拓普集团（601689） 证券研究报告 2024 年 08 月 29 日 投资评级 行业 汽车/汽车零部件 6 个月评级 买入（维持评级） 当前价格 32.79 元 目标价格 元 业绩略高于预告，电驱系统开始贡献收入 业绩略高于预告，24H1 同比高增 公司发布 2024 年半年报，24H1 公司实现营收 122.22 亿元，同比+33.42%； 归母净利润 14.56 亿（预告为 14.52 亿），同比+33.11%；扣非归母净利润 12.96 亿（预告为 12.95 亿），同比+26.14%。公司 24H1 毛利率 21.35%，同 比-1.24pct；24H1 净利率 11.96%，同比-0.04pct。公司收入高增，主要系赛 力斯问界 24Q2 销量 9.8 万辆，同比大增 743.6%，环比增长 19.0%；小米 Q2 销售 3 万辆。 分业务看，减震器收入 21.4 亿元，同比+18.03%，毛利率 21.12%，同比 -3.41pct；内饰功能件收入 39.1 亿元，同比+24.3%，毛利率 17.08%，同比 -2.78pct；底盘系统收入 37.9 亿元，同比+31.46%，毛利率 19.8 ...

Investment Rating - The report maintains a "Buy" rating for Top Group (601689.SH) [4] Core Views - The company achieved significant revenue growth in H1 2024, with total revenue of 12.2 billion yuan, up 33% year-on-year, and a net profit of 1.46 billion yuan, also up 33% year-on-year [1] - The growth is attributed to increased production and sales in the electric vehicle sector, with the company benefiting from the expansion of key clients [1][2] - The company is expanding its global production capacity, with successful projects in Mexico and Europe, including securing orders from BMW [1][2] Financial Summary - In H1 2024, the company's gross margin was 21%, a decrease of 1 percentage point year-on-year, while the net profit margin remained stable at 12% [1] - The company received government subsidies of 110 million yuan in Q2 2024, which positively impacted the net profit margin [1] - The forecast for net profit from 2024 to 2026 is 3.05 billion, 3.75 billion, and 4.64 billion yuan, respectively, with corresponding P/E ratios of 17, 14, and 12 times [2][3]

拓普集团（601689.SH）系列点评七 2024H1 业绩高增 "车+机器人"协同 2024 年 08 月 29 日 [Table_Author] 分析师：崔琰 分析师：白如 事件：公司披露 2024 半年报：2024H1 实现营收 122.22 亿元，同比+33.42%； 归母净利润 14.56 亿元，同比+33.11%；扣非归母净利润 12.96 亿元，同比 +26.14%；其中 2024Q2 实现营收 65.34 亿元，同比+39.25%，环比+14.87%； 归母净利润 8.11 亿元，同比+25.90%，环比+25.71%；扣非归母净利润 7.00 亿 元，同比+15.32%，环比+17.45%。 ➢ 经营业绩稳健，新产品、新客户不断突破。公司 2024H1 营收同比+33.11%； 归母净利润同比+33.11%；其中 2024Q2 营收同比+39.25%，环比+14.87%， 营收创历史新高；归母净利同比+25.90%，环比+25.71%，净利润同样创历史新 高。公司业绩同环比高增，我们分析原因如下： 1）重点客户：①特斯拉 2024Q2 交付量 44.40 万辆，同比-4.76%，环比+14. ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's Q2 performance met expectations, with revenue of 6.534 billion RMB, a year-on-year increase of 39.25%, and a net profit of 811 million RMB, up 25.94% year-on-year [2] - The revenue growth is primarily driven by high-value electric vehicle clients, including AITO M9, Xiaomi SU7, and BYD [3] - The company is expected to benefit from the release of Tesla's humanoid robot in H2 2024, leveraging its leading technology in rotary and linear actuators [3] Summary by Sections Performance Overview - In H1 2024, the company achieved revenue of 12.222 billion RMB, a year-on-year increase of 33.42%, and a net profit of 1.456 billion RMB, up 33.11% year-on-year [2] - The gross profit margin for H1 2024 was 21.35%, down 1.24 percentage points year-on-year, while the net profit margin was 11.96%, down 0.04 percentage points year-on-year [2] Revenue Breakdown - Revenue from various segments in Q2 2024: shock absorbers (2.143 billion RMB, +18.03%), interiors (3.908 billion RMB, +24.3%), chassis (3.789 billion RMB, +31.46%), automotive electronics (707 million RMB, +743.59%), thermal management (919 million RMB, +18.35%), and electric drive (60 thousand RMB) [3] - The gross margins for these segments were: shock absorbers (21.12%), interiors (17.08%), chassis (19.83%), automotive electronics (19.13%), thermal management (17.52%), and electric drive (52.32%) [3] Cost Management - The expense ratios for sales, management, finance, and R&D in Q2 2024 were 1.06%, 2.40%, 0.51%, and 4.25%, respectively, indicating ongoing cost control efforts [3] Future Outlook - The company is projected to achieve revenues of 28.903 billion RMB in 2024, 37.387 billion RMB in 2025, and 42.357 billion RMB in 2026, with year-on-year growth rates of 46.7%, 29.4%, and 13.3%, respectively [4] - Net profits are expected to reach 3.03 billion RMB in 2024, 4.00 billion RMB in 2025, and 4.67 billion RMB in 2026, with growth rates of 40.7%, 32.1%, and 16.8%, respectively [4]

