1,102.05 56.88亿元，同比增长27.29%；归母净利润6.45亿元，同比增长43.36%； 流通A股市值(百万元) 65,891.56 扣非归母净利润5.96亿元，同比增长41.79%。 每股净资产(元) 15.30 ➢ Tier0.5模式助力业绩向上，一季度业绩同环比高增 资产负债率(%) 48.26 由公司与战略客户推行的 Tier0.5 模式取得示范性成功，该模式单车配套 一年内最高/最低(元) 84.82/43.30 产品多，配套金额高，公司将该模式同时推广到其他国内客户，如赛力斯、 理想、奇瑞、长城、小米、比亚迪、吉利等车企，单车配套价值提升驱动业 股价相对走势 绩持续向上，公司 2024 年一季度实现营业收入 56.88 ...