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【2025年一季报点评/拓普集团】25Q1客户销量短期承压,智能车部件+机器人部件协同发展
Core Viewpoint - The company reported a decline in performance for Q1 2025, with revenue of 5.768 billion yuan, a year-on-year increase of 1.40% but a quarter-on-quarter decrease of 20.43%. The net profit attributable to the parent company was 565 million yuan, down 12.39% year-on-year and 26.23% quarter-on-quarter [4]. Financial Performance Summary - Q1 2025 revenue reached 5.768 billion yuan, showing a year-on-year growth of 1.40% but a quarter-on-quarter decline of 20.43% [4]. - The net profit attributable to the parent company was 565 million yuan, reflecting a year-on-year decrease of 12.39% and a quarter-on-quarter decrease of 26.23% [4]. - The gross margin for Q1 2025 was 19.89%, down 2.53 percentage points year-on-year but up 0.08 percentage points quarter-on-quarter [4]. - The net profit margin for Q1 2025 was 9.80%, down 1.54 percentage points year-on-year and 0.77 percentage points quarter-on-quarter [4]. - The operating expense ratio for Q1 2025 was 10.51%, an increase of 1.18 percentage points year-on-year and 2.15 percentage points quarter-on-quarter [4]. - Breakdown of expense ratios: sales expenses at 1.19%, management expenses at 3.30%, financial expenses at 0.10%, and R&D expenses at 5.93% [4]. Market and Customer Analysis - The decline in performance for Q1 2025 was primarily influenced by some major downstream customers. Key customer performances included: - Tesla's global sales were 337,000 units, down 13.0% year-on-year - Geely's sales were 704,000 units, up 47.9% year-on-year - BYD's sales were 1,001,000 units, up 59.8% year-on-year - Seres' sales were 45,000 units, down 46.3% year-on-year - Li Auto's sales were 93,000 units, up 15.5% year-on-year - Zeekr's sales were 41,000 units, up 25.2% year-on-year - Xiaomi's wholesale sales were 76,000 units [5]. - Improvement is expected in Q2 2025 due to the completion of major customer production line adjustments in Q1 and the launch of the AITO M8, which is anticipated to significantly enhance Seres' performance [5]. Strategic Initiatives - The company has established strategic partnerships with clients, innovatively implementing a Tier 0.5 collaboration model to enhance efficiency and reduce costs for automakers while maintaining its competitive edge [6]. - The company has developed eight major product series, including automotive NVH damping systems, interior and exterior trim systems, lightweight body components, intelligent cockpit parts, thermal management systems, chassis systems, air suspension systems, and intelligent driving systems, with an average selling price (ASP) of approximately 30,000 yuan per vehicle [6]. - In robotics, the company is actively investing in core components such as electric drive actuators, dexterous motors, body structural parts, and reducers, leveraging strong synergies with its main business in R&D and testing resources [6]. Profit Forecast and Investment Rating - Despite the decline in Q1 2025 performance, the company expects improvements in downstream customer production lines and new product launches. The profit forecasts for 2025-2027 are 3.554 billion yuan, 4.460 billion yuan, and 5.652 billion yuan, respectively, with corresponding EPS of 2.04 yuan, 2.57 yuan, and 3.25 yuan, and P/E ratios of 25x, 20x, and 16x [7].
拓普集团(601689):25Q1客户销量短期承压,智能车部件+机器人部件协同发展
Soochow Securities· 2025-04-30 07:01
Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - Despite a decline in performance in Q1 2025, the report anticipates improvement in Q2 2025 as adjustments in downstream customer production lines conclude and new products are launched [3] - The company is projected to achieve net profits of 3.554 billion, 4.460 billion, and 5.652 billion RMB for the years 2025 to 2027, with corresponding EPS of 2.04, 2.57, and 3.25 RMB [3] - The company operates as a Tier 0.5 supplier, focusing on both smart automotive components and robotics, which are expected to drive future growth [9] Financial Projections - Total revenue is forecasted to reach 32.879 billion, 40.774 billion, and 48.929 billion RMB from 2025 to 2027, with year-on-year growth rates of 23.60%, 24.01%, and 20.00% respectively [3][10] - The gross margin for Q1 2025 was reported at 19.89%, showing a year-on-year decrease of 2.53 percentage points [9] - The company’s net profit margin for Q1 2025 was 9.80%, down 1.54 percentage points year-on-year [9]
拓普集团 | 2025Q1:业绩短期承压 “车+机器人”协同【民生汽车 崔琰团队】
汽车琰究· 2025-04-30 04:00
01 事件概述 公司披露2025年一季报:2025Q1实现营收57.7亿元,同比+1.4%/环比-20.4%;归母净利5.7亿元,同比-12.3%/环比-26.2%;扣非归母净利4.9亿元,同比-18.4%/环 比-21.0%。 02 分析判断 ►2025Q1业绩短期承压 新产品、新客户持续突破 公司2025Q1营收同比+1.4%/环比-20.4%,归母净利润同比-12.3%/环比-26.2%,业绩短期承压,我们分析主要原因系:1)核心客户销量表现一般,其中特斯拉2025Q1 交付量33.7万辆,同比-13.0%/环比-32.1%;赛力斯2025Q1销量4.5万辆,同比-47.2%/环比-53.1%;2)增速较低的情况下,公司固定资产的折旧摊销费用一般保持相对 刚性,影响毛利率水平,跟踪2025Q1毛利率为19.9%,同比-2.5pct。未来展望公司重点客户销量逐渐回升,热管理核心业务优势持续加强,电驱系统开始交付产品,且 国际化战略布局不断加速,短期承压不改长期持续增长。 公司2025Q1毛利率达19.9%,同比-2.5pct/环比+0.1pct。费用方面,2025Q1公司销售费用率、管理费用率、研发费用率 ...
