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机构风向标 | 拓普集团(601689)2025年一季度已披露持股减少机构超60家
Xin Lang Cai Jing· 2025-05-01 01:18
Group 1 - Top Group (601689.SH) reported its Q1 2025 results, with 191 institutional investors holding a total of 1.223 billion shares, representing 70.35% of the total share capital [1] - The top ten institutional investors collectively hold 66.54% of the shares, with a decrease of 1.68 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, 48 funds increased their holdings, accounting for 0.64% of the total, while 63 funds decreased their holdings, representing a decrease of 0.56% [2] - A total of 64 new public funds disclosed their holdings, while 623 funds did not disclose their holdings in the current period [2] Group 3 - One new social security fund disclosed its holdings in Top Group, specifically the National Social Security Fund 104 Portfolio [3] - One insurance fund decreased its holdings, while one new insurance investor disclosed its holdings in the current period [3]
拓普集团(601689):业绩同比高增长 机器人电驱执行器项目进展顺利
Xin Lang Cai Jing· 2025-04-30 12:49
Group 1 - The company reported total revenue of 26.6 billion yuan in 2024, a year-on-year increase of 35.02%, and a net profit attributable to shareholders of 3.001 billion yuan, up 39.52% year-on-year [1] - Revenue growth was observed across all segments: shock absorption systems revenue reached 4.402 billion yuan (up 2.40%); interior functional components revenue was 8.434 billion yuan (up 28.24%); chassis systems revenue was 8.203 billion yuan (up 33.98%); automotive electronics revenue was 182 million yuan (up 907.63%); thermal management systems revenue was 2.14 billion yuan (up 38.24%); and electric drive systems revenue was 13.4273 million yuan (up 624.11%) [1] - The company reduced its sales expense ratio to 1.03% (down 0.28 percentage points), management expense ratio to 2.33% (down 0.43 percentage points), and R&D expense ratio to 4.60% (down 0.41 percentage points) [1] Group 2 - The robot electric drive actuator project is progressing smoothly, with batch supply initiated and multiple samples delivered to customers [2] - The company is actively expanding its product layout in robotics, including body structure components, sensors, foot shock absorbers, and electronic flexible skin [2] - The company has fully launched its North American factories for thermal management, chassis, shock absorption, and interior components, with the second phase of projects progressing in an orderly manner [2] Group 3 - The company forecasts net profit attributable to shareholders for 2025-2027 to be 3.607 billion yuan, 4.564 billion yuan, and 5.855 billion yuan respectively [3] - Corresponding P/E ratios are projected to be 25.17, 19.89, and 15.51 times, maintaining a "buy" rating [4]
拓普集团(601689) - Tuopu Group Annual Report 2024
2025-04-30 12:40
Stock Code: 601689 Abbr.: Tuopu Group Ningbo Tuopu Group Co., Ltd. Annual Report 2024 April 2025 Ningbo Tuopu Group Co., Ltd. Annual Report 2024 Important Notes As audited by BDO China Shu Lun Pan Certified Public Accountants LLP (Special General Partnership), Ningbo Tuopu Group Co., Ltd. ("The Parent Company") realized a net profit at RMB 1,151,054,641.35 in 2024, after a statutory surplus reserve at RMB 115,105,464.14 is withdrawn at 10% of the realized net profit, the profit available for distribution in ...
拓普集团(601689):跟踪报告:短期盈利性波动,持续看好智能汽车+机器人的长期增长逻辑
EBSCN· 2025-04-30 09:14
Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future returns exceeding the market benchmark by more than 15% over the next 6-12 months [4]. Core Views - The company is expected to achieve a robust performance in 2024, with total revenue projected to increase by 35.0% year-on-year to 26.6 billion yuan and net profit expected to rise by 39.5% to 3.0 billion yuan [1][4]. - Short-term profitability may fluctuate due to a decline in sales from major clients and increased costs associated with new factories and business development, but the long-term growth potential in smart vehicles and robotics remains strong [2][3]. Summary by Sections Financial Performance - In 2024, the company's gross margin is expected to decrease by 2.1 percentage points to 20.8%, while the selling, general, and administrative (SG&A) expense ratio is projected to decline by 1.1 percentage points to 8.0% [2]. - For Q1 2025, revenue is anticipated to show a slight year-on-year increase of 1.4% but a significant quarter-on-quarter decline of 20.4%, amounting to 5.7 billion yuan in net profit, which reflects a year-on-year decrease of 12.4% [1][2]. Business Segments - The automotive electronics segment is experiencing high growth, with revenue expected to increase by 906% to 1.8 billion yuan. Other segments, including interior functional parts and chassis systems, are also showing steady growth [2]. - The robotics segment is beginning to contribute positively to profits, with the electric drive system achieving a gross margin of 50.9% in 2024 [2][3]. Global Expansion and Strategic Positioning - The company is accelerating its global footprint, with plans to add a third closed air suspension production line in 2025 and new factories in Mexico and Thailand set to commence operations in 2024 and 2026, respectively [3]. - The dual-platform strategy in smart vehicles and robotics is expected to enhance the company's competitive edge, with significant client partnerships established with major automotive brands [3]. Profitability and Valuation Metrics - The report projects a decline in net profit margin to 10.0% in 2025, with a gradual recovery expected in subsequent years [10]. - Key valuation metrics include a projected P/E ratio of 27 for 2025 and a P/B ratio of 4.1, indicating a favorable valuation relative to expected earnings growth [11].
