Tuopu Group(SH:601689) Soochow Securities·2024-10-29 16:28Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 2024 performance met expectations, with a year-on-year revenue growth of 42.85% and a quarter-on-quarter increase of 9.13% [2][3] - The gross margin for Q3 2024 improved by 0.47 percentage points to 20.88%, attributed to ongoing cost reduction and efficiency enhancement measures [3] - The company is advancing its position as a Tier 0.5 supplier, focusing on electric and intelligent component sectors, and has established a platform-based parts enterprise with eight major product lines [4] Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 19.352 billion yuan, a year-on-year increase of 36.75%, and a net profit attributable to shareholders of 2.234 billion yuan, up 39.89% year-on-year [2] - In Q3 2024 alone, the company reported revenue of 7.130 billion yuan and a net profit of 778 million yuan, reflecting a year-on-year growth of 54.63% [2][3] - The earnings per share (EPS) for 2024 is projected to be 1.81 yuan, with corresponding price-to-earnings (P/E) ratios of 25.62, 21.05, and 17.16 for 2024, 2025, and 2026 respectively [4] Future Projections - The company's net profit forecasts for 2024, 2025, and 2026 have been adjusted to 3.052 billion yuan, 3.715 billion yuan, and 4.558 billion yuan respectively [4] - The expected revenue growth rates for 2024, 2025, and 2026 are 37.13%, 24.92%, and 22.18% respectively [4]