Tuopu Group(SH:601689) Soochow Securities·2024-07-24 23:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a strong performance in Q2 2024, with revenue and profit exceeding expectations. The automotive parts and robotics sectors are driving growth [3][4] - In Q2 2024, the company achieved revenue of 6.539 billion yuan, a year-on-year increase of 39.36% and a quarter-on-quarter increase of 14.96%. The net profit attributable to shareholders was 808 million yuan, up 25.31% year-on-year and 25.12% quarter-on-quarter [3] - The company is expanding its product lines and has established a robotics division to enhance synergy between its automotive parts and robotics businesses [4] Financial Performance Summary - For the first half of 2024, the company reported total 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 [3] - The company's earnings per share (EPS) for 2024 is projected to be 1.68 yuan, with corresponding P/E ratios of 21.08, 16.60, and 13.12 for 2024, 2025, and 2026 respectively [2][4] - The company has a projected net profit of 2.833 billion yuan for 2024, 3.597 billion yuan for 2025, and 4.551 billion yuan for 2026 [4] Market Data - The closing price of the company's stock is 35.41 yuan, with a market capitalization of approximately 59.702 billion yuan [6] - The company has a price-to-book ratio of 2.32 and a total asset-liability ratio of 48.26% [7]