QYResearch调研报告数据被引用案例集合 | 截止至4.30号(持续更新)
QYResearch· 2025-04-30 08:48
QYResearch的观点和数据因被众多国内外知名企业、证券公司及媒体频繁引用与转载,而享有高度的 品牌知名度。其权威认证确保了所提供的行业分析及定制报告的可信度与专业度,是业界信赖的优选。 0 1 恒州博智的LED照明报告被深圳民爆光电公司中的年报引用 民爆光电(301362)2024年度管理层讨论与分析 据恒州博智发布的《2023年中国LED照明行业全景图谱》显示,2023年,全球LED防爆照明市场销售额达到 了49亿元,并预测在2028年将达到79亿元,期间的复合年增长率(CAGR)约为7.8%。这一增长可归因于 LED防爆灯在石油和采矿、军事基地、机场以及其他商业和工业领域的广泛应用,这些领域对于安全照明有着 极高的要求。 来源:证券之星 更多:https://stock.stockstar.com/RB2025040100020605.shtml 最新报告推荐:2025年全球及中国极端温度LED照明企业出海开展业务规划及策略研究报告 0 2 深圳思创策划咨询有限公司引用了恒州博智出版的外墙翻新服务市场分析报告 深圳建筑外立面改造项目可行性研究报告——市场分析 根据 QYR(恒州博智)的统计及预测,2 ...
拓普集团(601689)24年年报业绩点评:汽零主业稳健增长 机器人业务打造新增长极
Xin Lang Cai Jing· 2025-04-30 08:48
Core Viewpoints - The company reported a revenue of approximately 26.6 billion yuan for 2024, representing a year-on-year increase of about 35.02%, and a net profit of approximately 3.001 billion yuan, up by about 39.52% year-on-year [1] - The automotive electronics business was the main contributor to revenue growth, with significant increases in the electric drive system and automotive electronics segments [2] Revenue Breakdown - In 2024, revenue from interior functional components was approximately 8.434 billion yuan, up by about 28.24% year-on-year; chassis systems revenue was about 8.203 billion yuan, an increase of approximately 33.98% year-on-year; shock absorbers generated revenue of about 4.402 billion yuan, up by about 2.40% year-on-year; thermal management revenue was approximately 2.14 billion yuan, increasing by about 38.24% year-on-year; electric drive systems revenue was about 0.013 billion yuan, a significant increase of approximately 624.11% year-on-year; and automotive electronics revenue reached about 1.82 billion yuan, up by approximately 907.63% year-on-year [2] Profitability and Expense Management - The company's gross margin for 2024 was approximately 20.8%, a decrease of about 2.23 percentage points year-on-year, while the net margin was approximately 11.29%, an increase of about 0.38 percentage points year-on-year [3] - In Q4 2024, the gross margin was approximately 19.82%, down by about 4.28 percentage points year-on-year, and the net margin was approximately 10.50%, up by about 0.65 percentage points year-on-year [3] - The total expense ratio for Q4 2024 was approximately 8.36%, a decrease of about 0.99 percentage points year-on-year [3] Market Opportunities - The robotics market presents significant growth potential, with each robot requiring dozens of motion actuators, each valued at several thousand yuan [3] - The company is expanding its product matrix in the robotics sector, including linear actuators, rotary actuators, and flexible skin electronics, which are progressing rapidly [3] Investment Outlook - The company is expected to continue expanding its customer base and product categories, with traditional businesses progressing steadily and automotive electronics accelerating growth [4] - Revenue projections for 2025 to 2027 are approximately 33.17 billion yuan, 40.30 billion yuan, and 50.61 billion yuan, representing year-on-year growth rates of about 24.7%, 21.5%, and 25.6% respectively [4]
拓普集团(601689):24年年报业绩点评:汽零主业稳健增长,机器人业务打造新增长极
Yong Xing Zheng Quan· 2025-04-30 07:58
Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Views - The company's automotive electronics business is the main growth driver, with significant revenue increases in various segments, particularly in automotive electronics and electric drive systems [2][5]. - The company is expanding its product matrix in the robotics sector, which presents new growth opportunities [4][5]. Revenue and Profitability - In 2024, the company achieved revenue of approximately 26.6 billion yuan, a year-on-year increase of about 35.02%, and a net profit of approximately 3.0 billion yuan, up about 39.52% year-on-year [1][7]. - The company's gross margin for 2024 was approximately 20.8%, a decrease of about 2.23 percentage points year-on-year, while the net margin was approximately 11.29%, an increase of about 0.38 percentage points year-on-year [3][17]. Segment Performance - Revenue from interior functional components was approximately 8.4 billion yuan, up about 28.24% year-on-year; chassis systems revenue was approximately 8.2 billion yuan, up about 33.98% year-on-year; and automotive electronics revenue was approximately 1.82 billion yuan, up about 907.63% year-on-year [2][5]. - The electric drive system business saw a remarkable revenue increase of approximately 624.11% year-on-year, reaching about 0.13 billion yuan [2]. Future Projections - Revenue projections for 2025 to 2027 are approximately 33.17 billion yuan, 40.30 billion yuan, and 50.61 billion yuan, representing year-on-year growth rates of about 24.7%, 21.5%, and 25.6% respectively [5][7]. - Net profit projections for the same period are approximately 3.64 billion yuan, 4.49 billion yuan, and 5.62 billion yuan, with year-on-year growth rates of about 21.2%, 23.4%, and 25.1% respectively [5][7].
