Tuopu Group(SH:601689) Great Wall Securities·2024-07-26 03:31Investment Rating - The report maintains a "Buy" rating for the company, with an expected price increase of over 15% relative to the industry index in the next six months [9]. Core Views - The company achieved a revenue of 12.227 billion yuan in the first half of 2024, representing a year-on-year growth of 33.5%, and a net profit attributable to shareholders of 1.452 billion yuan, up 32.7% year-on-year [1][2]. - The revenue for Q2 2024 was 6.538 billion yuan, with year-on-year growth of 39.4% and quarter-on-quarter growth of 14.9% [2]. - The company is expanding its production capacity through a private placement that raised 3.515 billion yuan, which will enhance the production of lightweight chassis systems and other components [2]. Financial Summary - Revenue (in million yuan): - 2022A: 15,993 - 2023A: 19,701 - 2024E: 26,072 - 2025E: 33,365 - 2026E: 40,956 - Year-on-year growth rates: - 2022: 39.5% - 2023: 23.2% - 2024E: 32.3% - 2025E: 28.0% - 2026E: 22.8% [1][5]. - Net profit (in million yuan): - 2022A: 1,700 - 2023A: 2,151 - 2024E: 2,898 - 2025E: 3,782 - 2026E: 4,708 - Return on Equity (ROE): - 2022A: 14.0% - 2023A: 15.6% - 2024E: 17.9% - 2025E: 19.4% - 2026E: 19.8% [1][5]. Business Performance - The company’s core customers, including Tesla, Geely, BYD, and others, showed significant sales growth in Q2 2024, contributing to revenue increases [2]. - The company’s profitability improved in Q2 2024, with a net profit margin of 12.3%, despite pressures from rising raw material and freight costs [2]. - New business segments, particularly in automotive electronics and robotics, are expected to drive future growth [2].