| 证券代码：601689 | 证券简称：拓普集团 公告编号：2024-091 | | --- | --- | | 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 关于召开2024年第三季度业绩说明会的公告 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： 投资者可于 2024 年 11 月 12 日 至 11 月 18 日 12:00 前 通过公司邮箱 ir@tuopu.com提问。公司将在说明会上对投资者普遍关注的问题进行回答。 一、说明会类型 本次业绩说明会以网络文字互动形式召开，公司将针对2024年第三季度的经 营成果、财务指标的具体情况与投资者进行互动交流，在信息披露允许的范围内 就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点、方式 1、会议召开时间：2024年11月18日 15:00-16:00 2、说明会召开地点：e公司直播（http://egs.stcn.com/live/list.html） 3、会议召开方式：网络文字互动 三、参会人员 会议召开 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant year-on-year increase in revenue and net profit for Q3 2024, with revenue reaching 7.13 billion yuan, up 42.85%, and net profit attributable to shareholders at 778 million yuan, up 54.63% [2] - The gross margin faced pressure, decreasing by 1.79 percentage points to 20.88%, but effective cost control was noted, with sales expense ratio at 1.13%, management expense ratio at 2.23%, R&D expense ratio at 4.58%, and financial expense ratio at 0.63% [2] - The company is enhancing its production capacity, with various business segments showing strong revenue growth, including shock absorber business at 1.17 billion yuan, interior functional parts at 2.12 billion yuan, chassis systems at 2.23 billion yuan, automotive electronics at 583 million yuan, and thermal management at 584 million yuan [3] - The company is expanding its international market presence, with production facilities in North America and Europe progressing well, including the completion of the first factory in the Mexico industrial park and ongoing construction in Poland [3] Financial Forecast - The company is expected to achieve net profits of 2.91 billion yuan, 3.90 billion yuan, and 4.54 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding PE ratios of 27.96, 20.91, and 17.95 [4]

Investment Rating - The report maintains a **Buy** rating for the company with a target price of **59.73 RMB** [4] Core Views - The company's performance met expectations, with Q1-Q3 revenue reaching **19.352 billion RMB**, a **36.7% YoY increase**, and net profit attributable to shareholders of **2.234 billion RMB**, up **39.9% YoY** [1] - Q3 revenue was **7.13 billion RMB**, a **42.9% YoY increase**, with net profit attributable to shareholders of **778 million RMB**, up **54.6% YoY** [1] - Gross margin improved in Q3, reaching **20.9%**, up **0.5 percentage points QoQ**, despite a **1.8 percentage point YoY decline** due to raw material price fluctuations and rising labor costs [1] - The company's platform strategy is advancing, with rapid growth in thermal management and automotive electronics businesses [1] - Domestic and international production capacity is progressing steadily, with new factories in China and overseas projects in Mexico and Poland [1] Financial Performance - Q1-Q3 operating cash flow was **1.139 billion RMB**, down **57.8% YoY**, mainly due to increased purchases and employee compensation [1] - The company's R&D investment continues to grow, supporting the leading position of its product lines, including smart cabins, IBS, EPS, and air suspension systems [1] - The company's single-vehicle supporting amount is approximately **30,000 RMB**, with potential for further growth as new customers and projects are secured [1] Business Segments - In Q3, revenue from shock absorbers, interior functional parts, chassis systems, thermal management systems, and automotive electronics reached **1.174 billion RMB**, **2.116 billion RMB**, **2.225 billion RMB**, **584 million RMB**, and **583 million RMB**, respectively, with automotive electronics growing **1,357.5% YoY** [1] - The company's thermal management and automotive electronics businesses are experiencing rapid growth, with automotive electronics achieving significant scale [1] Production Capacity Expansion - Domestic projects, including the Hangzhou Bay Industrial Park Phase VIII and new factories in Anhui and Zhejiang, are progressing well [1] - Overseas projects, such as the Mexico Industrial Park Phase I and Phase II, are on track, with Phase I expected to start production in H1 2024 [1] - The company is also preparing for the Poland Phase II factory to meet