拓普集团(601689):25Q1客户销量短期承压,智能车部件+机器人部件协同发展
Soochow Securities· 2025-04-30 07:01
Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - Despite a decline in performance in Q1 2025, the report anticipates improvement in Q2 2025 as adjustments in downstream customer production lines conclude and new products are launched [3] - The company is projected to achieve net profits of 3.554 billion, 4.460 billion, and 5.652 billion RMB for the years 2025 to 2027, with corresponding EPS of 2.04, 2.57, and 3.25 RMB [3] - The company operates as a Tier 0.5 supplier, focusing on both smart automotive components and robotics, which are expected to drive future growth [9] Financial Projections - Total revenue is forecasted to reach 32.879 billion, 40.774 billion, and 48.929 billion RMB from 2025 to 2027, with year-on-year growth rates of 23.60%, 24.01%, and 20.00% respectively [3][10] - The gross margin for Q1 2025 was reported at 19.89%, showing a year-on-year decrease of 2.53 percentage points [9] - The company’s net profit margin for Q1 2025 was 9.80%, down 1.54 percentage points year-on-year [9]
拓普集团(601689):2024年年报业绩点评:业绩表现亮眼,机器人产品线多元化拓展
Yin He Zheng Quan· 2025-04-30 06:28
Investment Rating - The report maintains a "Recommended" rating for the company [3][9]. Core Insights - The company achieved a revenue of 26.6 billion yuan in 2024, representing a year-on-year increase of 35.02%, and a net profit attributable to shareholders of 3.00 billion yuan, up 39.52% year-on-year [5][11]. - The company's gross margin decreased by 2.10 percentage points to 20.80% in 2024, primarily due to the impact of a "price war" in the vehicle market and increased depreciation from new production capacity [2][5]. - The company is rapidly advancing its robot product line, diversifying its offerings, which is expected to create new growth avenues [2][6]. Financial Performance - In 2024, the company reported a revenue of 72.48 billion yuan in Q4, a year-on-year increase of 30.63%, and a net profit of 7.67 billion yuan, up 38.47% year-on-year [5]. - The five main business lines—damping systems, interior functional components, chassis systems, automotive electronics, and thermal management systems—achieved revenue growth rates of 2.40%, 28.24%, 33.98%, 907.63%, and 38.24% respectively in 2024 [5][11]. - The automotive electronics segment saw a remarkable revenue increase of over 9 times, driven by the large-scale shipment of air suspension products [5][11]. Future Projections - The company is projected to achieve revenues of 34.27 billion yuan, 41.85 billion yuan, and 50.48 billion yuan in 2025, 2026, and 2027 respectively, with corresponding net profits of 3.78 billion yuan, 4.62 billion yuan, and 5.57 billion yuan [9][11]. - The gross margin is expected to slightly decline to 20.09% in 2025 and further to 19.99% in 2026 [7][11]. - The company plans to expand its overseas market presence, with significant investments in production facilities in Thailand, Mexico, and Poland [5][9].
拓普集团 | 2025Q1:业绩短期承压 “车+机器人”协同【民生汽车 崔琰团队】
汽车琰究· 2025-04-30 04:00
01 事件概述 公司披露2025年一季报:2025Q1实现营收57.7亿元,同比+1.4%/环比-20.4%;归母净利5.7亿元,同比-12.3%/环比-26.2%;扣非归母净利4.9亿元,同比-18.4%/环 比-21.0%。 02 分析判断 ►2025Q1业绩短期承压 新产品、新客户持续突破 公司2025Q1营收同比+1.4%/环比-20.4%,归母净利润同比-12.3%/环比-26.2%,业绩短期承压,我们分析主要原因系:1)核心客户销量表现一般,其中特斯拉2025Q1 交付量33.7万辆,同比-13.0%/环比-32.1%;赛力斯2025Q1销量4.5万辆,同比-47.2%/环比-53.1%;2)增速较低的情况下,公司固定资产的折旧摊销费用一般保持相对 刚性,影响毛利率水平,跟踪2025Q1毛利率为19.9%,同比-2.5pct。未来展望公司重点客户销量逐渐回升,热管理核心业务优势持续加强,电驱系统开始交付产品,且 国际化战略布局不断加速,短期承压不改长期持续增长。 公司2025Q1毛利率达19.9%,同比-2.5pct/环比+0.1pct。费用方面,2025Q1公司销售费用率、管理费用率、研发费用率 ...