Tuopu Group(SH:601689) KAIYUAN SECURITIES·2024-08-31 15:30Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has achieved significant revenue growth in the first half of 2024, with a revenue of 12.22 billion yuan, representing a year-on-year increase of 33.42%. The net profit attributable to the parent company reached 1.456 billion yuan, also up by 33.11% year-on-year [6] - The company is benefiting from a diversified product line in the new energy vehicle sector, which has contributed to its rapid revenue growth [6] - The company is expected to maintain strong profit growth, with projected net profits of 3.030 billion yuan, 3.954 billion yuan, and 4.924 billion yuan for 2024, 2025, and 2026, respectively [6] Financial Performance Summary - In Q2 2024, the company achieved a revenue of 6.534 billion yuan, a year-on-year increase of 39.25% and a quarter-on-quarter increase of 14.86%. The net profit for Q2 was 811 million yuan, up 25.94% year-on-year and 25.63% quarter-on-quarter [6] - The company’s revenue and profit growth are attributed to its extensive product line in the new energy vehicle industry, overcoming economic fluctuations and industry volatility [6] - The company maintains its previous profit forecasts, with expected earnings per share (EPS) of 2.61 yuan, 3.40 yuan, and 4.23 yuan for 2024, 2025, and 2026, respectively [6] Capacity Expansion and Internationalization - The company is actively expanding its production capacity and accelerating its internationalization process, with ongoing construction of factories in various locations including Mexico and Europe [7] - The North American facility in Mexico is progressing well, with the first factory already in operation and two additional factories in the installation phase [7] - The company has secured global project orders from BMW and is planning further expansion in Poland to accommodate more local orders [7] Product Platform Strategy - The company is advancing its product platform strategy, collaborating with major domestic and international automotive manufacturers, which is expected to create new growth points [8] - The company’s orders for automotive electronic products are beginning to ramp up, with significant growth in projects such as air suspension and intelligent cockpit systems [8] - The comprehensive competitiveness of the company’s interior functional components, lightweight chassis, and thermal management business is continuously improving, contributing to steady revenue growth [8]