EQUITY RESEARCH Page | 1 | PHILLIPCAPITAL HONGKONG RESEARCH 拓普集團 (601689 CH) 繼續保持高增長 中國 | 汽車零部件 | 更新報告 5 November 2021 投資概要 公司簡介：拓普集團是汽車NVH領域的行業龍頭，近年來，公司在原有減震器和內飾功能件業務的基礎上，積極佈局了輕量化底盤系統模塊以及汽車電子業務作爲未來“2+3”戰略發展項目，以順應汽車電動化、智能化和輕量化發展趨勢。目前公司已經形成NVH（減震降噪）/隔音/輕量化底盤/汽車電子四大産品綫，5000多個産品。 繼續保持高增長，前三季度業績接近翻倍 2021年前三季度，拓普集團實現營業收入78.23億元，同比增長81.14%；歸母淨利潤7.53億元，同比增長94.44%；扣非歸母淨利潤7.31億元，同比增長103.47%；基本EPS0.69元/股，同比增長86.49%。其中，第三季度公司實現營業收入29.06億元，同比增長65.44%，環比上個季度增長16.70%；歸母淨利潤2.94億元，同比增長71.26%，環比增長37.43%。 今年以來，全球汽車市場在復蘇的同時，亦遭受芯片短缺的衝擊，拓普集團卻持續逆勢大幅增長，明顯好于行業水平，主要因為公司近年來積極向新能源車輕量化底盤及汽車電子領域拓展，轉型效果逐步顯現，前瞻佈局獲得了大量訂單，來自於特斯拉國產化項目帶來的增量貢獻明顯，同時其他核心客戶的配套車型銷量也上行，帶來經營業績快速增長。 毛利率環比改善 第三季度公司毛利率為21.12%，同比下降5個百分點，主要受到今年原材料價格和運費大幅上漲的拖累；環比上升1.29個百分點，主要因為公司積極與下遊客戶協商，轉移部分上漲的成本，效果開始顯現。三季度期間費用率8.3%，同比下降5.7個百分點，環比減少0.4個百分點，其中銷售費用率同比下降3.5個百分點，系新會計準則下運輸費、倉儲費丌再計入銷售費用所致；研發費用率下降1.1個百分點。最終淨利率為10.25%，同比上升0.37個百分點，環比上升1.61個百分點。 下游車企放量以及Tier0.5級合作模式繼續助力成長 憑藉其出色的整車同步研發能力和戰略性的前瞻佈局，以及提前綁定下遊客戶，公司已經步入訂單收穫期：在輕量化底盤斱面，公司的鋁合金一體化真空鑄造底盤已獲得福特、RIVIAN等客戶認可並開始量產，與 RIVIAN 合作配套的單車價值達 11000 元； 增持 （下調） 現價 CNY 51.6 (現價截至11月3日) 目標價 CNY 60 (+16%) 公司資料 普通股股東 (百萬股) : 1102 市值 ( 人民幣百萬元) : 56866 52周 最高價/最低價 (人民幣元) : 53.5/ 26.88 主要股東 % 鄔建樹 66.43 股價 & 上證指數 Source: Aastock, Phillip Securities (HK) Research 財務資料 CNY mn FY20 FY21F FY22F FY23F Net Sales 6511 11627 14069 16345 Net Profit 628 1154 1571 2150 EPS, CNY 0.60 1.05 1.43 1.95 P/E, x 86.7 49.3 36.2 26.5 BVPS, CNY 7.38 9.71 10.84 12.39 P/BV, x 7.0 5.3 4.8 4.2 DPS (CNY) 0.17 0.30 0.42 0.59 Div. Yield (%) 0.3% 0.6% 0.8% 1.1% Source: Company reports, Phillip Securities Est. 研究員 章晶 (+ 86 21-51699400-103) zhangjing@phillip.com.cn Page | 2 | PHILLIPCAPITAL HONGKONG RESEARCH Tuopu UPDATE REPORT 熱管理斱面，公司成功研發的集成式熱泵總成及電子膨脹閥、電子水閥、電子水泵等已獲得客戶認可，後期有望成為新能源熱管理領域整體斱案供應商，整體單車配套價值量高達6000-9000元；智能駕駛系統斱面，作為ADAS的兩個核心執行端的IBS產品與智能轉向系統EPS，正在加緊匹配，未來有望為公司新的增長點。 同時，公司推行 Tier0.5 業務模式並取得成功，逐步獲得智能電動車企的認可，該模式下單車配套產品較多、金額較高，有助於增強公司的訂單獲取能力。 估值與投資建議 估值上，考慮到缺芯和原材料上漲因素，我們略下調2021年盈利預期，但預計2023年缺芯問題將徹底解決，並上調2023年盈利預測，對應2021/2022/2023年EPS為1.05/1.43/1.95（原為1.17/1.43/1.92元），我們看好公司輕量化業務和汽車電子的發展前景，上調公司目標價至60元，對應2021/2022/2023年57/42/31倍PE，“增持”評級。(現價截至11月3日) Forward PE PB trend Source: Bloomberg, Phillip Securities Hong Kong Research 風險 新業務推進進度低於預期 產品價格下跌 原材料上漲 mNqNtNzRrOzRqRuMrOtPpM7NbPaQsQpPtRqReRrQmNkPmMxPaQpOpPMYoMoNNZpNtO Page | 3 | PHILLIPCAPITAL HONGKONG RESEARCH Tuopu UPDATE REPORT 財務數據 (現價截至11月3日) Page | 4 | PHILLIPCAPITAL HONGKONG RESEARCH Tuopu UPDATE REPORT PHILLIP RESEARCH STOCK SELECTION SYSTEMS We do not base our recommendations entirely on the above quantitative return bands. We consider qualitative factors like (but not limited to) a stock's risk reward profile, market sentiment, recent rate of share price appreciation, presence or absence of stock price catalysts, and speculative undertones surrounding the stock, before making our final recommendation GENERAL DISCLAIMER This publication is prepared by Phillip Securities (Hong Kong) Ltd (“Phillip Securities”). By receiving or reading this publication, you agree to be bound by the terms and limitations set out below. This publication shall not be reproduced in whole or in part, distributed or published by you for any purpose. Phillip Securities shall not be liable for any direct or consequential loss arising from any use of material contained in this publication. The information contained in this publication has been obtained from public sources which Phillip Securities has no reason to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the “Research”) contained in this publication are based on such information and are expressions of belief only. Phillip Securities has not verified this information and no representation or warranty, express or implied, is made that such information or Research is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in this publication is subject to change, and Phillip Securities shall not have any responsibility to maintain the information or Research made available or to supply any corrections, updates or releases in connection therewith. In no event will Phillip Securities be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of the information or Research made available, even if it has been advised of the possibility of such damages. Any opinions, forecasts, assumptions, estimates, valuations and prices contained in this material are as of the date indicated and are subject to change at any time without prior notice. This material is intended for general circulation only and does not take into account the specific investment objectives, financial situation or particular needs of any particular person. The products mentioned in this material