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].

| 投资要点 | | --- | 事件： 公司发布2024年年报，2024年公司实现营收 266亿元，同比+35.02%，归属于上市公司股东的 净利润 30亿元，同比+39.52%，实现扣非归母净利润27.3亿元，同比+35.0%，利润率方面， 2024年公司实现毛利率20.8%，实现净利率11.3%；2024年公司销售/管理/研发/财务费用率分别 为1.0%/2.3%/4.6%/0.6%。24Q4公司实现营收72.5亿元，同比+30.63%/环比+1.66%；24Q4归母 净利润达7.67亿元，同比+38.47%/环比-1.45%，实现扣非归母净利润7.1亿元，同比+35.5%；利 润率方面，实现毛利率19.8%，同比-4.29pct/环比-1.06pct；24Q4净利率达10.58%，同比 +0.60pct/环比-0.33pct，24Q4公司销售/管理/研发/财务费用率分别0.6%/2.1%/5.0%/0.7%。 24年业绩高速增长，汽车电子贡献增量： 分业务看，1）内饰业务营收84.34亿元，同比+28.24%，毛利率18.12%，同比-1.79pct；2）底 盘业务营收82.03亿元，同比+33.98 ...

Core Insights - The company reported a significant revenue growth of 35.02% year-on-year for 2024, reaching 26.6 billion yuan, with a net profit increase of 39.52% to 3.001 billion yuan [1] - The automotive electronics segment showed remarkable growth, with a staggering increase of 907.63% in revenue [1] Revenue Breakdown - Interior business revenue reached 8.434 billion yuan, up 28.24% year-on-year [1] - Chassis business revenue was 8.203 billion yuan, an increase of 33.98% [1] - Damping business revenue grew to 4.402 billion yuan, up 2.40% [1] - Thermal management business revenue was 2.14 billion yuan, increasing by 38.24% [1] - Automotive electronics revenue was 1.82 billion yuan, up 907.63% [1] - Electric drive revenue reached 0.013 billion yuan, a significant increase of 624.11% [1] - Other business revenue was 1.589 billion yuan, up 63.34% [1] Profitability and Cost Management - The company achieved a net profit margin of 11.29%, an increase of 0.38 percentage points year-on-year, despite a decline in gross margin to 20.80% [2] - The period expense ratio decreased to 8.58%, down 0.94 percentage points, due to revenue growth diluting expenses [2] - The company’s gross margin decline was attributed to accounting adjustments, with a real decline of 2.10 percentage points from the adjusted 2023 gross margin [2] Global Expansion Strategy - The company is advancing its globalization strategy with local production capacity in Mexico and plans for further projects in Thailand and Poland [2] - This expansion is expected to enhance the company's ability to adapt to changes in the overseas trade environment and broaden its international customer base [2] New Business Development - The company is strategically entering the robotics sector, aiming to evolve from an automotive supplier to a robotics platform supplier [3] - The robotics product line includes linear actuators, rotary actuators, dexterous motors, sensors, and more, with successful initial supply to customers [3] Financial Forecast - Revenue projections for 2025-2027 are 33.707 billion, 38.872 billion, and 47.245 billion yuan, with net profits expected to be 3.451 billion, 4.212 billion, and 5.332 billion yuan respectively [3]

公司2024年毛利率20.8%，同比-2.2pct，其中2024Q4毛利率19.8%，同比-4.3pct、环比-1.1pct，主要系产品结构变化导致。费用方面，2024年销售费用率/管理费用率/研 发费用率/财务费用率分别同比-0.3pct/-0.4pct/-0.4pct/+0.2pct至1.0%/2.3%/4.6%/0.6%，主要受益于规模效应。 ► 平台型Tier0.5 剑指全球汽配龙头 客户+： 战略绑定特斯拉和造车新势力，进军全球供应体系。公司已与国际、国内创新车企及主要传统整车厂建立稳定合作关系，并战略绑定特斯拉，进入福特、戴姆 勒、宝马、大众、奥迪等全球供应体系。顺应行业电动智能变革，公司积极与RIVIAN、蔚小理、比亚迪、赛力斯等造车新势力合作，探索Tier0.5级合作模式。 01 事件概述 公司披露2024年报：2024年实现营收266.0亿元，同比+35.0%，归母净利30.0亿元，同比+39.5%，扣非归母净利27.3亿元，同比+35.0%；2024Q4实现营收72.5亿元， 同比+30.6%，环比+1.7%；归母净利7.7亿元，同比+38.4%/环比-1.4%；扣非归母净利7.1亿元，同 ...

