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研報掘金丨長江證券:維持拓普集團“買入”評級,國際化戰略進一步加速
格隆匯 05-06 15:59
長江證券研報指出,拓普集團(601689.SH)24年歸母淨利潤30.0億元,同比+39.5%,業績符合預期。展望2025年,多條產品線有望迎來加速成長,國際化戰略進一步加速。平台型佈局下全球新能源客户全面開花,多元客户及產品放量開啟新一輪成長。公司汽車單車配套金額達3 萬元,全球新能源客户佈局迎來收穫期,產品從底盤系統到熱管理再到空氣懸架等汽車電子產品相繼進入爆發期,機器人電驅業務開啟批量供貨,內生及外延並行,未來持續成長確定性強,展現平台型企業巨大潛力。預計2025-2027年歸母淨利潤分別為36.0、45.2、59.8億元,對應PE 分別為24.8X、19.7X、14.9X,維持“買入”評級。
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