Tuopu Group(SH:601689) ZHONGTAI SECURITIES·2024-08-31 03:00Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [34]. Core Insights - The company reported a 33.42% year-on-year increase in revenue for H1 2024, reaching 12.222 billion yuan, and a net profit of 1.456 billion yuan, also up by 33.11% year-on-year [2]. - The automotive electronics segment showed exceptional growth, with revenue soaring by 743.59% year-on-year, driven by the mass production of projects such as air suspension and intelligent cockpit [2][3]. - The company has established a Tier 0.5 platform with eight major product lines, enhancing its customer base, including partnerships with notable companies like Huawei, NIO, and BYD [3]. - The company is expanding its overseas production capacity, with factories in multiple countries, which positions it well to capture new growth opportunities in the international market [3]. Financial Performance Summary - For 2024, the company forecasts revenue growth to 28.123 billion yuan, a 43% increase year-on-year, with net profit expected to reach 2.859 billion yuan, reflecting a 33% growth [1][2]. - The gross margin for H1 2024 was reported at 21.35%, with a slight decrease of 1.23 percentage points year-on-year, while the expense ratio was controlled at 8.74% [2]. - The company’s current market capitalization is approximately 55.285 billion yuan, with projected P/E ratios for 2024-2026 at 19.34X, 15.11X, and 11.98X respectively [1][4].