Tuopu Group(SH:601689) Mei Ri Jing Ji Xin Wen·2025-06-16 13:09Core Viewpoint - Tesla's supply chain leader, Top Group, is experiencing a decline in performance alongside Tesla's revenue and net profit drop in Q1 2025, indicating a potential loss of its previous luster [1][2]. Financial Performance - In Q1 2025, Tesla's revenue was $19.335 billion, a year-on-year decrease of 9.23% [2]. - Top Group's revenue for Q1 2025 was 5.768 billion yuan, with a year-on-year growth of only 1.40%, a significant slowdown compared to previous years where growth rates were 100.80%, 54.34%, 19.32%, and 27.29% respectively [2]. - The net profit of Top Group declined by 12.39% in Q1 2025, with a gross margin of 19.9%, down 2.5 percentage points year-on-year [3]. Market Dynamics - The decline in performance is attributed to adjustments in major customer models, particularly Tesla's Model Y and other vehicles, which affected orders for Top Group [3]. - Tesla's global production in Q1 2025 was 362,600 units, a decrease of 16.3% year-on-year, while another client, Seres, saw a production drop of 45.7% [3]. Strategic Outlook - Top Group has indicated that while Q1 performance was impacted, there is an expectation of improvement in Q2 due to better order conditions [3]. - The company is focusing on diversifying its customer base to reduce reliance on a single major client, emphasizing its coverage of global mainstream automakers, especially in the electric vehicle sector [3]. Robotics Business Growth - Despite the slowdown in the electric vehicle parts business, Top Group's robotics segment is emerging as a growth area [4]. - The global humanoid robot market is projected to reach 12,400 units and a market size of 6.339 billion yuan in 2025, with significant growth expected through 2035 [4]. - Top Group is actively developing various robotic technologies and plans to establish a robotics industry base covering approximately 150 acres [5].