Tuopu Group(SH:601689) SINOLINK SECURITIES·2024-08-29 03:01Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's Q2 performance met expectations, with revenue of 6.534 billion RMB, a year-on-year increase of 39.25%, and a net profit of 811 million RMB, up 25.94% year-on-year [2] - The revenue growth is primarily driven by high-value electric vehicle clients, including AITO M9, Xiaomi SU7, and BYD [3] - The company is expected to benefit from the release of Tesla's humanoid robot in H2 2024, leveraging its leading technology in rotary and linear actuators [3] Summary by Sections Performance Overview - In H1 2024, the company achieved revenue of 12.222 billion RMB, a year-on-year increase of 33.42%, and a net profit of 1.456 billion RMB, up 33.11% year-on-year [2] - The gross profit margin for H1 2024 was 21.35%, down 1.24 percentage points year-on-year, while the net profit margin was 11.96%, down 0.04 percentage points year-on-year [2] Revenue Breakdown - Revenue from various segments in Q2 2024: shock absorbers (2.143 billion RMB, +18.03%), interiors (3.908 billion RMB, +24.3%), chassis (3.789 billion RMB, +31.46%), automotive electronics (707 million RMB, +743.59%), thermal management (919 million RMB, +18.35%), and electric drive (60 thousand RMB) [3] - The gross margins for these segments were: shock absorbers (21.12%), interiors (17.08%), chassis (19.83%), automotive electronics (19.13%), thermal management (17.52%), and electric drive (52.32%) [3] Cost Management - The expense ratios for sales, management, finance, and R&D in Q2 2024 were 1.06%, 2.40%, 0.51%, and 4.25%, respectively, indicating ongoing cost control efforts [3] Future Outlook - The company is projected to achieve revenues of 28.903 billion RMB in 2024, 37.387 billion RMB in 2025, and 42.357 billion RMB in 2026, with year-on-year growth rates of 46.7%, 29.4%, and 13.3%, respectively [4] - Net profits are expected to reach 3.03 billion RMB in 2024, 4.00 billion RMB in 2025, and 4.67 billion RMB in 2026, with growth rates of 40.7%, 32.1%, and 16.8%, respectively [4]