Financial Performance - The company's operating revenue for the first half of 2024 reached RMB 12,221,820,236.43, representing a 33.42% increase compared to RMB 9,160,451,044.52 in the same period last year[17]. - Net profit attributable to shareholders was RMB 1,456,245,678.61, up 33.11% from RMB 1,094,024,695.52 year-on-year[17]. - The net profit after deducting non-recurring gains and losses was RMB 1,295,768,391.51, reflecting a 26.14% increase from RMB 1,027,259,033.76 in the previous year[17]. - The total profit reached 1.69 billion RMB, up 32.80% compared to the same period last year[36]. - The total comprehensive income for the first half of 2024 was ¥1,433,128,748.88, compared to ¥1,111,086,773.31 in the same period of 2023, showing an increase of approximately 28.9%[152]. Cash Flow and Assets - The net cash flow from operating activities was RMB 1,038,398,021.56, a decrease of 15.31% compared to RMB 1,226,121,434.62 in the same period last year[17]. - The total assets of the company at the end of the reporting period were RMB 34,090,579,889.00, an increase of 10.79% from RMB 30,769,771,206.88 at the end of the previous year[17]. - The company's cash and cash equivalents increased by 41.81% to ¥4,049,299,491.76, accounting for 11.88% of total assets, primarily due to funds raised from a private placement[43]. - The total liabilities decreased to CNY 15,991,209,956.73 from CNY 16,955,468,301.15, a reduction of approximately 5.6%[145]. - Cash and cash equivalents at the end of the period totaled CNY 3.56 billion, compared to CNY 2.31 billion at the end of the previous year, an increase of approximately 54.3%[158]. Revenue Sources and Market Performance - The company's main business revenue from automotive parts was RMB 11,472,791,402.25, with a gross margin of 18.92%, a decrease of 2.71 percentage points compared to the previous year[24]. - Domestic revenue was RMB 8,198,483,191.04, reflecting a year-on-year increase of 41.17%, while international revenue was RMB 3,274,308,211.21, up 13.10%[27]. - In the first half of 2024, global passenger car sales reached approximately 28.737 million units, a year-on-year increase of 3.5%, with China's sales at about 11.976 million units, up 6.3%[23]. - The company is positioned in the new energy sector, which is recognized by governments and industries globally, indicating a strong strategic direction with promising prospects[51]. Research and Development - R&D investment accounts for approximately 5% of the company's revenue, supporting continuous improvement in competitiveness and product line expansion[31]. - The company plans to invest 100 million RMB in research and development for new technologies in the next fiscal year[95]. - Research and development expenses increased to ¥533,298,050.74 in the first half of 2024, up from ¥450,976,583.06 in the same period of 2023, indicating a growth of approximately 18.2%[152]. Environmental Responsibility - The company has been listed as a key pollutant discharge unit, indicating a commitment to environmental responsibility and compliance with regulatory standards[59]. - The company has established a hazardous waste management ledger and transfer slip system to comply with hazardous waste management regulations[62]. - The company’s wastewater treatment facilities are operational, ensuring compliance with GB27632-2011 and GB8978-1996 standards for wastewater discharge[64]. - The company is committed to environmental improvement and has passed environmental acceptance inspections by local authorities[73]. Strategic Initiatives and Future Outlook - The company aims to expand its product line and enhance customer satisfaction through a one-stop, modular product and service offering[28]. - The company plans to leverage its capabilities in integrated control systems and innovative vehicle manufacturing models to meet future market demands[28]. - The company has set a future outlook with a revenue target of 3 billion RMB for the full year 2024, which would represent a 25% increase from 2023[91]. - A strategic acquisition was completed, enhancing the company's capabilities in technology, with an investment of 200 million RMB[94]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 47,937[120]. - The top shareholder, Maike International Holdings (Hong Kong) Limited, holds 693,680,000 shares, representing 59.66% of the total shares[121]. - The company plans to distribute a cash dividend of RMB 0.556 per share and a capital reserve conversion of 0.45 shares per share, totaling RMB 646.5 million in cash dividends[115]. - The company has a clear ownership structure with a high shareholding ratio by the founder, ensuring stable decision-making and long-term development[35]. Financial Management and Investments - The company raised approximately 3.50 billion RMB through refinancing in January 2024 to enhance its financial strength for future growth opportunities[40]. - The company has a total of RMB 349,843.78 million planned for investment across various projects, with RMB 63,398.17 million already invested from self-raised funds[107]. - The company has approved an additional temporary use of raised funds up to RMB 800 million for working capital, effective from the date of shareholder approval[108]. - The company has engaged in structured deposits with various banks, with amounts ranging from RMB 10 million to RMB 100 million[111][112].