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 ...

Core Insights - Top Group (601689.SH) reported its 2024 annual results, revealing that as of April 23, 2025, 814 institutional investors held a total of 1.344 billion shares, representing 79.73% of the company's total equity [1] - The top ten institutional investors collectively held 68.22% of the shares, with a slight decrease of 1.14 percentage points compared to the previous quarter [1] Institutional Investors - In the public fund sector, 34 funds increased their holdings, with notable funds including Fortune Tianrui Strong Mixed A and Haitong Growth Value Mixed A, accounting for an increase of 0.24% [2] - Conversely, 86 public funds reduced their holdings, with significant reductions from Morgan Dynamic Selected Mixed A and Penghua New Energy Mixed A, representing a decrease of 1.05% [2] - A total of 618 new public funds were disclosed this period, including Dongwu Mobile Internet Mixed A and Huaxia CSI 300 ETF [2] - Additionally, 36 public funds were not disclosed this period, including Yifangda Supply-side Reform Mixed [2] Insurance Capital - In the insurance sector, one insurance company, New China Life Insurance Co., Ltd., reduced its holdings slightly [3] - Two new insurance investors were disclosed, including Taiping Life Insurance Co., Ltd. [3] - One pension fund, Ruizhong Life Insurance Co., Ltd., was not disclosed this period [3]

Market Overview - External disturbances have peaked, and the market is gradually returning to fundamentals [1][21] - U.S. stock markets saw a broad increase, with the Dow Jones up 1.07%, Nasdaq up 2.50%, and S&P 500 up 1.67% [3] - Notable individual stock performances include Tesla rising 5.37% despite a 71% drop in quarterly net profit, and Boeing increasing 6.04% due to better-than-expected quarterly losses [3] Commodity Prices - International oil prices weakened, with WTI crude down 2.20% to $62.27 per barrel and Brent crude down 1.96% to $66.12 per barrel, amid rumors of OPEC+ potentially increasing production [4][7] - Gold prices significantly declined, with COMEX gold futures dropping 3.66% to $3276.30 per ounce [4] Economic Indicators - The Federal Reserve's latest Beige Book indicated little change in U.S. economic activity since early March, with several regions experiencing a "significant deterioration" in outlook amid increasing economic uncertainty [4] Corporate Developments - The People's Bank of China introduced a plan to enhance cross-border financial services in Shanghai, aiming to optimize financial service policies [5] - Xiamen's government announced an upgrade to its housing compensation policy, expanding the range of housing options for those affected by property acquisition [6] - Apple was fined €500 million by the EU for antitrust violations under the Digital Markets Act, marking a significant regulatory action against major tech companies [8] Company Earnings - Wens Foodstuff Group reported a net profit of 2 billion yuan in Q1 2025, reversing a loss from the previous year, primarily due to profitability in the pork sector [11] - Nutrien reported a 374% increase in net profit for Q1 2025, driven by increased sales and prices of potash [12] - Zhongke Electric's Q1 net profit surged 465.8% year-on-year, attributed to increased sales and improved gross margins [13] - Tianqi Lithium expects a net profit of 82 million to 123 million yuan for Q1 2025, a significant recovery from a loss in the previous year [14] Strategic Partnerships - CATL announced the launch of 10 battery swap models in collaboration with major automotive companies, expanding its battery swap network [9] - Four-dimensional Map Technology signed a strategic cooperation agreement with Volcano Engine to enhance automotive intelligence technology [10]