Tuopu Group(SH:601689) Tebon Securities·2024-07-23 04:00Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 12.227 billion yuan for the first half of 2024, representing a year-on-year increase of 33.47%, and a net profit attributable to shareholders of 1.452 billion yuan, up 32.69% year-on-year [6] - The company's platform strategy is progressing, with significant growth in sales from key domestic clients, including sales increases of 23.9% for Wanjie, 35.1% for Ideal, and 57.6% for BYD in Q2 2024 [6] - The company is investing 5 billion yuan to establish a research and production base for robotic electric drive systems, which is expected to drive long-term growth [6] Financial Summary - The company is projected to achieve net profits of 3.0 billion yuan, 3.61 billion yuan, and 4.3 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 22.3, 18.5, and 15.5 [7] - Revenue forecasts for the company are 19.701 billion yuan for 2023, 27.975 billion yuan for 2024, 34.510 billion yuan for 2025, and 40.721 billion yuan for 2026 [9] - The gross profit margin is expected to be 23.0% in 2023, decreasing slightly to 22.0% by 2026 [9]