Tuopu Group(601689) 天风证券·2024-07-23 10:30Investment Rating - The report maintains a "Buy" rating for the company, with a projected PE of 23/17/14 times for the years 2024-2026 [1][3] Core Insights - The company is expected to achieve a revenue of 12.227 billion yuan in the first half of 2024, representing a year-on-year increase of 33.47%, and a net profit of 1.452 billion yuan, up 32.69% year-on-year [1] - The second quarter of 2024 is projected to show continued high growth, with revenue expected to reach 6.539 billion yuan, a year-on-year increase of 39.37% and a quarter-on-quarter increase of 14.96% [1] - The company's profitability is also expected to improve, with a projected net profit margin of 12.3% in Q2 2024, an increase of 1 percentage point from the previous quarter [1] Financial Performance Summary - Revenue is projected to grow from 15.993 billion yuan in 2022 to 41.364 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 20% [6][7] - The net profit attributable to the parent company is expected to increase from 1.700 billion yuan in 2022 to 4.862 billion yuan in 2026, reflecting a CAGR of around 26.63% [6][7] - The company's EBITDA is forecasted to rise from 3.571 billion yuan in 2022 to 8.406 billion yuan in 2026, indicating strong operational efficiency [6][7] Customer and Strategic Developments - The company is expanding its high-value customer base in the smart electric vehicle sector, with significant sales growth from its key client, which has sold over 110,000 units of its model since launch [2] - The company is advancing its platformization strategy, enhancing its competitive edge in interior components, lightweight chassis, and thermal management [2] - The internationalization strategy is progressing with the establishment of a factory in Mexico, which is expected to bolster its presence in the European market [2]