European demand [1] Financial Forecasts - The report forecasts net profit attributable to shareholders for 2024-2026 to be **3.056 billion RMB**, **3.729 billion RMB**, and **4.693 billion RMB**, respectively, with a 2024 PE ratio of **33x** [1] - Revenue is expected to grow to **25.278 billion RMB** in 2024, **33.216 billion RMB** in 2025, and **42.111 billion RMB** in 2026, with YoY growth rates of **28.3%**, **31.4%**, and **26.8%**, respectively [3] - Gross margin is projected to remain stable at around **23%** from 2024 to 2026 [3] Valuation Metrics - The company's 2024 PE ratio is estimated at **23.7x**, with a PB ratio of **3.7x** [3] - The EV/EBITDA ratio is forecasted to decrease from **26.0x** in 2022 to **10.5x** in 2026 [9]

Investment Rating - The report maintains a "Buy" rating for the company [2][9]. Core Insights - The company achieved a record high revenue of 7.13 billion yuan in Q3 2024, with a year-on-year growth of 42.85% and a quarter-on-quarter growth of 9.13% [3]. - The net profit attributable to shareholders reached 778 million yuan, reflecting a year-on-year increase of 54.63% but a slight quarter-on-quarter decrease of 4.07% [3]. - The company’s innovative Tier 0.5 business model continues to gain acceptance among clients, with notable sales increases from key customers such as Tesla, Geely, and Xiaomi [3]. - The overseas expansion is progressing, with the first factory of the Mexico industrial park and the second phase project already in operation, contributing to future revenue growth [3]. Financial Performance - In Q3 2024, the company reported a gross margin of 20.88%, which is a slight year-on-year decrease of 1.79 percentage points but a quarter-on-quarter increase of 0.48 percentage points [4]. - The net profit margin for Q3 2024 was 10.96%, showing a year-on-year increase of 0.86 percentage points but a quarter-on-quarter decrease of 1.49 percentage points [4]. - The company expects improvements in gross and net margins in Q4 2024 as production capacity ramps up [4]. Revenue and Profit Forecast - The company is projected to achieve revenues of 26.5 billion, 34.7 billion, and 43.4 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 35%, 31%, and 25% [4][7]. - The net profit attributable to shareholders is expected to reach 2.91 billion, 3.89 billion, and 4.81 billion yuan for the same years, with growth rates of 35%, 34%, and 24% [4][7]. - The earnings per share (EPS) are forecasted to be 1.73, 2.31, and 2.85 yuan for 2024, 2025, and 2026, respectively [7][9].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The report highlights that the company has achieved rapid growth in performance, driven by high-quality customers and product structure, with further growth potential from international expansion [1][4] - The company reported a revenue of 19.35 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 36.75%, and a net profit of 2.23 billion yuan, up 39.89% year-on-year [4][5] - The company’s gross margin is reported at 21.17%, a decrease of 1.44 percentage points year-on-year, while the net profit margin increased by 0.26 percentage points to 11.59% [4] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 193.52 billion yuan, with a net profit of 22.34 billion yuan [4] - The company’s Q3 2024 revenue reached a historical high of 71.30 billion yuan, marking a 42.85% increase year-on-year and a 9.13% increase quarter-on-quarter [5] - The projected revenues for 2024, 2025, and 2026 are 27.25 billion yuan, 34.03 billion yuan, and 41.15 billion yuan respectively, with year-on-year growth rates of 38.3%, 24.9%, and 20.9% [6][8] Product Revenue Breakdown - Revenue from key products in the first three quarters includes: shock absorbers (3.32 billion yuan), interior and exterior functional parts (6.02 billion yuan), chassis systems (6.01 billion yuan), thermal management systems (1.50 billion yuan), and automotive electronics (1.29 billion yuan) [4] - The company is expanding its production capacity domestically and accelerating its international strategy, with new factories in Mexico, the U.S., and Poland [5] Earnings Forecast - The forecasted net profits for 2024, 2025, and 2026 are 30.10 billion yuan, 37.43 billion yuan, and 46.33 billion yuan respectively, with corresponding EPS of 1.79 yuan, 2.22 yuan, and 2.75 yuan [6][8] - The report assigns a valuation premium based on the company's leading position in the parts industry and the potential of its new robotics-related product line, suggesting a reasonable value range of 44.4 to 55.5 yuan for 2025 [6]

