拓普集团：业绩符合预期，前瞻卡位打造新增长点

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's performance in Q3 2024 met expectations, with revenue of 71 billion yuan, a year-on-year increase of 43%, and a net profit of 7.8 billion yuan, up 55% year-on-year [1] - The growth is attributed to strong demand from downstream customers, particularly in the domestic electric vehicle market, which saw sales of 832 million units in the first three quarters of 2024, a 33% increase year-on-year [1] - The company is expanding its global production capacity, with projects in Mexico already operational and others in the U.S. and Poland progressing [1] Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 194 billion yuan, a 37% increase year-on-year, and a net profit of 22 billion yuan, up 40% year-on-year [1] - The gross profit margin for Q1-Q3 2024 was 21%, a slight decrease of 1 percentage point year-on-year, while the net profit margin improved by 0.3 percentage points to 12% [2] - The company expects net profits for 2024, 2025, and 2026 to be 30 billion, 38 billion, and 46 billion yuan respectively, with corresponding P/E ratios of 26, 20, and 17 times [3] Industry Positioning - The company is positioning itself in the robotics sector, which is anticipated to have significant growth potential, particularly with Tesla's plans for humanoid robots [3] - The company has developed core technologies in electric drive actuators and is rapidly advancing in this area, aiming to capture a substantial market share [3]