Tuopu Group(601689) 国元证券·2024-09-04 00:31Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company's performance in the first half of 2024 met expectations, with revenue of 12.22 billion yuan, a year-on-year increase of 33.42%, and a net profit attributable to shareholders of 1.456 billion yuan, also up 33.11% year-on-year [2] - The international market strategy is accelerating, with the North American Mexico industrial park progressing smoothly, and the first factory of the first phase has been put into production [2] - The product platform strategy is continuously advancing, enhancing the overall competitiveness of various business lines [2] Summary by Relevant Sections Financial Performance - In Q2 2024, the company achieved revenue of 6.534 billion yuan, a year-on-year increase of 39.25% and a quarter-on-quarter increase of 14.86% [2] - The net profit attributable to shareholders for Q2 2024 was 811 million yuan, up 25.94% year-on-year and 25.63% quarter-on-quarter [2] - The company expects revenues of 27.005 billion yuan, 34.302 billion yuan, and 42.574 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 2.895 billion yuan, 3.714 billion yuan, and 4.771 billion yuan for the same years [2][3] International Expansion - The company has established manufacturing plants in the USA, Brazil, Malaysia, Poland, and Mexico, facilitating faster and more efficient service to customers [2] - The company has secured a global project order for BMW's lightweight chassis core component, indicating successful progress in the European market [2] Product Development - The company has developed integrated R&D capabilities across mechanical, electronic control, and software domains, supporting its product platform strategy [2] - Key projects such as air suspension and intelligent cockpit are beginning mass production, with the air suspension project showing rapid growth [2]