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]

国浩律师（上海）事务所 关于宁波拓普集团股份有限公司 2024 年第三次临时股东大会的法律意见书 致：宁波拓普集团股份有限公司 宁波拓普集团股份有限公司（以下简称"公司"）2024 年第三次临时股东大会 （以下简称"本次股东大会"）于 2024 年 9 月 2 日 8:00 召开，国浩律师（上海） 事务所（以下简称"本所"）接受公司的委托，指派余蕾律师、李嘉言律师（以下 简称"本所律师"）出席会议，并依据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、中国证券 监督管理委员会发布的《上市公司股东大会规则》和《宁波拓普集团股份有限公司 章程》（以下简称"公司章程"）出具本法律意见书。 本所律师已经按照有关法律、法规的规定对公司 2024 年第三次临时股东大会 召集、召开程序是否符合法律、法规和《公司章程》、出席会议人员的资格、召集 人资格是否合法有效和会议的表决程序、表决结果是否合法有效发表法律意见。 国浩律师（上海）事务所 法律意见书 本法律意见书中不存在虚假、严重误导性陈述及重大遗漏，否则本所律师愿意 承担相应的法律责任。 本所律师是根据对事实的了解 ...

本次会议采取现场投票与网络投票相结合的方式对需审议案表决，表决方式 符合《公司法》、《公司章程》等相关法律法规的规定。公司董事长邬建树先生主 (一) 股东大会召开的时间：2024 年 9 月 2 日 (二) 股东大会召开的地点：宁波市北仑区育王山路 268 号公司总部 C-105 会 议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 持本次股东大会。 证券代码：601689 证券简称：拓普集团 公告编号：2024-077 宁波拓普集团股份有限公司 2024 年第三次临时股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 688 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,111,148,999 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 65.9034 | (四) 表决方式是否 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 58.82 CNY [3][9]. Core Views - The mid-year report meets expectations, with a successful platform strategy leading to smooth customer expansion and a richening product line, driving rapid revenue growth [1]. - The company achieved a revenue of 12.22 billion CNY in the first half of 2024, representing a year-on-year growth of 33.4%, and a net profit of 1.46 billion CNY, also up by 33.1% [3]. - The automotive electronics business shows significant growth, with various product lines contributing to revenue increases, including a remarkable 767% growth in automotive electronics revenue [3]. - The company is accelerating its global expansion, establishing manufacturing plants in multiple countries, which lays a foundation for long-term growth [3]. Financial Summary - Revenue for 2022 was 15,993 million CNY, projected to grow to 46,229 million CNY by 2026, reflecting a compound annual growth rate (CAGR) of 28.2% [2]. - Net profit attributable to the parent company is expected to rise from 1,700 million CNY in 2022 to 4,959 million CNY in 2026, with a CAGR of 28.0% [2]. - The earnings per share (EPS) is forecasted to increase from 1.01 CNY in 2022 to 2.94 CNY in 2026 [2]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 33.38 in 2022 to 11.45 in 2026, indicating improving valuation [2].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved revenue of 12.22 billion and a net profit of 1.456 billion in 1H24, with year-on-year growth of 33.4% and 33.1% respectively [1] - In 2Q24, the company reported revenue of 6.534 billion, with year-on-year growth of 39.3% and quarter-on-quarter growth of 14.9% [1] - The company is expanding its production capacity and launching new automotive electronic products, which are expected to drive future growth [1] Financial Performance - Revenue (in million) for the years 2022A, 2023A, 2024E, 2025E, and 2026E are 15,993, 19,701, 26,780, 32,282, and 40,639 respectively, with growth rates of 39.5%, 23.2%, 35.9%, 20.5%, and 25.9% [1][4] - Net profit (in million) for the same years are 1,700, 2,151, 2,966, 3,521, and 4,760, with growth rates of 67.1%, 26.5%, 37.9%, 18.7%, and 35.2% [1][4] - The company's ROE for the years 2022A, 2023A, 2024E, 2025E, and 2026E are 14.0%, 15.6%, 15.1%, 15.5%, and 17.6% respectively [1][4] Business Segments - In 1H24, revenue from various business segments includes 2.14 billion from shock absorbers, 3.91 billion from interior functional parts, 3.79 billion from chassis systems, 710 million from automotive electronics, and 920 million from thermal management systems, with respective year-on-year growth rates of 18%, 24%, 31%, 744%, and 18% [1] - The automotive electronics segment is experiencing significant growth, with orders starting to ramp up [1] Future Outlook - The company is expected to achieve revenues of 26.78 billion, 32.28 billion, and 40.64 billion in 2024, 2025, and 2026 respectively, with corresponding net profits of 2.97 billion, 3.52 billion, and 4.76 billion [1] - The report estimates the company's P/E ratios to be 17.9, 15.1, and 11.2 for the years 2024E, 2025E, and 2026E respectively [1]