| 证券代码：601689 | 证券简称：拓普集团 公告编号：2024-074 | | --- | --- | | 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 2024年半年度募集资金存放与使用情况专项报告 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。 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求（2022 年修订）》（证监会公告〔2022〕15 号）、 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》以及《上海证券 交易所上市公司自律监管指南第 1 号——公告格式》的相关规定，本公司就 2024 年半年度募集资金存放与使用情况作如下专项报告： 一、募集资金基本情况 （一）2022 年 7 月完成的公开发行可转债募集资金情况 1、实际募集资金金额、资金到位情况 经中国证券监督管理委员会下发的《关于核准宁波拓普集团股份有限公司公 开发行可转换公司债券的批复》（证监许可〔2022〕830 号）核准，公司向社会 公开发行面值总额 ...

宁波拓普集团股份有限公司 期货和衍生品交易管理制度 （2024 年 8 月） 第一章 总 则 第一条 为了规范宁波拓普集团股份有限公司（以下简称"公司"） 期货和衍生 品交易行为，加强对期货和衍生品交易的管理，有效防范和控制风险，确保公司资产 安全，维护公司及股东利益，根据《中华人民共和国公司法》、《中华人民共和国证券 法》、《中华人民共和国期货和衍生品法》、《上海证券交易所股票上市规则》、《上海证 券交易所上市公司自律监管指引第 5 号——交易与关联交易》等法律、行政法规、规 范性文件及《公司章程》的有关规定，结合公司实际情况，制定本制度。 第二条 本制度所称期货交易是指在境内外合规的商品期货交易场所以期货合 约或者标准化期权合约为交易标的的交易活动。 本制度所称衍生品交易是指期货交易以外的，以互换合约、远期合约和非标准化 期权合约及其组合为交易标的的交易活动。 期货和衍生品的基础资产既可以是证券、指数、利率、汇率、货币、商品等标的， 也可以是上述标的的组合。 第三条 套期保值业务，是指为管理汇率风险、价格风险、利率风险、信用风险 等特定风险而达成与上述风险基本吻合的期货和衍生品交易的活动。主要包括以下类 ...

| 证券代码：601689 | 证券简称：拓普集团 公告编号：2024-072 | | --- | --- | | 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。 重要内容提示： 一、本次委托理财概况 2024 年 8 月 27 日，公司在浦发银行宁波分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 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 1 月完成向特定对象发行人民币普通股（A 股）60,726,104 股，发行价格 ...

宁波拓普集团股份有限公司 第五届董事会第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"）第五届董事会第十一次会 议于 2024 年 8 月 16 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 8 月 6 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、董事会会议审议情况 （一）审议通过《关于增加部分募投项目实施主体、实施地点并延期的议案》 公司决定增加募投项目"年产330万套轻量化底盘系统建设项目"的实施主 体以及对应实施地点并延期。具体内容请见公司同日披露于上海证券交易所网站 的公告《拓普集团关于增加部分募投项目实施主体、实施地点并延期的公告》。 | 证券代码：601689 | 证券简称：拓普集团 公告编 ...

证券代码：601689 证券简称：拓普集团 公告编号：2024-070 宁波拓普集团股份有限公司 关于召开 2024 年第三次临时股东大会的通知 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年第三次临时股东大会 召开的日期时间：2024 年 9 月 2 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 (五) 网络投票的系统、起止日期和投票时间。 股东大会召开日期：2024年9月2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 (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 (四) 现场会议召开的日期、时间和地点 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 2024 年 9 月 2 日 至 2024 年 9 月 2 日 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 ...