每经AI快讯，有投资者在投资者互动平台提问：预计四季度能改变集团增收不增利的局面吗？ （记者 曾健辉） 拓普集团（601689.SH）11月14日在投资者互动平台表示，尊敬的投资者您好，公司前三季度部分客户 的某些车型爬产不及预期，导致公司墨西哥工厂的产能利用率受到一定影响，折旧摊销比例有所上升， 短暂影响了利润释放，上述情况在公司预料之内。自年初以来，公司积极针对此种情况持续调整改进， 预计四季度开始将会逐步改善，谢谢。 ...

Core Insights - The company reported a revenue of $1.52 billion for FY2026 Q1, representing a year-over-year increase of 6.1%, exceeding the previous guidance by 1% [1] - The company plans to return $490 million to shareholders through dividends and share buybacks, with a dividend of $0.12 per share and a total dividend payout of approximately $190 million [2] - The company expects revenue growth in FY2026 Q2 to be higher than Q1, with projected net revenue between $1.13 billion and $1.16 billion, reflecting a year-over-year increase of 9% to 12% [2] Financial Performance - In FY2026 Q1, the company achieved a Non-GAAP operating profit of $340 million, a year-over-year increase of 11.8%, with an operating profit margin of 22%, up 1.1 percentage points [1] - The company reported a net profit attributable to shareholders of $240 million for FY2026 Q1, a decrease of 1.9% year-over-year, while the Non-GAAP net profit was $260 million, down 2.4% year-over-year [1] - As of the end of FY2026 Q1, the company had cash and cash equivalents of $1.28 billion, time deposits of $1.57 billion, and short-term investments of $2.18 billion [1] Business Segments - The company’s revenue growth was driven by domestic exam services for adults and university students, which grew by 14.4% year-over-year, and new education businesses, which grew by 15.3% year-over-year [1] - The overseas business faced pressure, with the revenue growth for study abroad exam preparation and consulting services at only 1% and 2% year-over-year, respectively [1] Future Outlook - The company maintains its previous revenue growth expectations for the full year, despite adjusting forecasts due to international economic conditions affecting traditional study abroad and new cultural tourism businesses [2] - The company anticipates an increase in profit margins in FY2026 Q2, driven by improvements in core education business and enhanced profitability from its subsidiary, Dongfang Zhenxuan [2] - Revenue projections for FY2026-2028 are estimated at $5.36 billion, $5.98 billion, and $6.5 billion, with net profits of $460 million, $540 million, and $620 million, respectively, maintaining a "buy" rating [2]

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its initial coverage [10]. Core Insights - The company is experiencing steady revenue growth, with a projected revenue of 4.314 billion yuan in 2024, representing a year-on-year increase of 41% [6][12]. - The net profit is expected to recover to 0.552 billion yuan in 2024, compared to a loss of 0.27 billion yuan in 2023, indicating a significant turnaround [6][12]. - The company is expanding rapidly, with plans to open 300 new stores in 2025, contributing to its growth strategy [8]. Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 72.88%, with a decrease in raw material costs to 27.12% [6]. - The net profit margin is projected to increase to 1.28% in 2024, up by 2 percentage points from the previous year [6]. Market Expansion - By the end of 2024, the company plans to increase its store count to 1,008, with significant growth in new markets [7]. - The average daily sales per store are expected to reach 13,100 yuan, driven by a 10% increase in daily order volume [7]. Future Projections - The company forecasts earnings per share (EPS) of 1.13 yuan in 2025, with a corresponding price-to-earnings (PE) ratio of 78 [10][12]. - Revenue is projected to grow to 5.666 billion yuan in 2025, reflecting a year-on-year growth of 31.34% [12].