研报掘金丨中金：维持拓普集团“跑赢行业”评级，目标价86.3元

Core Viewpoint - The company's 2025 performance forecast is below expectations, but it is expected to maintain stable revenue growth due to a strong customer base and increased vehicle value [1] Group 1: Company Performance - Despite a challenging automotive market in 2026, the company is anticipated to benefit from a high-quality customer structure and an increase in the value per vehicle [1] - The company is accelerating its development of humanoid robots, with significant advancements in various components such as electric drive actuators and dexterous motors [1] Group 2: Production and Expansion - In addition to its domestic base in Ningbo, the company plans to establish a factory in Thailand to meet overseas demand [1] - The company is focusing on building a platform-type supplier model, with ongoing developments in body structure components, sensors, foot shock absorbers, and electronic flexible skin [1] Group 3: Market Outlook - The upcoming release of Tesla's Optimus V3 is expected to act as a catalyst for the company's stock price [1] - The company maintains an "outperform industry" rating and a target price of 86.3 yuan, reflecting confidence in its future performance amid industry catalysts [1]