拓普集团：业绩同比高增长，海外加速拓展

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant year-on-year increase in revenue and net profit for Q3 2024, with revenue reaching 7.13 billion yuan, up 42.85%, and net profit attributable to shareholders at 778 million yuan, up 54.63% [2] - The gross margin faced pressure, decreasing by 1.79 percentage points to 20.88%, but effective cost control was noted, with sales expense ratio at 1.13%, management expense ratio at 2.23%, R&D expense ratio at 4.58%, and financial expense ratio at 0.63% [2] - The company is enhancing its production capacity, with various business segments showing strong revenue growth, including shock absorber business at 1.17 billion yuan, interior functional parts at 2.12 billion yuan, chassis systems at 2.23 billion yuan, automotive electronics at 583 million yuan, and thermal management at 584 million yuan [3] - The company is expanding its international market presence, with production facilities in North America and Europe progressing well, including the completion of the first factory in the Mexico industrial park and ongoing construction in Poland [3] Financial Forecast - The company is expected to achieve net profits of 2.91 billion yuan, 3.90 billion yuan, and 4.54 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding PE ratios of 27.96, 20.91, and 17.95 [4]