Investment Rating - The report maintains a "Buy" rating for the company [5][3] - The target price is set at 58.82 CNY [5][3] Core Views - The company's Q3 2024 results met expectations, with rapid revenue growth driven by a platform strategy and new product orders [1][3] - Revenue for the first nine months of 2024 reached 19.35 billion CNY, a year-on-year increase of 36.8%, while net profit attributable to shareholders was 2.23 billion CNY, up 39.9% [3] - The company is experiencing a harvest period in its automotive electronics business, with new clients contributing to revenue growth [3] - Global expansion is accelerating, with partnerships with major international clients and new manufacturing facilities being established [3] Financial Summary - Revenue projections for 2024-2026 are 27.55 billion CNY, 36.07 billion CNY, and 46.23 billion CNY, respectively, with growth rates of 39.9%, 30.9%, and 28.2% [2] - Net profit attributable to shareholders is forecasted to be 2.87 billion CNY, 3.88 billion CNY, and 4.96 billion CNY for 2024-2026, reflecting growth rates of 33.6%, 35.0%, and 28.0% [2] - The company's earnings per share (EPS) are projected to be 1.70 CNY, 2.30 CNY, and 2.94 CNY for 2024-2026 [2] - The price-to-earnings (P/E) ratio is expected to decrease from 27.23 in 2024 to 15.76 in 2026 [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company experienced rapid revenue and profit growth in Q3, driven by new customers and new product launches [1] - The Q3 gross margin improved quarter-on-quarter, while the expense ratio decreased year-on-year [1] - The company is positioned as a tier 0.5 platform component supplier, capitalizing on the growth of the new energy vehicle market [1] Financial Performance Summary - In Q3, the company achieved revenue of 7.13 billion yuan, a year-on-year increase of 36.75%, and a net profit attributable to the parent company of 2.23 billion yuan, up 42.85% year-on-year [1] - For the first three quarters of 2024, the company reported a gross margin of 21.17%, a year-on-year decrease of 1.44 percentage points [1] - The company’s revenue is projected to reach 26.84 billion yuan in 2024, with a year-on-year growth of 36.2% [2] Business Segment Performance - The company’s interior functional components generated revenue of 6.02 billion yuan, chassis systems 6.01 billion yuan, shock absorbers 3.32 billion yuan, thermal management systems 1.50 billion yuan, and automotive electronics 1.29 billion yuan for the first three quarters of 2024 [1] - The company is expanding its overseas production capacity, with several factories in Mexico and ongoing construction in the U.S. and Poland [1] Future Outlook - The company is expected to see net profits of 3.02 billion yuan, 3.80 billion yuan, and 4.58 billion yuan for the years 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 24, 20, and 16 times [1][2]

Investment Rating - The report maintains a "Buy" rating for Top Group (601689) [1] Core Views - The Q3 performance met expectations, with a year-on-year net profit increase of 39.9% [1] - The company's revenue for the first three quarters of 2024 reached 19.352 billion yuan, up 36.8% year-on-year [1] - The gross margin for Q3 was 21.2%, a decrease of 1.4 percentage points year-on-year, while the net margin was 11.6%, an increase of 0.3 percentage points year-on-year [1] Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 7.13 billion yuan, a year-on-year increase of 42.9% and a quarter-on-quarter increase of 9.1% [1] - The net profit for Q3 was 778 million yuan, up 54.6% year-on-year but down 4.1% quarter-on-quarter [1] - The gross margin for Q3 was 20.9%, down 1.8 percentage points year-on-year but up 0.5 percentage points quarter-on-quarter [2] Strategic Developments - The company is advancing its product platform strategy, with significant growth in automotive electronics, achieving