Tuopu Group(SH:601689) Guohai Securities·2024-09-02 17:00Investment Rating - The report maintains a "Buy" rating for Top Group (601689) as of September 2, 2024 [1] Core Views - The company's performance is driven by the growth of core customers, with a robust revenue increase and ongoing Tier 0.5 platform strategy [1][2] - The company reported a revenue of 12.22 billion yuan for H1 2024, a year-on-year increase of 33.42%, and a net profit of 1.456 billion yuan, also up 33.11% year-on-year [2] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 6.534 billion yuan, reflecting a year-on-year growth of 39.25% and a quarter-on-quarter increase of 14.86% [2] - The net profit for Q2 2024 was 811 million yuan, up 25.94% year-on-year and 25.63% quarter-on-quarter [2] - The company’s H1 2024 revenue breakdown includes: shock absorbers at 2.143 billion yuan, interior functional parts at 3.908 billion yuan, chassis systems at 3.789 billion yuan, thermal management systems at 919 million yuan, and automotive electronics at 707 million yuan, with respective year-on-year growth rates of 18.0%, 24.3%, 31.5%, 18.4%, and 743.6% [3] Customer and Market Dynamics - The revenue growth in Q2 2024 was primarily driven by key customers such as Wanjie and Xiaomi, with Wanjie's sales reaching 98,800 units, a year-on-year increase of 749.30% [3] - The company’s Tier 0.5 innovative business model continues to gain acceptance among clients, leading to an optimized customer structure [3] Future Outlook - The report projects that the company will achieve revenues of 27.2 billion, 35.6 billion, and 44.5 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 38%, 31%, and 25% [5] - The expected net profits for the same years are 2.95 billion, 4.02 billion, and 5.02 billion yuan, with growth rates of 37% for both 2024 and 2025, and 25% for 2026 [5]