Tuopu Group(SH:601689) Xin Lang Cai Jing·2025-04-30 08:48Core Viewpoints - The company reported a revenue of approximately 26.6 billion yuan for 2024, representing a year-on-year increase of about 35.02%, and a net profit of approximately 3.001 billion yuan, up by about 39.52% year-on-year [1] - The automotive electronics business was the main contributor to revenue growth, with significant increases in the electric drive system and automotive electronics segments [2] Revenue Breakdown - In 2024, revenue from interior functional components was approximately 8.434 billion yuan, up by about 28.24% year-on-year; chassis systems revenue was about 8.203 billion yuan, an increase of approximately 33.98% year-on-year; shock absorbers generated revenue of about 4.402 billion yuan, up by about 2.40% year-on-year; thermal management revenue was approximately 2.14 billion yuan, increasing by about 38.24% year-on-year; electric drive systems revenue was about 0.013 billion yuan, a significant increase of approximately 624.11% year-on-year; and automotive electronics revenue reached about 1.82 billion yuan, up by approximately 907.63% year-on-year [2] Profitability and Expense Management - The company's gross margin for 2024 was approximately 20.8%, a decrease of about 2.23 percentage points year-on-year, while the net margin was approximately 11.29%, an increase of about 0.38 percentage points year-on-year [3] - In Q4 2024, the gross margin was approximately 19.82%, down by about 4.28 percentage points year-on-year, and the net margin was approximately 10.50%, up by about 0.65 percentage points year-on-year [3] - The total expense ratio for Q4 2024 was approximately 8.36%, a decrease of about 0.99 percentage points year-on-year [3] Market Opportunities - The robotics market presents significant growth potential, with each robot requiring dozens of motion actuators, each valued at several thousand yuan [3] - The company is expanding its product matrix in the robotics sector, including linear actuators, rotary actuators, and flexible skin electronics, which are progressing rapidly [3] Investment Outlook - The company is expected to continue expanding its customer base and product categories, with traditional businesses progressing steadily and automotive electronics accelerating growth [4] - Revenue projections for 2025 to 2027 are approximately 33.17 billion yuan, 40.30 billion yuan, and 50.61 billion yuan, representing year-on-year growth rates of about 24.7%, 21.5%, and 25.6% respectively [4]