Top Group (601689) Interim Review: Waiting for the recovery through the trough, and actively stocking new products

Top Group (601689) Interim Review: Waiting for the recovery through the trough, and actively stocking new products

Affected by the downturn in the downstream pressure on performance.

Operating income 24.

3.8 billion, down 20 every year.

7%; net profit attributable to mother 2.

1 billion, down 51 before.


The company’s first two major customers sluggish in the first half of the year. SAIC-GM’s H1 output fell by 13%, and Geely’s H1 sales fell by 15%. Decreasing demand from downstream customers put pressure on the company’s revenue.

The increase in raw materials and R & D expenses has eroded short-term profits, and the expansion is greater than revenue.

Reserve new products and wait for more flowers.

The company has industry-leading advantages in shock absorption and sound insulation products, covering joint ventures and independent leading enterprises.

Absolutely develop lightweight aluminum chassis products. After integrating with the acquired Fodora steel chassis, it is expected to work together to grab market share in the chassis business.

In the prospective layout 成都桑拿网 of electrification and intelligence, the adoption of new energy vehicles to improve penetration and energy conservation has reached the standard convergence. Electronic water pumps, electric vacuum pumps, and ibooster have become high-growth.

Tap into the potential and continue to expand new projects.

The company cooperates with GM in depth, relying on synchronous R & D and supporting experience with first-class joint venture brands, shock absorption and interior products are expected to continue to increase their global supporting share.

Among independent brands, following the rise of Geely, accumulating experience in supporting chassis projects, and promoting the promotion of bicycle value.

In the field of light weight, Tesla’s related aluminum alloy structural parts have been equipped, and it is expected to follow the rapid development of new energy vehicles and get a share.

Investment suggestion: We expect net profit attributable to mothers to be 5, respectively, in 2019 and 2020.

9, 7.

0 ppm, corresponding to an estimated 16 times in 2020.

Risk warning: slow customer development progress; new product application is less than expected.

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