a revenue of 710 million yuan in H1 2024, up 744% year-on-year [3] - The company is expanding its international strategy, with progress in its North American and European markets, including a project order from BMW [3] Earnings Forecast and Investment Recommendations - The forecast for EPS from 2024 to 2026 is 1.73, 2.07, and 2.49 yuan, respectively, with a corresponding PE of 26, 22, and 18 times [4] - The compound annual growth rate (CAGR) for net profit is expected to be 25% [4]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 56.4 CNY [1][2]. Core Views - The company's Q3 report meets expectations, showing significant growth driven by autonomous electric assistance [1]. - Revenue for the first three quarters reached 19.4 billion CNY, a year-on-year increase of 37%, while net profit attributable to shareholders was 2.23 billion CNY, up 40% year-on-year [1]. - The company is expected to benefit from the domestic high-end electric vehicle market, with continued growth anticipated into 2025 [1]. - The company has expanded its product categories and is actively developing its robotics business, which could open new growth avenues [1]. Financial Performance Summary - Total revenue for 2023 is projected at 19.7 billion CNY, with a year-on-year growth rate of 23.2%. For 2024, revenue is expected to reach 27.1 billion CNY, reflecting a growth rate of 37.7% [2][3]. - Net profit attributable to shareholders is forecasted to be 2.15 billion CNY for 2023, increasing to 3.03 billion CNY in 2024, representing a growth rate of 41.1% [2][3]. - The company's earnings per share (EPS) is expected to rise from 1.28 CNY in 2023 to 1.80 CNY in 2024, with a projected price-to-earnings (P/E) ratio of 25 for 2025 [2][3]. Market Position and Growth Potential - The company is positioned to capture market share from both Tesla and other joint venture car manufacturers, supported by its high component supply volume [1]. - The establishment of production facilities in Poland and Mexico is expected to enhance the company's global footprint and operational capabilities [1]. - The company has initiated collaborations with major overseas players in the new energy sector, indicating a strong potential for future growth [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a significant year-on-year increase in performance for Q3 2024, with revenue reaching 71.30 billion yuan, a 42.85% increase compared to the same quarter last year, and a net profit of 7.78 billion yuan, up 54.36% year-on-year [2][6] - The company's revenue for the first three quarters of 2024 totaled 193.52 billion yuan, reflecting a 36.75% year-on-year growth, while the net profit attributable to shareholders was 22.34 billion yuan, marking a 39.89% increase [2][6] - The ongoing platformization strategy and the Tier 0.5 model are expected to sustain rapid order growth, supported by the expansion of new business areas such as robotics [2][6] Financial Performance Summary - For Q3 2024, the gross margin was 20.88%, a decrease of 1.79 percentage points year-on-year, but an increase of 0.48 percentage points quarter-on-quarter [6] - The company’s Q3 operating expenses ratio fell by 2.78 percentage points to 8.57% [6] - The company’s projected revenues for 2024-2026 are 277.67 billion yuan, 357.74 billion yuan, and 437.38 billion yuan, with corresponding growth rates of 40.95%, 28.84%, and 22.26% respectively [7] Business Segment Performance - Revenue from various business segments in Q3 2024 included: shock absorbers (1.17 billion yuan, +9.51%), interior functional parts (2.12 billion yuan, +28.79%), chassis systems (2.23 billion yuan, +36.09%), thermal management systems (584 million yuan, +47.85%), and automotive electronics (583 million yuan, +1357.50%) [6] - New projects have been awarded multiple customer designations, laying a solid foundation for long-term development [6] Capacity Expansion - The company is progressing with its capacity expansion, with the completion of the eighth phase of the Hangzhou Bay Industrial Park and ongoing construction of the ninth phase [6] - New factories in Anhui Huainan and Zhejiang Huzhou have commenced operations, while construction continues in Xi'an, Jinan, and Henan [6]