拓普集团：公司简评报告：汽车电子高速增长，平台化战略持续推进

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company has shown significant growth in the automotive electronics sector, with a revenue increase of 33.42% year-on-year in the first half of 2024, reaching 12.22 billion yuan [3][4] - The company's net profit attributable to shareholders also grew by 33.11% year-on-year, amounting to 1.456 billion yuan [3][4] - The automotive electronics business experienced rapid growth, with a revenue increase of 39.25% year-on-year in Q2 2024 [3][4] - The company is focusing on a platform strategy, enhancing its competitive edge in various product lines, including interior functional components and lightweight chassis [3][4] - The company is expected to maintain strong long-term growth due to a solid customer base and the mass production of new products [3][4] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 12.22 billion yuan, a 33.42% increase year-on-year, and a net profit of 1.456 billion yuan, also up by 33.11% [3][4] - Q2 2024 revenue reached 6.534 billion yuan, with a year-on-year growth of 39.25%, and a net profit of 0.811 billion yuan, up by 25.94% [3][4] - The company’s gross margin was under pressure, with a Q2 2024 gross margin of 20.40%, down by 2.88 percentage points year-on-year [3][4] Product Performance - Revenue from various product lines in H1 2024 included: rubber dampers (2.143 billion yuan, +18.03%), interior functional components (3.908 billion yuan, +24.30%), forged aluminum control arms (3.789 billion yuan, +31.46%), automotive electronics (0.707 billion yuan, +743.59%), and thermal management products (0.919 billion yuan, +18.35%) [3][4] - The company is expanding its product offerings and enhancing its competitive position through a platform strategy [3][4] Future Outlook - The company is projected to achieve revenues of 27.43 billion yuan, 34.34 billion yuan, and 40.40 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 2.85 billion yuan, 3.69 billion yuan, and 4.48 billion yuan [4] - The current market valuation corresponds to a PE ratio of 21.0, 16.1, and 13.3 for 2024, 2025, and 2026 respectively, indicating a favorable investment opportunity [4]