Tuopu Group(SH:601689) EBSCN·2024-07-26 09:01Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Views - The company is expected to achieve a 33.5% year-on-year increase in revenue for the first half of 2024, reaching approximately 12.23 billion yuan, and a 32.7% increase in net profit, amounting to about 1.45 billion yuan [2]. - The growth is driven by an optimized customer structure and deepening overseas expansion, with significant contributions from clients like Huawei and Zeekr, which offset some pressure from Tesla [2]. - The company is positioned to expand its lightweight chassis advantages and anticipates high growth in its automotive electronics business [2]. Summary by Sections Financial Performance - The company reported a revenue of 12.23 billion yuan for 1H24, accounting for 44.6% of the annual forecast, and a net profit of 1.45 billion yuan, representing 51.0% of the annual forecast [2]. - For Q2 2024, revenue is expected to reach 6.54 billion yuan, showing a year-on-year increase of 39.4% and a quarter-on-quarter increase of 14.9% [2]. Business Segments - The company has eight series of automotive products, with traditional NVH products expected to perform steadily [2]. - The company has become the only domestic supplier of a specific aluminum control arm for a European luxury brand, indicating a strong competitive position in lightweight chassis [2]. - The automotive electronics segment, including air suspension and intelligent driving components, is expected to see significant growth as orders ramp up [2]. Customer and Market Strategy - The customer structure is being optimized, with a decrease in revenue contribution from Tesla, which is expected to stabilize as the company expands its partnerships with other clients like Huawei, Zeekr, and BYD [2]. - The company is actively pursuing global expansion, having established five R&D centers and over 70 manufacturing plants worldwide, with significant progress in North America and Europe [2]. Profitability and Forecast - The report maintains profit forecasts for 2024, 2025, and 2026 at 2.85 billion yuan, 3.85 billion yuan, and 4.64 billion yuan respectively [2]. - The company is expected to leverage its Tier 0.5 platform supply advantages and self-research capabilities to mitigate risks from customer sales fluctuations and cost pressures [2].