拓普集团(601689)：全年业绩表现亮眼 机器人打开成长新曲线

Core Insights - The company reported a significant revenue growth of 35.02% year-on-year for 2024, reaching 26.6 billion yuan, with a net profit increase of 39.52% to 3.001 billion yuan [1] - The automotive electronics segment showed remarkable growth, with a staggering increase of 907.63% in revenue [1] Revenue Breakdown - Interior business revenue reached 8.434 billion yuan, up 28.24% year-on-year [1] - Chassis business revenue was 8.203 billion yuan, an increase of 33.98% [1] - Damping business revenue grew to 4.402 billion yuan, up 2.40% [1] - Thermal management business revenue was 2.14 billion yuan, increasing by 38.24% [1] - Automotive electronics revenue was 1.82 billion yuan, up 907.63% [1] - Electric drive revenue reached 0.013 billion yuan, a significant increase of 624.11% [1] - Other business revenue was 1.589 billion yuan, up 63.34% [1] Profitability and Cost Management - The company achieved a net profit margin of 11.29%, an increase of 0.38 percentage points year-on-year, despite a decline in gross margin to 20.80% [2] - The period expense ratio decreased to 8.58%, down 0.94 percentage points, due to revenue growth diluting expenses [2] - The company’s gross margin decline was attributed to accounting adjustments, with a real decline of 2.10 percentage points from the adjusted 2023 gross margin [2] Global Expansion Strategy - The company is advancing its globalization strategy with local production capacity in Mexico and plans for further projects in Thailand and Poland [2] - This expansion is expected to enhance the company's ability to adapt to changes in the overseas trade environment and broaden its international customer base [2] New Business Development - The company is strategically entering the robotics sector, aiming to evolve from an automotive supplier to a robotics platform supplier [3] - The robotics product line includes linear actuators, rotary actuators, dexterous motors, sensors, and more, with successful initial supply to customers [3] Financial Forecast - Revenue projections for 2025-2027 are 33.707 billion, 38.872 billion, and 47.245 billion yuan, with net profits expected to be 3.451 billion, 4.212 billion, and 5.332 billion yuan respectively [3]