平台化战略持续推进，汽车电子实现较高 增长 核心观点 ⚫ 业绩符合预期。公司上半年营业收入 122.22 亿元，同比增长 33.4%；归母净利润 14.56 亿元，同比增长 33.1%；扣非归母净利润 12.96 亿元，同比增长 26.1%。2 季 度营业收入 65.34 亿元，同比增长 39.3%，环比增长 14.9%；归母净利润 8.11 亿 元，同比增长 25.9%，环比增长 25.6%；扣非归母净利润 7.00 亿元，同比增长 15.3%，环比增长 17.4%。 ⚫ 2 季度毛利率承压，费用率维稳。上半年毛利率 21.3%，同比减少 1.2 个百分点；2 季度毛利率 20.4%，同比减少 2.9 个百分点，环比减少 2.0 个百分点，预计主要系原 材料价格波动、年降落地以及新工厂产能爬坡等综合所致。上半年期间费用率 8.7%，同比增长 0.1 个百分点，其中销售/管理/研发费用率分别同比+0.1/-0.2/-0.6 个 百分点。上半年确认可转债费用 4395 万元，实际应付利息支出 248 万元，影响净利 润 4147 万元，叠加汇兑损益减少，财务费用同比提升 0.7 个百分点。上半年经营活 动现金流 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has achieved significant revenue growth in the first half of 2024, with a revenue of 12.22 billion yuan, representing a year-on-year increase of 33.42%. The net profit attributable to the parent company reached 1.456 billion yuan, also up by 33.11% year-on-year [6] - The company is benefiting from a diversified product line in the new energy vehicle sector, which has contributed to its rapid revenue growth [6] - The company is expected to maintain strong profit growth, with projected net profits of 3.030 billion yuan, 3.954 billion yuan, and 4.924 billion yuan for 2024, 2025, and 2026, respectively [6] Financial Performance Summary - In Q2 2024, the company achieved a revenue of 6.534 billion yuan, a year-on-year increase of 39.25% and a quarter-on-quarter increase of 14.86%. The net profit for Q2 was 811 million yuan, up 25.94% year-on-year and 25.63% quarter-on-quarter [6] - The company’s revenue and profit growth are attributed to its extensive product line in the new energy vehicle industry, overcoming economic fluctuations and industry volatility [6] - The company maintains its previous profit forecasts, with expected earnings per share (EPS) of 2.61 yuan, 3.40 yuan, and 4.23 yuan for 2024, 2025, and 2026, respectively [6] Capacity Expansion and Internationalization - The company is actively expanding its production capacity and accelerating its internationalization process, with ongoing construction of factories in various locations including Mexico and Europe [7] - The North American facility in Mexico is progressing well, with the first factory already in operation and two additional factories in the installation phase [7] - The company has secured global project orders from BMW and is planning further expansion in Poland to accommodate more local orders [7] Product Platform Strategy - The company is advancing its product platform strategy, collaborating with major domestic and international automotive manufacturers, which is expected to create new growth points [8] - The company’s orders for automotive electronic products are beginning to ramp up, with significant growth in projects such as air suspension and intelligent cockpit systems [8] - The comprehensive competitiveness of the company’s interior functional components, lightweight chassis, and thermal management business is continuously improving, contributing to steady revenue growth [8]

