Tuopu Group(SH:601689) Haitong Securities·2024-09-26 02:37Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a significant revenue growth of 33.42% year-on-year, reaching 12.22 billion yuan in the first half of 2024, with a net profit of 1.456 billion yuan, also up by 33.11% year-on-year [5] - The company's performance is driven by a broad product line in the new energy vehicle sector, strong system R&D capabilities, and an innovative business model [5] - The international expansion strategy is progressing, with the first factory in the North American Mexico industrial park already in operation and further projects underway in Europe [5] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 6.534 billion yuan, representing a year-on-year increase of 39.25% and a quarter-on-quarter increase of 14.86% [5] - The gross margin for Q2 2024 was 20.40%, down by 2.88 percentage points year-on-year, while the net margin was 12.41%, showing a year-on-year decrease of 1.31 percentage points but a quarter-on-quarter increase of 1.06 percentage points [5] Product and Customer Structure - The company has optimized its customer and product structure, with significant growth in various product lines such as shock absorbers (up 18.03%), interior and exterior functional parts (up 24.30%), chassis systems (up 31.46%), automotive electronics (up 743.59%), and thermal management systems (up 18.35%) [5] - The Tier 0.5 innovative business model has been well-received by customers, increasing the number and value of vehicle component supplies [5] Future Earnings Forecast - The forecast for net profit from 2024 to 2026 is 2.953 billion yuan, 3.744 billion yuan, and 4.416 billion yuan respectively, with corresponding EPS of 1.75 yuan, 2.22 yuan, and 2.62 yuan [6][9] - The company is expected to maintain a valuation premium due to its leading position in the platform-based component sector and the promising market for its new robotics-related products, with a projected PE ratio of 18-22 times for 2025 [5][8]