拓普集团：公司深度报告：客户结构优质，迈向Tier0.5平台型供应商

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is transitioning towards becoming a Tier 0.5 platform supplier, with a focus on enhancing single vehicle component value and expanding its customer base [6][19] - The company has established a strong partnership with Tesla, contributing approximately 40% of its revenue, while also expanding its client matrix to include other major domestic and international automakers [7][25] - The company is leveraging its expertise in lightweight chassis and thermal management systems to drive growth, with significant investments planned in smart driving technologies and robotics [8][29] Summary by Sections 1. Automotive Tier 0.5 Leader, Building a Technology-Driven Platform Supplier - The company has been in the automotive parts industry for 40 years, evolving from a single product leader to a platform company [19] - It has developed nine major product lines, enhancing its competitive edge and increasing the single vehicle component value to a maximum of 30,000 yuan [21][23] - The company has a concentrated shareholding structure, which strengthens decision-making and execution capabilities [36][37] 2. Deepening Tier 0.5 Cooperation Model, Large Client Strategy Injecting Development Vitality - The company has shifted from a multi-client strategy to a large client strategy, establishing long-term partnerships with major automakers like Tesla and Geely [25][27] - It actively participates in the design and development processes of its clients, enhancing customer loyalty and expanding its client base [28] 3. Horizontal Expansion of Product Lines, Increasing Single Vehicle Component Value - The company has seen significant revenue growth driven by the expansion of its lightweight chassis and thermal management systems [29] - The average compound growth rate for the lightweight chassis business from 2015 to 2023 is 54.76%, indicating strong market demand [32] - The company’s gross margin has improved steadily, reaching 23.03% in 2023, supported by economies of scale and increasing client volumes [34]