拓普集团系列 车中旭霞 | 公司深度报告： | | --- | | 《拓普集团（601689.SH）深度：平台型汽车零部件的业务复盘和展望》-2023-03-21 | | 相关研究报告： | | 《拓普集团（601689.SH）-三季度净利润同比增长55%，平台型供货矩阵持续放量》 ——2024-10-29 | | 《拓普集团（601689.SH）-二季度净利润同比增长26%，迎来多品类发力新周期》 ——2024-09-02 | | 《拓普集团系列四十二-业绩预增点评：平台型供货矩阵发力，净利润持续攀升》-2024-07-24 | | 《拓普集团系列四十一-一季报点评：盈利能力持续提升，一季度净利润同比增长43%》-2024-05-04 | | 《拓普集团系列四十-年报点评：2023年业绩稳定增长，2024年看好车端与执行器业务推进》-2024-01-20 | | 《拓普集团系列三十九-三季报点评：三季度营收逆势稳增，车与机器人带来确定性和成长性》-2023-09-02 | | 《拓普集团系列三十八-三季报点评：三季度营收逆势稳增，车与机器人带来确定性和成长性》-2023-09-02 | | 《拓普集团系列三 ...

Investment Rating - The report maintains a "Recommended" rating for the company [3][9]. Core Insights - The company achieved a revenue of 26.6 billion yuan in 2024, representing a year-on-year increase of 35.02%, and a net profit attributable to shareholders of 3.00 billion yuan, up 39.52% year-on-year [5][11]. - The company's gross margin decreased by 2.10 percentage points to 20.80% in 2024, primarily due to the impact of a "price war" in the vehicle market and increased depreciation from new production capacity [2][5]. - The company is rapidly advancing its robot product line, diversifying its offerings, which is expected to create new growth avenues [2][6]. Financial Performance - In 2024, the company reported a revenue of 72.48 billion yuan in Q4, a year-on-year increase of 30.63%, and a net profit of 7.67 billion yuan, up 38.47% year-on-year [5]. - The five main business lines—damping systems, interior functional components, chassis systems, automotive electronics, and thermal management systems—achieved revenue growth rates of 2.40%, 28.24%, 33.98%, 907.63%, and 38.24% respectively in 2024 [5][11]. - The automotive electronics segment saw a remarkable revenue increase of over 9 times, driven by the large-scale shipment of air suspension products [5][11]. Future Projections - The company is projected to achieve revenues of 34.27 billion yuan, 41.85 billion yuan, and 50.48 billion yuan in 2025, 2026, and 2027 respectively, with corresponding net profits of 3.78 billion yuan, 4.62 billion yuan, and 5.57 billion yuan [9][11]. - The gross margin is expected to slightly decline to 20.09% in 2025 and further to 19.99% in 2026 [7][11]. - The company plans to expand its overseas market presence, with significant investments in production facilities in Thailand, Mexico, and Poland [5][9].