Stock Code: 601689 Convertible Bond Code: 113061 Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024 August 2024 Ningbo Tuopu Group Co., Ltd. Semi-annual Report 2024 Important Notes No profit distribution or conversion of public reserve funds into additional share capital is made in this reporting period VI. Risk statement of forward-looking statements √Applicable □Non-applicable The forward-looking description of the future development strategy, business plan, performance forecast and other aspects in rel ...

| 证券代码：601689 | 证券简称：拓普集团 公告编号：2024-078 | | --- | --- | | 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 3、会议召开方式：网络文字互动 关于召开2024年半年度业绩说明会的预告公告 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9月7日至9月10日16:00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。 宁波拓普集团股份有限公司（以下简称"公司"）于2024年8月29日在上海 证券交易所网站披露了2024年半年度报告，为了便于广大投资者更全面深入地了 解公司2024年上半年的经营成果和财务状况，公司拟于2024年9月11日 15:00-16:00举行2024年半年度业绩说明会，就投资者关心的问题进行交流。 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年半年度的经营 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 ...

重要内容提示： 一、本次委托理财概况 2024 年 9 月 5 日，公司在宁波银行北仑支行、杭州银行宁波北仑支行、 浦发银行宁波分行、兴业银行宁波分行、平安银行宁波北仑支行使用暂时闲置 募集资金进行结构性存款，具体情况如下： （一）委托理财目的 通过使用部分暂时闲置募集资金进行适度的保本型理财，有利于提高募 集资金使用效率，增加资金收益，降低财务费用。 （二）资金来源 | 证券代码：601689 | 证券简称：拓普集团 公告编号：2024-079 | | --- | --- | | 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 关于使用部分暂时闲置募集资金委托理财的进展公告 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。 本次购买理财的资金来源为部分 2024 年 1 月完成的向特定对象发行 A 股股票的募集资金。 （三）募集资金的基本情况 经中国证监会出具的《关于同意宁波拓普集团股份有限公司向特定对象 发行股票注册的批复》（证监许可[2023] 1443 号）核准，公司于 2024 年 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 43.23 CNY per share, indicating an expected performance that exceeds the market by more than 15% over the next 12 months [2][24]. Core Insights - In Q2 2024, the company achieved a net profit attributable to shareholders of 0.81 billion CNY, with a strong performance overall. For the first half of 2024, the company reported a revenue of 12.22 billion CNY, a year-on-year increase of 33.4%, and a net profit of 1.46 billion CNY, also up by 33.1% [6][10]. - The company's cost control capabilities have improved, with gross margin, net margin, and expense ratio for H1 2024 at 21.35%, 12.0%, and 8.7%, respectively [10][16]. - The company is advancing its product platform strategy and accelerating its international market strategy, with significant growth in automotive electronic product orders and ongoing projects in North America and Europe [16][17]. - The company is positioned as a leading system integration supplier in China, actively expanding into emerging sectors such as lightweight automotive chassis, automotive electronics, and new energy vehicle thermal management [17][19]. Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 12.22 billion CNY, a 33.4% increase year-on-year, and a net profit of 1.46 billion CNY, also up by 33.1%. In Q2 2024, revenue reached 6.53 billion CNY, a 39.3% increase year-on-year, with a net profit of 0.81 billion CNY, up by 25.9% [6][10]. Cost Control - The company's gross margin, net margin, and expense ratio for H1 2024 were 21.35%, 12.0%, and 8.7%, respectively, showing improvements in cost management [10][16]. Strategic Initiatives - The company is implementing a product platform strategy and accelerating its international market strategy, with automotive electronic product orders increasing and several projects in North America and Europe progressing well [16][17]. Earnings Forecast and Investment Recommendations - The company is expected to maintain steady growth, with EPS projected at 1.73 CNY, 2.10 CNY, and 2.68 CNY for 2024, 2025, and 2026, respectively. The report assigns a 25x PE valuation for 2024, leading to a target price of 43.23 CNY per share [17][19].

