拓普集团（601689）：2025年第一季度客户生产和销售疲软，机器人生产线强劲

1Rating (Maintain):BUYTarget price (RMB):69.42AnalystSONG TingtingSAC No. S0570522110001SFC No. BTK945songtingting021619@htsc.com+(86) 21 2897 2228AnalystCHEN ShihuiSAC No. S0570524080001SFC No. BTK466chenshihui@htsc.com+(86) 21 2897 2228Key dataTarget price (RMB)69.42Closing price (RMB as of 9 May)50.88Potential upside/+ (%)36Mkt cap (RMBmn)88,4216m avg daily val (RMBmn)1,88352wk price range (RMB)31.0674.73BVPS(RMB)13.05Share performanceSource:Wind(23)326087May-24Sep-24Jan-25May-25(%)TuopuCSI300 This report must be read with important disclosures and analyst certifications located on the end of the report.Source:WindHuatai Research Source:WindHuatai Research This report must be read with important disclosures and analyst certifications located on the end of the report.Full financialsBalance sheetYE 31 Dec (RMBmn)Current assetsCash & equivalentsAccount receivablesOther receivablesPrepaymentsInventoriesOther current assetsNoncurrent assetsLongterm investmentFixed investmentIntangible assetsOther noncurr. assetsTotal assetsCurrent liabilitiesShortterm borrowingsAccount payablesOther current liabilitiesNoncurrent liabilitiesLongterm borrowingsOther noncurr. liabilitiesTotal liabilitiesMinority interestShare capitalCapital reservesRetained profitShareholdersequity attr. to parentEquity & liabilitiesCash flow statementYE 31 Dec (RMBmn)Operating cash flowNet profitDepreciation/amortizationFinancial costsInvestment lossesChg in working capitalOther operating activInvesting cash flowCapexLongterm investmentOther investing activFinancing cash flowShortterm borrowingsLongterm borrowingsIncrease in common stockAdditional paidin capitalOther financing activNet change in cashSource:Company announcementsHuataiResearch estimate This report must be read with important disclosures and analyst certifications located on the end of the report.DisclaimersAnalyst CertificationI/We, SONG Tingting, CHEN Shihui, hereby certify that the views expressed in this report accurately reflect the personal views ofthe analyst(s) about the subjectsecurities or issuers; and no part of the compensation of the analyst(s) was, is, or will be, directlyor indirectly, related to the inclusion of specific recommendations or views in this report.General Disclaimers and DisclosuresThis research reporthas been prepared by Huatai Financial Holdings (Hong Kong) Limited (hereinafter referred to asHFHL”).The information herein is strictly confidential to the recipient. This report is intended for HFHL, its clients and associatedcompanies. Any other person shall not be deemed a client of the Company merely from his or her receipt of this report.This report is based on information deemed reliable and publicly available by HFHL, but HFHL and its associated company(ies)(collectively, hereinafterHuatai”)makes no guarantee as to the accuracy or completeness of such information.The opinions, assessments and projections contained herein only reflect the views and judgments at the issuance date. Huataimay issue research reports that contain inconsistentviews, assessments and projections with those set out herein at differenttimes. The prices, values and investment returns of the securities or investment instruments referred to herein may fluctuate.Past performance is not a guide to future performance,future returns are not guaranteed, and a loss of original capital may occur.Huatai makes no warrants that the information in this report be kept up to date. The information contained in this report maybemodified without notice by Huatai, and investors shall pay attention to such updates or modifications when necessary.HFHL is not a U.S. Financial Industry Regulatory Authority(“FINRA”)member firm, and HFHL research analysts are notregistered/qualified as research analysts with FINRA.While every effort has been made by Huatai to ensure the content contained herein is objective and impartial, the views,conclusions and recommendations in this report are for reference only and are not to be construed as an offer or solicitationforthe purchase or sale of any security or financial instrument and in any jurisdiction where such offer or solicitation would be illegal.Such views and recommendations are not intended to provide personal investment advice and does not take into account thespecific investment objectives, financial situation and the particular needs of any specific person. Investors should give sufficientconsideration to their own particular circumstances, and fully understand and use the contents of this report, which should not beseen as the sole factor to rely on in making investment decisions. Huatai and the reports authors shall under no circumstance beheld liable for any direct, indirect or consequential losses or damages arising from or in connection with the use or reliance of thisreport or its contents. Any form of written or verbal commitment to share the proceeds or losses of any securities investmentshallbe regarded as null and void.Unless otherwise in