拓普集团：Tier0.5平台稳固，客户结构优化，执行器业务有序推进

Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Insights - The company has established a solid Tier0.5 platform, optimized its customer structure, and is advancing its actuator business in an orderly manner [1]. - The company is expected to benefit from a continuous increase in revenue driven by the optimization of its client structure and the expansion of its product matrix [9]. - The company has a strong focus on capital efficiency, customer insight, and a forward-looking global layout, which positions it well in the automotive parts industry [20][31]. Summary by Sections Growth Review - The company has expanded its product matrix and optimized its customer structure, leading to sustained growth in both volume and price [3]. - The product matrix includes NVH products and electric intelligent automotive components, with the highest single vehicle ASP reaching 30,000 yuan [14]. - The company has successfully transitioned from relying on joint ventures to focusing on major clients like Tesla, Huawei, and Geely, enjoying scale benefits [16]. Overall Understanding - The company has effectively managed capital expenditures, achieving a positive cycle of "customer targeting - capacity expansion - customer consolidation - new orders" [20]. - The capital expenditure for 2023 is approximately 3.177 billion yuan, with a CAGR of 33.48% from 2013 to 2023 [20]. - The company has established a global presence with numerous R&D and manufacturing centers, increasing its overseas revenue share from 21% in 2019 to 29% in 2023 [31]. Growth Logic - The client structure is continuously optimized, with major contributions from leading independent and new force clients [33]. - The company anticipates significant revenue growth from clients like Huawei, BYD, and Geely, which are expected to launch new models in 2024 [35][37]. - The company is positioned to benefit from the rapid growth of thermal management and automotive electronics in the coming years [40].