Tuopu Group(SH:601689) Donghai Securities·2024-09-02 11:30Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a robust performance in H1 2024, achieving revenue of 12.22 billion and a net profit of 1.46 billion, both reflecting a year-on-year increase of 33% [10] - The automotive electronics business is entering a rapid growth phase, driven by the mass production of various projects including air suspension and intelligent cockpit systems [10] - The company is making steady progress in its international strategy, with its aluminum control arm products gaining recognition from high-end clients [10] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 122.22 billion, up 33% year-on-year, and a net profit of 14.56 billion, also up 33% year-on-year [10] - Q2 2024 revenue reached 65.34 billion, a 39% increase year-on-year, with net profit at 8.11 billion, a 26% increase [10] - The company’s gross margin was 21.35%, a decrease of 1.24 percentage points year-on-year [10] Business Segments - Revenue from various business segments in H1 2024 included: shock absorbers (2.14 billion, +18%), interior functional parts (3.91 billion, +24%), chassis systems (3.79 billion, +31%), automotive electronics (707 million, +744%), and thermal management systems (919 million, +18%) [10] - The air suspension products have become a new growth point for revenue, with significant sales from models like the AITO M9 and Xiaomi SU7 [10] Market Outlook - The company expects net profits for 2024-2026 to be 3.016 billion, 4.009 billion, and 4.866 billion respectively, with corresponding EPS of 1.79, 2.38, and 2.89 [8] - The projected PE ratios for the same period are 19X, 14X, and 12X [8]