Tuopu Group(SH:601689) CAITONG SECURITIES·2024-07-24 12:22Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 12.227 billion yuan for the first half of 2024, representing a year-on-year growth of 33.47%. The net profit attributable to shareholders was 1.452 billion yuan, up 32.69% year-on-year [2] - The company is optimizing its customer structure and accelerating internationalization and platformization. The growth is attributed to the acceptance of its Tier 0.5 innovative business model by high-value electric vehicle clients, the continuous advancement of its product platform strategy, and the rapid establishment of its factory in Mexico [2] - The establishment of a dedicated electric drive division for the robot actuator sector is progressing well, with positive feedback from clients on the samples of linear and rotary actuators [2] Financial Performance Summary - For the second quarter of 2024, the company achieved total revenue of 6.539 billion yuan, a year-on-year increase of 39.4%, and a net profit of 808 million yuan, up 25.3% year-on-year [2] - The projected net profits for 2024, 2025, and 2026 are estimated at 2.942 billion yuan, 3.895 billion yuan, and 4.541 billion yuan, respectively, with corresponding PE ratios of 20.30, 15.33, and 13.15 [2][3] - The company’s revenue is expected to grow at rates of 33.44% in 2024, 28.81% in 2025, and 14.78% in 2026 [3]