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company's performance in the first half of 2024 met expectations, with revenue of 12.22 billion yuan, a year-on-year increase of 33.42%, and a net profit attributable to shareholders of 1.456 billion yuan, also up 33.11% year-on-year [2] - The international market strategy is accelerating, with the North American Mexico industrial park progressing smoothly, and the first factory of the first phase has been put into production [2] - The product platform strategy is continuously advancing, enhancing the overall competitiveness of various business lines [2] Summary by Relevant Sections Financial Performance - In Q2 2024, the company achieved revenue of 6.534 billion yuan, a year-on-year increase of 39.25% and a quarter-on-quarter increase of 14.86% [2] - The net profit attributable to shareholders for Q2 2024 was 811 million yuan, up 25.94% year-on-year and 25.63% quarter-on-quarter [2] - The company expects revenues of 27.005 billion yuan, 34.302 billion yuan, and 42.574 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 2.895 billion yuan, 3.714 billion yuan, and 4.771 billion yuan for the same years [2][3] International Expansion - The company has established manufacturing plants in the USA, Brazil, Malaysia, Poland, and Mexico, facilitating faster and more efficient service to customers [2] - The company has secured a global project order for BMW's lightweight chassis core component, indicating successful progress in the European market [2] Product Development - The company has developed integrated R&D capabilities across mechanical, electronic control, and software domains, supporting its product platform strategy [2] - Key projects such as air suspension and intelligent cockpit are beginning mass production, with the air suspension project showing rapid growth [2]

[Table_Profit] 拓普集团（ [Table_StockNameRptType] 601689） 公司点评 新产品与新客户放量，收入持续高增长 | --- | --- | --- | |-------------------------------------|------------|-------------| | | | | | [Table_Rank] 投资评级：买入（维持） | | | | 报告日期： | 2024-09-03 | | | [Table_BaseData] 收盘价（元） | | 31.83 | | 近 12 个月最高 / | 最低（元） | 50.40/29.57 | | 总股本（百万股） | | 1,686 | | 流通股本（百万股） | | 1,686 | | 流通股比例（ % ） | | 100.00 | | 总市值（亿元） | | 537 | | 流通市值（亿元） | | 537 | -51% -36% -21% -5% 10% 9/23 12/23 3/24 6/24 拓普集团 沪深300 [Table_Author] 分析师：张志邦 执业证书号：S0010523 ...

Investment Rating - The report maintains a "Buy" rating for the company, Top Group (601689), with a target price set at 32.79 [1][7]. Core Views - Top Group reported a revenue of 12.227 billion yuan for H1 2024, reflecting a year-on-year growth of 33.47%. The net profit attributable to shareholders was 1.456 billion yuan, also up by 33.11% [2]. - The company has established strategic partnerships with major clients such as Huawei, BYD, and Xiaomi, indicating a strong growth trajectory in the automotive parts sector. The collaboration with luxury brands like Tesla and breakthroughs in European markets are significant milestones [2][4]. - Revenue projections for 2024-2026 are estimated at 27.08 billion, 34.57 billion, and 41.36 billion yuan, respectively, with net profits expected to reach 3.034 billion, 3.784 billion, and 4.627 billion yuan [4][5]. Financial Summary - The company’s revenue growth rate is projected to be 37.46% in 2024, followed by 27.66% in 2025 and 19.65% in 2026 [4]. - The earnings per share (EPS) are forecasted to be 1.80, 2.24, and 2.74 yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 18.71, 15.00, and 12.27 [4][5]. - The company is expected to achieve a return on equity (ROE) of 15.64% in 2024, increasing to 18.30% by 2026 [5].

