拓普集团：绑定优质客户，业绩实现高增长

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]