Tuopu Group(SH:601689) Tai Ping Yang·2024-09-03 00:03Investment Rating - The report maintains a "Buy" rating for the company, Top Group (601689), with a target price set at 32.79 [1][7]. Core Views - Top Group reported a revenue of 12.227 billion yuan for H1 2024, reflecting a year-on-year growth of 33.47%. The net profit attributable to shareholders was 1.456 billion yuan, also up by 33.11% [2]. - The company has established strategic partnerships with major clients such as Huawei, BYD, and Xiaomi, indicating a strong growth trajectory in the automotive parts sector. The collaboration with luxury brands like Tesla and breakthroughs in European markets are significant milestones [2][4]. - Revenue projections for 2024-2026 are estimated at 27.08 billion, 34.57 billion, and 41.36 billion yuan, respectively, with net profits expected to reach 3.034 billion, 3.784 billion, and 4.627 billion yuan [4][5]. Financial Summary - The company’s revenue growth rate is projected to be 37.46% in 2024, followed by 27.66% in 2025 and 19.65% in 2026 [4]. - The earnings per share (EPS) are forecasted to be 1.80, 2.24, and 2.74 yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 18.71, 15.00, and 12.27 [4][5]. - The company is expected to achieve a return on equity (ROE) of 15.64% in 2024, increasing to 18.30% by 2026 [5].