拓普集团：三季度业绩同比高增，产能布局有序推进

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a significant year-on-year increase in performance for Q3 2024, with revenue reaching 71.30 billion yuan, a 42.85% increase compared to the same quarter last year, and a net profit of 7.78 billion yuan, up 54.36% year-on-year [2][6] - The company's revenue for the first three quarters of 2024 totaled 193.52 billion yuan, reflecting a 36.75% year-on-year growth, while the net profit attributable to shareholders was 22.34 billion yuan, marking a 39.89% increase [2][6] - The ongoing platformization strategy and the Tier 0.5 model are expected to sustain rapid order growth, supported by the expansion of new business areas such as robotics [2][6] Financial Performance Summary - For Q3 2024, the gross margin was 20.88%, a decrease of 1.79 percentage points year-on-year, but an increase of 0.48 percentage points quarter-on-quarter [6] - The company’s Q3 operating expenses ratio fell by 2.78 percentage points to 8.57% [6] - The company’s projected revenues for 2024-2026 are 277.67 billion yuan, 357.74 billion yuan, and 437.38 billion yuan, with corresponding growth rates of 40.95%, 28.84%, and 22.26% respectively [7] Business Segment Performance - Revenue from various business segments in Q3 2024 included: shock absorbers (1.17 billion yuan, +9.51%), interior functional parts (2.12 billion yuan, +28.79%), chassis systems (2.23 billion yuan, +36.09%), thermal management systems (584 million yuan, +47.85%), and automotive electronics (583 million yuan, +1357.50%) [6] - New projects have been awarded multiple customer designations, laying a solid foundation for long-term development [6] Capacity Expansion - The company is progressing with its capacity expansion, with the completion of the eighth phase of the Hangzhou Bay Industrial Park and ongoing construction of the ninth phase [6] - New factories in Anhui Huainan and Zhejiang Huzhou have commenced operations, while construction continues in Xi'an, Jinan, and Henan [6]