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拓普集团(601689)
研报日期：2018-08-24 拓普集团(601689) Strong topline growth of 32% YoY, but lower than company’s FY18 targetTuopu’s 1H18 NPAT increased by 13% YoY to RMB437m, tracking 53% of DBe,slightly ahead of our estimates. The earnings improvement was driven by 32% YoYtopline growth as demand from its key OEM customers (such as Geely and SAIC)remained robust. The pace of revenue growth was however lower than company’sfull year guidance of 40% (company’s FY18 revenue target: RMB70bn). Similar toother auto parts suppliers, Tuopu’s 1H18 GPM was under pressure, down 2pptsYoY. GPM contracted across all product line
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无间道之战：
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股市是圈钱的祠堂：
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