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]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved robust growth in 2024, with total revenue reaching 26.6 billion yuan, a year-on-year increase of 35.02%, and 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 business, which is expected to open new growth avenues [7] Financial Performance Summary - Total revenue for 2023 was 19.7 billion yuan, projected to grow to 26.6 billion yuan in 2024, 32.9 billion yuan in 2025, 40.8 billion yuan in 2026, and 48.9 billion yuan in 2027 [1][8] - Net profit attributable to shareholders for 2023 was 2.15 billion yuan, expected to rise to 3 billion yuan in 2024, 3.55 billion yuan in 2025, 4.46 billion yuan in 2026, and 5.65 billion yuan in 2027 [1][8] - The company’s earnings per share (EPS) is projected to be 1.24 yuan for 2023, increasing to 1.73 yuan in 2024, 2.05 yuan in 2025, 2.57 yuan in 2026, and 3.25 yuan in 2027 [1][8] - The company’s gross margin for 2024 is expected to be 20.8%, with a net profit margin of 11.3% [7] Business Segment Performance - The interior business generated revenue of 8.43 billion yuan, up 28.24% year-on-year, with a gross margin of 18.12% [7] - The chassis business reported revenue of 8.20 billion yuan, a 33.98% increase year-on-year, with a gross margin of 20.42% [7] - The automotive electronics business, which saw a revenue increase of 907.63%, is a key driver of growth [7]

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]

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。 证券代码：601689 证券简称：拓普集团 公告编号：2025-047 宁波拓普集团股份有限公司 关于召开2024年年度股东大会的通知 股东大会召开日期：2025年5月14日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 重要内容提示： 一、 召开会议的基本情况 (一)股东大会类型和届次 2024年年度股东大会 (四)现场会议召开的日期、时间和地点 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 14 日 至2025 年 5 月 14 日 召开的日期时间：2025 年 5 月 14 日 8 点 0 分 召开地点：宁波市北仑区育王山路 268 号公司总部 C-105 会议室 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时 ...

证券代码：601689 证券简称：拓普集团 公告编号：2025-035 宁波拓普集团股份有限公司 第五届监事会第十七次会议决议公告 本公司监事会及全体监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、 监事会会议召开情况 宁波拓普集团股份有限公司（以下简称"公司"）第五届监事会第十七次会 议于 2025 年 4 月 22 日 14 时在公司总部 C-105 会议室以现场会议方式召开，会 议通知已于 2025 年 4 月 12 日以通讯方式发出。本次会议由监事会主席颜群力先 生召集并主持，应出席监事三名，实际出席监事三名。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》的规定。 二、 监事会会议审议情况 （一）审议通过了《关于2024年度监事会工作报告的议案》 该议案的详细内容请见公司同日披露于上海证券交易所网站的《拓普集团 2024年度监事会工作报告》。 （四）审议通过《关于2024年度募集资金存放与使用情况的议案》 监事会经审议后认为：公司2024年度募集资金存放与实际使用符合《上市公 司监管指引第2号——上市公 ...

宁波拓普集团股份有限公司 第五届董事会第二十一次会议决议 宁波拓普集团股份有限公司(以下简称"公司")第五届董事会第二十一次会 议于2025年4月22日9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2025年4月12日通讯方式发出会议通知。本次会议由董事长邬建树召集并 主持,会议应到董事九名,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、召开以及表决程序符合《公司法》和《公司章程》的有关规 定。与会董事经认真审议，通过了以下议案: (一)审议通过《关于2024年度董事会工作报告的议案》 该报告即《拓普集团2024年年度报告》之"第二节《公司简介和主要财务指 标》"和"第三节《管理层讨论与分析》",详情请参阅上述章节。 表决结果:同意9票,反对0票,弃权0票,回避0票 (二)审议通过《关于2024年度独立董事履职报告的议案》 本议案的内容详见《拓普集团2024年度独立董事履职报告》(谢华君、赵香 球、汪永斌)。 表决结果:同意9票,反对0票,弃权0票,回避0票 表决结果:同意9票,反对0票,弃权0票,回避0票 (四)审议通过《关于2024年度总裁(总经理)工作报告的议案》 ...

证券代码：601689 证券简称：拓普集团 公告编号：2025-034 宁波拓普集团股份有限公司 第五届董事会第二十一次会议决议公告 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 宁波拓普集团股份有限公司（以下简称"公司"）第五届董事会第二十一次 会议于 2025 年 4 月 22 日 9 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 4 月 12 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。 （二）审议通过《关于2024年度独立董事履职报告的议案》 本议案内容详见公司同日披露于上海证券交易所网站的公告《拓普集团2024 年度独立董事履职报告》（谢华君、赵香球、汪永斌）。 表决结果：同意9票，反对0票，弃权0票，回避0票 （三）审议通过《关于2024年度董事会审计委员会履职报告 ...

宁波拓普集团股份有限公司 2024 年度利润分配方案公告 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。 重要内容提示： 一、利润分配方案内容 证券代码：601689 证券简称：拓普集团 公告编号：2025-040 （一）利润分配方案的具体内容 截至 2024 年 12 月 31 日，公司（母公司）报表中期末未分配利润为人民币 4,370,987,446.09 元。经董事会决议，公司 2024 年度拟以实施权益分派股权登 记日登记的总股本为基数分配利润。本次利润分配方案如下： 1、上市公司拟向全体股东每股派发现金红利 0.519 元（含税）。截至 2024 年 12 月 31 日，公司总股份数为 1,686,025,655 股。2025 年 3 月 14 日，公司实 施完成了"拓普转债"的赎回。在赎回的过程中，有大量可转债持有人将其持有 的"拓普转债"在法定时限内转为了公司股份。赎回完成后，根据中国证券登记 结算有限责任公司上海分公司的数据，公司总股份数为 1,737,835,580 股。以 上述赎回可转债后的公司最新总 ...