Tuopu Group(SH:601689) KAIYUAN SECURITIES·2024-07-24 15:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown significant growth in the first half of 2024, with expected revenue of 12.227 billion yuan, a year-on-year increase of 33.47%, and a net profit of 1.452 billion yuan, up 32.69% year-on-year. The second quarter alone saw revenue of 6.538 billion yuan, a 39.36% increase year-on-year and a 14.95% increase quarter-on-quarter [5] - The company's platform strategy is progressing well, leading to enhanced profitability. Forecasted net profits for 2024-2026 are 3.030 billion, 3.954 billion, and 4.924 billion yuan, respectively, with corresponding EPS of 2.61, 3.40, and 4.23 yuan per share. The current stock price corresponds to PE ratios of 13.6, 10.4, and 8.4 times for 2024-2026 [5] - The company is investing 5 billion yuan to establish a robotics production base, which is expected to become a new growth driver for its performance [6] Financial Summary - Revenue for 2022 was 15.993 billion yuan, with a growth rate of 39.5%. For 2023, revenue is projected at 19.701 billion yuan (23.2% growth), and for 2024, it is expected to reach 27.935 billion yuan (41.8% growth) [7] - The net profit for 2022 was 1.700 billion yuan, with a growth rate of 67.1%. The projected net profits for 2023 and 2024 are 2.151 billion yuan (26.5% growth) and 3.030 billion yuan (40.9% growth), respectively [7] - The gross margin is expected to improve from 21.6% in 2022 to 23.6% in 2024, while the net margin is projected to be around 10.8% in 2024 [7] - The company's total assets are expected to grow from 30.770 billion yuan in 2023 to 40.442 billion yuan in 2024 [8]