2025年4月30日，拓普集团(601689.SH)发布2025年第一季报。截至2025年4月30日，共有191个机构投资 者披露持有拓普集团A股股份，合计持股量达12.23亿股，占拓普集团总股本的70.35%。其中，前十大 机构投资者包括迈科国际控股(香港)有限公司、香港中央结算有限公司、中国工商银行股份有限公司-华 泰柏瑞沪深300交易型开放式指数证券投资基金、中国人寿保险股份有限公司-传统-普通保险产品-005L- CT001沪、宁波筑悦投资管理有限公司、中国建设银行股份有限公司-易方达沪深300交易型开放式指数 发起式证券投资基金、全国社保基金一零四组合、平安银行股份有限公司-东吴移动互联灵活配置混合 型证券投资基金、太平人寿保险有限公司-传统-普通保险产品-022L-CT001沪、国泰智能汽车股票A，前 十大机构投资者合计持股比例达66.54%。相较于上一季度，前十大机构持股比例合计下跌了1.68个百分 点。 公募基金方面，本期较上一期持股增加的公募基金共计48个，主要包括东吴移动互联混合A、富国新兴 产业股票A/B、汇添富核心精选混合(LOF)、汇添富均衡增长混合、工银圆兴混合等，持股增加占比达 ...

机器人电驱执行器项目进展顺利，国际化战略加速：公司机器人电驱执行器项目进展顺利，按需迭代升 级，开始批量供货。灵巧手电机已多次向客户送样，开始批量供货。此外，公司还积极布局机器人躯体 结构件、传感器、足部减震器、电子柔性皮肤等，进一步形成机器人业务的平台化产品布局。公司北美 墨西哥热管理、底盘、减震工厂和内饰工厂已全部投产，二期项目有序推进中。波兰工厂二期加紧筹划 中，为承接更多欧洲本土订单奠定基础。与此同时，公司积极布局东南亚市场，泰国生产基地的规划和 建设工作正在加速进行中。 各板块营收均有所提升，销售、管理、研发费用率有所降低：2024 年公司减震系统营收44.02 亿元，同 比增长2.40%；内饰功能件营收84.34 亿元，同比增长28.24%；底盘系统营收82.03 亿元，同比增长 33.98%；汽车电子营收18.20 亿元，同比增长907.63%；热管理系统营收21.40 亿元，同比增长38.24%； 电驱系统营收1342.73 万元，同比增长624.11%。2024 年公司销售费用率1.03%，同比降低0.28pct；管理 费用率2.33%，同比降低0.43pct；研发费用率4.60%，同比降低 ...

Stock Code: 601689 Abbr.: Tuopu Group Ningbo Tuopu Group Co., Ltd. Annual Report 2024 April 2025 Ningbo Tuopu Group Co., Ltd. Annual Report 2024 Important Notes As audited by BDO China Shu Lun Pan Certified Public Accountants LLP (Special General Partnership), Ningbo Tuopu Group Co., Ltd. ("The Parent Company") realized a net profit at RMB 1,151,054,641.35 in 2024, after a statutory surplus reserve at RMB 115,105,464.14 is withdrawn at 10% of the realized net profit, the profit available for distribution in ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future returns exceeding the market benchmark by more than 15% over the next 6-12 months [4]. Core Views - The company is expected to achieve a robust performance in 2024, with total revenue projected to increase by 35.0% year-on-year to 26.6 billion yuan and net profit expected to rise by 39.5% to 3.0 billion yuan [1][4]. - Short-term profitability may fluctuate due to a decline in sales from major clients and increased costs associated with new factories and business development, but the long-term growth potential in smart vehicles and robotics remains strong [2][3]. Summary by Sections Financial Performance - In 2024, the company's gross margin is expected to decrease by 2.1 percentage points to 20.8%, while the selling, general, and administrative (SG&A) expense ratio is projected to decline by 1.1 percentage points to 8.0% [2]. - For Q1 2025, revenue is anticipated to show a slight year-on-year increase of 1.4% but a significant quarter-on-quarter decline of 20.4%, amounting to 5.7 billion yuan in net profit, which reflects a year-on-year decrease of 12.4% [1][2]. Business Segments - The automotive electronics segment is experiencing high growth, with revenue expected to increase by 906% to 1.8 billion yuan. Other segments, including interior functional parts and chassis systems, are also showing steady growth [2]. - The robotics segment is beginning to contribute positively to profits, with the electric drive system achieving a gross margin of 50.9% in 2024 [2][3]. Global Expansion and Strategic Positioning - The company is accelerating its global footprint, with plans to add a third closed air suspension production line in 2025 and new factories in Mexico and Thailand set to commence operations in 2024 and 2026, respectively [3]. - The dual-platform strategy in smart vehicles and robotics is expected to enhance the company's competitive edge, with significant client partnerships established with major automotive brands [3]. Profitability and Valuation Metrics - The report projects a decline in net profit margin to 10.0% in 2025, with a gradual recovery expected in subsequent years [10]. - Key valuation metrics include a projected P/E ratio of 27 for 2025 and a P/B ratio of 4.1, indicating a favorable valuation relative to expected earnings growth [11].

Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Views - The company's automotive electronics business is the main growth driver, with significant revenue increases in various segments, particularly in automotive electronics and electric drive systems [2][5]. - The company is expanding its product matrix in the robotics sector, which presents new growth opportunities [4][5]. Revenue and Profitability - In 2024, the company achieved revenue of approximately 26.6 billion yuan, a year-on-year increase of about 35.02%, and a net profit of approximately 3.0 billion yuan, up about 39.52% year-on-year [1][7]. - The company's gross margin for 2024 was approximately 20.8%, a decrease of about 2.23 percentage points year-on-year, while the net margin was approximately 11.29%, an increase of about 0.38 percentage points year-on-year [3][17]. Segment Performance - Revenue from interior functional components was approximately 8.4 billion yuan, up about 28.24% year-on-year; chassis systems revenue was approximately 8.2 billion yuan, up about 33.98% year-on-year; and automotive electronics revenue was approximately 1.82 billion yuan, up about 907.63% year-on-year [2][5]. - The electric drive system business saw a remarkable revenue increase of approximately 624.11% year-on-year, reaching about 0.13 billion yuan [2]. Future Projections - Revenue projections for 2025 to 2027 are approximately 33.17 billion yuan, 40.30 billion yuan, and 50.61 billion yuan, representing year-on-year growth rates of about 24.7%, 21.5%, and 25.6% respectively [5][7]. - Net profit projections for the same period are approximately 3.64 billion yuan, 4.49 billion yuan, and 5.62 billion yuan, with year-on-year growth rates of about 21.2%, 23.4%, and 25.1% respectively [5][7].

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]

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].

