点击注册小程序 查看完整报告 2025年前三季度公司总营业收入同比+8.1%至209.3亿元（vs. 约占我们全年预测的63%），归母净利润同 比-12.0%至19.7亿元（vs. 约占我们预测全年预测的59%）；其中，3Q25公司营业收入同比+12.1%/环比 +11.5%至79.9亿元，归母净利润同比-13.7%/环比-7.9%至6.7亿元。我们判断公司3Q25业绩承压主要由于 大客户皮卡车型销量持续走低、墨西哥/泰国新工厂建设、以及新业务研发投入增加。 汽车电子持续贡献收入增长，机器人+液冷或接替汽车业务发力 2025年前三季度公司毛利率同比-2.0 pcts至19.2%，销管研费用率同比+0.9pcts至8.9%；3Q25公司毛利率同 比-2.2pcts/环比-0.6pcts至18.6%，销管研费用率同比+0.2pcts/环比-0.4pcts至8.2%。2025年前三季度业务分 拆来看，车端：1）汽车电子业务（空气悬架/智能驾驶/智能座舱部件）持续高增，收入同比+52.4%至19.7 亿元；2）内饰功能件收入保持稳步增长，收入同比+14.0%至68.7亿元；3）减震系统、底盘系统、以及热 管理系统业务 ...

2025 年 11 月 4 日 公司研究 3Q25 业绩承压，静待机器人+液冷接替发力 ——拓普集团（601689.SH）2025 年三季报业绩点评 要点 3Q25 业绩承压：2025 年前三季度公司总营业收入同比+8.1%至 209.3 亿元（vs. 约占我们全年预测的 63%），归母净利润同比-12.0%至 19.7 亿元（vs. 约占我 们预测全年预测的 59%）；其中，3Q25 公司营业收入同比+12.1%/环比+11.5% 至 79.9 亿元，归母净利润同比-13.7%/环比-7.9%至 6.7 亿元。我们判断公司 3Q25 业绩承压主要由于大客户皮卡车型销量持续走低、墨西哥/泰国新工厂建 设、以及新业务研发投入增加。 汽车电子持续贡献收入增长，机器人+液冷或接替汽车业务发力：2025 年前三季 度公司毛利率同比-2.0 pcts 至 19.2%，销管研费用率同比+0.9pcts 至 8.9%； 3Q25 公司毛利率同比-2.2pcts/环比-0.6pcts 至 18.6%，销管研费用率同比 +0.2pcts/环比-0.4pcts 至 8.2%。2025 年前三季度业务分拆来看，车端：1）汽 车电子 ...

Core Viewpoint - The company's performance in 1H25 is in line with expectations, with total revenue increasing by 5.8% year-on-year to 12.94 billion yuan, while net profit decreased by 11.1% to 1.30 billion yuan, primarily due to weak sales of key customer pickup models and increased costs from new factories and business expansion [3]. Group 1: Financial Performance - In 2Q25, the company's revenue rose by 9.7% year-on-year and 24.3% quarter-on-quarter to 7.17 billion yuan, while net profit decreased by 10.0% year-on-year and increased by 29.0% quarter-on-quarter to 730 million yuan [3]. - The gross margin for 1H25 decreased by 1.8 percentage points to 19.6%, and the selling, general, and administrative expenses ratio increased by 1.3 percentage points to 9.4% [4]. Group 2: Business Segments - The automotive electronics business (air suspension, intelligent driving, intelligent cockpit components) saw a significant revenue increase of 52% year-on-year to 1.1 billion yuan [4]. - Revenue from interior functional components and thermal management systems grew steadily, with year-on-year increases of 12% to 4.4 billion yuan and 7% to 1.0 billion yuan, respectively [4]. - The company's thermal management capabilities have improved significantly, with self-developed core components like electronic expansion valves, and expansion into liquid cooling for servers, energy storage, and robotics, securing initial orders worth 1.5 billion yuan [4]. Group 3: Strategic Initiatives - The company is accelerating its global expansion, planning to increase closed air suspension production capacity to 1.5 million sets per year by 2025, with new factories in Mexico, Thailand, and Poland [6]. - The dual-platform strategy for smart vehicles and robotics is being implemented, with potential single-vehicle supply amounts reaching up to 30,000 yuan, and a focus on developing a platform supply advantage in the robotics sector [6].

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company's performance in 2Q25 met expectations, with total revenue increasing by 5.8% year-on-year to 12.94 billion yuan, while net profit attributable to shareholders decreased by 11.1% to 1.30 billion yuan [1]. - The company has significantly enhanced its thermal management capabilities, opening new growth avenues in liquid cooling, with a focus on self-research of core components and expansion into data center applications [2]. - The company is accelerating its global expansion and platformization in smart vehicles and robotics, with plans to increase production capacity and diversify its customer base [3]. Summary by Sections Financial Performance - In 1H25, total revenue reached 12.94 billion yuan, accounting for approximately 39% of the annual forecast, while net profit was 1.30 billion yuan, also about 39% of the annual forecast [1]. - For 2Q25, revenue was 7.17 billion yuan, reflecting a year-on-year increase of 9.7% and a quarter-on-quarter increase of 24.3% [1]. Business Segments - Automotive electronics business saw a revenue increase of 52% to 1.1 billion yuan, while interior functional parts and thermal management systems also showed steady growth [2]. - The company has achieved self-research in key components like electronic expansion valves and is actively engaging with major data center providers, securing initial orders worth 1.5 billion yuan [2]. Growth Strategy - The company plans to enhance its closed-loop air suspension production capacity to 1.5 million sets per year by 2025 and is expanding its international footprint with new factories in Mexico and Thailand [3]. - The dual-platform strategy for smart vehicles and robotics is expected to leverage the company's self-research capabilities and supplier advantages to diversify its business [3]. Profitability and Valuation - The report forecasts net profits of 3.31 billion yuan for 2025, with a projected growth rate of 10.2% [4]. - The company's P/E ratio is expected to be 32 in 2025, with a projected P/B ratio of 4.9 [4].