Investment Rating - The report maintains a "Buy" rating for Top Group (601689) as of September 2, 2024 [1] Core Views - The company's performance is driven by the growth of core customers, with a robust revenue increase and ongoing Tier 0.5 platform strategy [1][2] - The company reported a revenue of 12.22 billion yuan for H1 2024, a year-on-year increase of 33.42%, and a net profit of 1.456 billion yuan, also up 33.11% year-on-year [2] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 6.534 billion yuan, reflecting a year-on-year growth of 39.25% and a quarter-on-quarter increase of 14.86% [2] - The net profit for Q2 2024 was 811 million yuan, up 25.94% year-on-year and 25.63% quarter-on-quarter [2] - The company’s H1 2024 revenue breakdown includes: shock absorbers at 2.143 billion yuan, interior functional parts at 3.908 billion yuan, chassis systems at 3.789 billion yuan, thermal management systems at 919 million yuan, and automotive electronics at 707 million yuan, with respective year-on-year growth rates of 18.0%, 24.3%, 31.5%, 18.4%, and 743.6% [3] Customer and Market Dynamics - The revenue growth in Q2 2024 was primarily driven by key customers such as Wanjie and Xiaomi, with Wanjie's sales reaching 98,800 units, a year-on-year increase of 749.30% [3] - The company’s Tier 0.5 innovative business model continues to gain acceptance among clients, leading to an optimized customer structure [3] Future Outlook - The report projects that the company will achieve revenues of 27.2 billion, 35.6 billion, and 44.5 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 38%, 31%, and 25% [5] - The expected net profits for the same years are 2.95 billion, 4.02 billion, and 5.02 billion yuan, with growth rates of 37% for both 2024 and 2025, and 25% for 2026 [5]

拓普集团（601689.SH） 优于大市 二季度净利润同比增长 26%，迎来多品类发力新周期 客户与产品齐发力，上半年营收同比增长 33%。拓普集团 24H1 营收 122.3 亿元，同比+33%；单季度来看，营收 65.4 亿，同比+39%，环比+15%，营收 环比+8.5 亿元，预计主要系问界、小米、理想、比亚迪及吉利等客户贡献； 24H1 拓普实现归母净利润 14.5 亿元，同比+33%；单季度来看，归母净利润 8.1 亿元，同比+26%，环比+26%，扣非净利润 7.0 亿元，同比+15%，环比+17%， 考虑到 23Q2 汇兑影响，预计利润实际同比增速更为可观；整体来看，得益 于公司多产品线的稳定放量（汽车电子+原有主业）以及降本增效的持续推 进，经营业绩保持持续增长态势。 全球化进程提速，汽车电子业务高增。24Q2 拓普集团毛利率为 20.4%，环比 -2.0pct，同比-2.9pct，下半年随客户放量及产能利用率提升，有望逐步回 暖；分业务来看，减震业务营收 21.4 亿元，同比+18.0%，内饰业务营收 39.1 亿元，同比+24.3%%，底盘业务营收 37.9 亿元，同比+19.8%，汽车电 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a robust performance in H1 2024, achieving revenue of 12.22 billion and a net profit of 1.46 billion, both reflecting a year-on-year increase of 33% [10] - The automotive electronics business is entering a rapid growth phase, driven by the mass production of various projects including air suspension and intelligent cockpit systems [10] - The company is making steady progress in its international strategy, with its aluminum control arm products gaining recognition from high-end clients [10] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 122.22 billion, up 33% year-on-year, and a net profit of 14.56 billion, also up 33% year-on-year [10] - Q2 2024 revenue reached 65.34 billion, a 39% increase year-on-year, with net profit at 8.11 billion, a 26% increase [10] - The company’s gross margin was 21.35%, a decrease of 1.24 percentage points year-on-year [10] Business Segments - Revenue from various business segments in H1 2024 included: shock absorbers (2.14 billion, +18%), interior functional parts (3.91 billion, +24%), chassis systems (3.79 billion, +31%), automotive electronics (707 million, +744%), and thermal management systems (919 million, +18%) [10] - The air suspension products have become a new growth point for revenue, with significant sales from models like the AITO M9 and Xiaomi SU7 [10] Market Outlook - The company expects net profits for 2024-2026 to be 3.016 billion, 4.009 billion, and 4.866 billion respectively, with corresponding EPS of 1.79, 2.38, and 2.89 [8] - The projected PE ratios for the same period are 19X, 14X, and 12X [8]