招商证券股份有限公司 序号 工作内容 实施情况 1 建立健全并有效执行持续督导工作制度，并对持 续督导工作制定相应的工作计划。 保荐机构已建立健全并有效 执 行了持续督导制度，已根据 公司 的具体情况制定了相应 的工作 计划。 2 根据中国证监会相关规定，在持续督导工作开始 前，与上市公司或相关当事人签署持续督导协 议，明确双方在持续督导期间的权利义务，并报 上海证券交易所备案。 保荐机构与拓普集团签订了《保 荐协议》，协议已明确了双方在持 续督导期间的权利义务，并报上 海证券交易所备案。 3 通过日常沟通、定期回访、现场走访、尽职调查 等方式开展持续督导工作。 持续督导期间，保荐机构的保荐 代表人及项目组成员通过日常沟 通、定期或不定期回访、现场办 公及走访等方式，对公司开展了 持续督导工作。 一、2024 年度持续督导工作概述 | 序号 | 工作内容 | 实施情况 | | --- | --- | --- | | | 持续督导期间，按照有关规定对上市公司违法违 | 公司在持续督导期间未发生按有 | | 4 | 规事项公开发表声明的，应于披露前向上海证券 | 关规定须公开发表声明的违法违 | | | 交易所报 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 5,767,593,240, representing a 1.40% increase compared to CNY 5,688,211,871 in the same period last year[4] - Net profit attributable to shareholders decreased by 12.39% to CNY 565,467,923 from CNY 645,401,996 in the previous year[4] - The net profit after deducting non-recurring gains and losses fell by 18.36% to CNY 486,600,462 from CNY 596,005,077 year-on-year[4] - Basic and diluted earnings per share decreased to CNY 0.33 from CNY 0.56, a decline of 13.16%[5] - The weighted average return on net assets decreased by 0.82 percentage points to 2.85% from 3.67%[5] - Total operating revenue for Q1 2025 was ¥5,767,593,240, a slight increase from ¥5,688,211,871 in Q1 2024, representing a growth of approximately 1.4%[22] - Net profit for Q1 2025 was ¥566,016,679.57, down from ¥647,965,983.87 in Q1 2024, indicating a decrease of approximately 12.6%[23] - The company reported a total comprehensive income of ¥586,236,716.23 for Q1 2025, down from ¥648,208,736.76 in Q1 2024, reflecting a decline of about 9.6%[23] - Basic and diluted earnings per share for Q1 2025 were both ¥0.33, compared to ¥0.38 in Q1 2024, indicating a decrease of approximately 13.2%[23] - The company’s total profit before tax for Q1 2025 was ¥667,657,454.46, down from ¥783,515,553.34 in Q1 2024, representing a decrease of approximately 14.8%[23] Cash Flow and Assets - Cash flow from operating activities increased significantly by 93.64% to CNY 887,754,726 compared to CNY 458,453,067 in the same period last year[4] - Cash flow from operating activities for Q1 2025 was ¥887,754,726.36, significantly higher than ¥458,453,066.99 in Q1 2024, showing an increase of approximately 93.8%[26] - Cash and cash equivalents increased to RMB 4,112,318,962.73 from RMB 3,987,765,850.28, representing a growth of approximately 3.14%[17] - Cash and cash equivalents at the end of Q1 2025 were ¥3,686,674,967.34, a decrease from ¥3,767,773,851.67 at the end of Q1 2024[27] - As of March 31, 2025, the total assets of the company amounted to RMB 37,928,040,016.12, an increase from RMB 37,543,871,905.42 as of December 31, 2024, reflecting a growth of approximately 1.03%[17][19] - The company's current assets totaled RMB 19,017,982,080.00, up from RMB 18,683,213,806.32, indicating an increase of about 1.79%[17] - The company's accounts receivable decreased to RMB 5,155,425,358.10 from RMB 6,425,588,731.75, a decline of about 19.77%[17] - The total liabilities decreased to RMB 15,207,615,108.38 from RMB 17,960,618,429.96, a reduction of approximately 15.43%[19] - The company reported a total of RMB 10,897,848,381.27 in capital reserves as of March 31, 2025, compared to RMB 8,255,524,193.88 at the end of 2024, indicating an increase of approximately 32.1%[19] Shareholder Equity and Dividends - Shareholders' equity attributable to the parent company increased by 16.04% to CNY 22,686,886,003 from CNY 19,550,263,950 at the end of the previous year[5] - The company's equity attributable to shareholders increased to RMB 22,686,886,003.16 from RMB 19,550,263,949.66, reflecting a growth of about 15.67%[19] - The company plans to distribute a cash dividend of CNY 0.556 per share and increase capital by 0.45 shares for every share held, totaling CNY 646,503,426.53 in cash dividends[5] Expenses and Costs - Total operating costs increased to ¥5,272,263,011.79 in Q1 2025 from ¥4,983,177,157.08 in Q1 2024, reflecting a rise of about 5.8%[22] - Research and development expenses rose to ¥342,177,460.03 in Q1 2025, compared to ¥255,646,435.02 in Q1 2024, marking an increase of about 33.8%[22] Debt and Borrowings - The company's short-term borrowings rose to RMB 1,226,830,470.31 from RMB 930,632,816.92, an increase of approximately 31.8%[19] - The company completed the redemption of "Top Bond" on March 14, 2025, resulting in a total share count of 1,737,835,580 shares[13][14] Accounting Changes - Ningbo Top Group Co., Ltd. will implement new accounting standards starting from 2025, affecting the financial statements from the beginning of that year[28]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 71.40 CNY, based on an average PE valuation of 35 times for comparable companies in 2025 [2][6]. Core Views - The company is expected to achieve a net profit attributable to the parent company of 3.54 billion CNY in 2025, with projections of 3.54 billion CNY, 4.29 billion CNY, and 5.12 billion CNY for 2025, 2026, and 2027 respectively [2]. - The company is experiencing rapid growth in its automotive electronics and robotics businesses, with significant contributions from both organic growth and acquisitions [11]. Financial Performance Summary - Revenue is projected to grow from 19.70 billion CNY in 2023 to 49.34 billion CNY in 2027, with year-on-year growth rates of 23.2%, 35.0%, 25.8%, 24.2%, and 18.8% respectively [4][13]. - The gross profit margin is expected to stabilize around 21.4% from 2026 onwards, after a slight decline in 2024 [4][11]. - The net profit margin is projected to be around 10.6% in 2025, with a gradual increase to 10.4% by 2027 [4][11]. - The company plans to distribute a cash dividend of 5.19 CNY for every 10 shares to its shareholders [11]. Business Growth and Strategy - The company is expanding its production capacity both domestically and internationally, with new factories in Mexico and Thailand, and plans for a robotics industry base [11][12]. - The automotive electronics segment is expected to see substantial growth, with significant orders and projects in smart cabins and air suspension systems [11]. - The company is actively pursuing mergers and acquisitions to enhance its market position, including a recent acquisition of a 100% stake in Wuhu Changpeng Automotive Parts Co., Ltd. for 330 million CNY [11].