拓普集团：平台型供货矩阵发力，净利润持续攀升

Investment Rating - The report maintains an "Outperform the Market" rating for Top Group (601689.SH) [4][16] Core Views - Top Group's net profit continues to rise, with a 25% year-on-year increase in Q2, driven by contributions from clients such as Wanjie, Xiaomi, Li Auto, BYD, and Zeekr [5][16] - The company's global expansion is accelerating, with new production facilities in Mexico and Poland, and it has secured a project order for aluminum control arms from BMW, enhancing its presence in the European market [6][16] - The deep binding with high-quality clients and the continuous mass production of new products provide long-term earnings certainty for Top Group [16] Financial Performance Summary - For H1 2024, Top Group achieved revenue of 12.23 billion yuan, a year-on-year increase of 33%, with Q2 revenue at 6.54 billion yuan, up 39% year-on-year and 15% quarter-on-quarter [5][16] - The net profit for H1 2024 was 1.45 billion yuan, also a 33% increase year-on-year, with Q2 net profit at 810 million yuan, reflecting a 25% year-on-year and quarter-on-quarter growth [5][16] - The company expects to maintain strong growth, with projected net profits of 2.98 billion, 4.14 billion, and 5.15 billion yuan for 2024, 2025, and 2026 respectively, alongside EPS of 1.77, 2.45, and 3.05 yuan [16][18] Global Expansion and Production Capacity - Top Group is expanding its global production capacity with factories in North America, South America, Europe, and Southeast Asia, covering various product categories [6][11] - The company has established a production base in Poland, which has started mass production, and is progressing with its Mexican factory [11][16] Product Development and Market Strategy - The company is focusing on a platform-based strategy and Tier 0.5 model, with significant contributions expected from clients like Huawei, Li Auto, Geely, BYD, and Xiaomi in 2024 [16][18] - New products such as air suspension systems and electric control columns are set to enter mass production, enhancing the company's automotive electronics business [16][18]