Tuopu Group(SH:601689) Great Wall Securities·2024-09-02 06:13Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved revenue of 12.22 billion and a net profit of 1.456 billion in 1H24, with year-on-year growth of 33.4% and 33.1% respectively [1] - In 2Q24, the company reported revenue of 6.534 billion, with year-on-year growth of 39.3% and quarter-on-quarter growth of 14.9% [1] - The company is expanding its production capacity and launching new automotive electronic products, which are expected to drive future growth [1] Financial Performance - Revenue (in million) for the years 2022A, 2023A, 2024E, 2025E, and 2026E are 15,993, 19,701, 26,780, 32,282, and 40,639 respectively, with growth rates of 39.5%, 23.2%, 35.9%, 20.5%, and 25.9% [1][4] - Net profit (in million) for the same years are 1,700, 2,151, 2,966, 3,521, and 4,760, with growth rates of 67.1%, 26.5%, 37.9%, 18.7%, and 35.2% [1][4] - The company's ROE for the years 2022A, 2023A, 2024E, 2025E, and 2026E are 14.0%, 15.6%, 15.1%, 15.5%, and 17.6% respectively [1][4] Business Segments - In 1H24, revenue from various business segments includes 2.14 billion from shock absorbers, 3.91 billion from interior functional parts, 3.79 billion from chassis systems, 710 million from automotive electronics, and 920 million from thermal management systems, with respective year-on-year growth rates of 18%, 24%, 31%, 744%, and 18% [1] - The automotive electronics segment is experiencing significant growth, with orders starting to ramp up [1] Future Outlook - The company is expected to achieve revenues of 26.78 billion, 32.28 billion, and 40.64 billion in 2024, 2025, and 2026 respectively, with corresponding net profits of 2.97 billion, 3.52 billion, and 4.76 billion [1] - The report estimates the company's P/E ratios to be 17.9, 15.1, and 11.2 for the years 2024E, 2025E, and 2026E respectively [1]