拓普集团(601689):营收净利双增 国际化战略加速
Xin Lang Cai Jing· 2025-04-29 02:35
Core Viewpoint - The company reported a strong financial performance for 2024, with significant increases in revenue and net profit, alongside strategic advancements in product competitiveness and international expansion [1][2][3][4]. Financial Performance - In 2024, the company achieved operating revenue of 26.6 billion yuan, a year-on-year increase of 35.0% - The net profit attributable to shareholders reached 3.0 billion yuan, up 39.5% year-on-year - The non-recurring net profit was 2.73 billion yuan, also reflecting a 35.0% increase year-on-year - The gross margin for 2024 was 20.8%, with a net margin of 11.3% - The overall expense ratio decreased by 0.9 percentage points compared to 2023 [1]. Product Competitiveness - The company is enhancing its competitiveness in interior functional components, lightweight chassis, and thermal management, with steady revenue growth - Orders for automotive electronic products are increasing, with rapid growth in air suspension projects and successful mass production of various projects including intelligent cockpit and electric drive systems - The robot electric drive actuator project is progressing well, with multiple samples delivered to clients and plans for mass supply [2]. International Expansion - The company is expanding its partnerships with major domestic automakers such as Huawei, Li Auto, NIO, and BYD, with increasing per-vehicle supply amounts - Internationally, collaborations are growing with innovative U.S. automakers and established brands like Ford, GM, and BMW in the new energy vehicle sector - Production capacity is being expanded with new factories in Mexico and Poland, and plans for a production base in Thailand are underway [3]. Investment Outlook - The company maintains a "strong buy" investment rating, focusing on the automotive industry for over 40 years with a diverse product range - The average per-vehicle supply amount is approximately 30,000 yuan, with significant room for product line expansion - Expected net profits for 2025-2027 are projected at 3.52 billion, 4.36 billion, and 5.10 billion yuan respectively [4].
拓普集团 | 2024:业绩符合预期 “车+机器人”协同【民生汽车 崔琰团队】
汽车琰究· 2025-04-24 09:15
公司2024年毛利率20.8%,同比-2.2pct,其中2024Q4毛利率19.8%,同比-4.3pct、环比-1.1pct,主要系产品结构变化导致。费用方面,2024年销售费用率/管理费用率/研 发费用率/财务费用率分别同比-0.3pct/-0.4pct/-0.4pct/+0.2pct至1.0%/2.3%/4.6%/0.6%,主要受益于规模效应。 ► 平台型Tier0.5 剑指全球汽配龙头 客户+: 战略绑定特斯拉和造车新势力,进军全球供应体系。公司已与国际、国内创新车企及主要传统整车厂建立稳定合作关系,并战略绑定特斯拉,进入福特、戴姆 勒、宝马、大众、奥迪等全球供应体系。顺应行业电动智能变革,公司积极与RIVIAN、蔚小理、比亚迪、赛力斯等造车新势力合作,探索Tier0.5级合作模式。 01 事件概述 公司披露2024年报:2024年实现营收266.0亿元,同比+35.0%,归母净利30.0亿元,同比+39.5%,扣非归母净利27.3亿元,同比+35.0%;2024Q4实现营收72.5亿元, 同比+30.6%,环比+1.7%;归母净利7.7亿元,同比+38.4%/环比-1.4%;扣非归母净利7.1亿元,同 ...