Investment Rating - The report maintains a "Buy" rating for the company, citing its strong performance in intelligent business segments and its integrated R&D capabilities in mechanical, electrical, and software domains [1][4] Core Views - The company's 1H24 performance was robust, with revenue increasing by 33.4% YoY to RMB 12.22 billion, and net profit attributable to shareholders rising by 33.1% YoY to RMB 1.46 billion [1] - The automotive electronics business saw explosive growth, with revenue surging by 796.9% YoY to RMB 710 million, driven by air suspension, intelligent driving, and smart cockpit components [1] - The company's robot business is entering a new phase, with revenue from the electric drive system reaching RMB 6.27 million in 1H24, up from RMB 1.85 million in 2023, indicating improved product maturity [1] - The company is optimizing its customer structure and expanding its global production capacity, with new factories in Mexico and Europe contributing to its long-term growth prospects [1] Financial Performance - In 1H24, the company's gross margin decreased by 1.2 percentage points YoY to 21.3%, primarily due to fluctuations in raw material costs and pressure from downstream price reductions [1] - The company's revenue growth is expected to remain steady, with full-year revenue from major customer Tesla projected to stabilize, while new clients like Huawei, Zeekr, Xiaomi, and BYD contribute to growth [1] - The report forecasts a 3.0% increase in 2024E net profit to RMB 2.93 billion, with further growth expected in 2025E and 2026E to RMB 3.91 billion and RMB 4.72 billion, respectively [1] Business Segments - The automotive electronics segment, particularly the air suspension system, is expected to drive future revenue growth, with the company having produced its 60,000th air suspension system and achieving an annual production capacity of 1 million units [1] - The chassis system segment continued to perform strongly, with revenue increasing by 35.8% YoY to RMB 3.79 billion in 1H24 [1] - The robot segment, particularly the electric drive system, is showing signs of maturity, with revenue growth and a decline in gross margin indicating progress toward mass production [1] Global Expansion - The company is actively expanding its global footprint, with new factories in Mexico and Europe, including a facility in Poland that has secured a global order from BMW [1] - The company's Tier 0.5 platform supply advantage is expected to help it scale efficiently and manage costs, while its in-house R&D capabilities will mitigate risks from customer sales fluctuations and cost pressures [1]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [34]. Core Insights - The company reported a 33.42% year-on-year increase in revenue for H1 2024, reaching 12.222 billion yuan, and a net profit of 1.456 billion yuan, also up by 33.11% year-on-year [2]. - The automotive electronics segment showed exceptional growth, with revenue soaring by 743.59% year-on-year, driven by the mass production of projects such as air suspension and intelligent cockpit [2][3]. - The company has established a Tier 0.5 platform with eight major product lines, enhancing its customer base, including partnerships with notable companies like Huawei, NIO, and BYD [3]. - The company is expanding its overseas production capacity, with factories in multiple countries, which positions it well to capture new growth opportunities in the international market [3]. Financial Performance Summary - For 2024, the company forecasts revenue growth to 28.123 billion yuan, a 43% increase year-on-year, with net profit expected to reach 2.859 billion yuan, reflecting a 33% growth [1][2]. - The gross margin for H1 2024 was reported at 21.35%, with a slight decrease of 1.23 percentage points year-on-year, while the expense ratio was controlled at 8.74% [2]. - The company’s current market capitalization is approximately 55.285 billion yuan, with projected P/E ratios for 2024-2026 at 19.34X, 15.11X, and 11.98X respectively [1][4].