Tuopu Group(SH:601689) Huachuang Securities·2024-10-30 09:49Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 56.4 CNY [1][2]. Core Views - The company's Q3 report meets expectations, showing significant growth driven by autonomous electric assistance [1]. - Revenue for the first three quarters reached 19.4 billion CNY, a year-on-year increase of 37%, while net profit attributable to shareholders was 2.23 billion CNY, up 40% year-on-year [1]. - The company is expected to benefit from the domestic high-end electric vehicle market, with continued growth anticipated into 2025 [1]. - The company has expanded its product categories and is actively developing its robotics business, which could open new growth avenues [1]. Financial Performance Summary - Total revenue for 2023 is projected at 19.7 billion CNY, with a year-on-year growth rate of 23.2%. For 2024, revenue is expected to reach 27.1 billion CNY, reflecting a growth rate of 37.7% [2][3]. - Net profit attributable to shareholders is forecasted to be 2.15 billion CNY for 2023, increasing to 3.03 billion CNY in 2024, representing a growth rate of 41.1% [2][3]. - The company's earnings per share (EPS) is expected to rise from 1.28 CNY in 2023 to 1.80 CNY in 2024, with a projected price-to-earnings (P/E) ratio of 25 for 2025 [2][3]. Market Position and Growth Potential - The company is positioned to capture market share from both Tesla and other joint venture car manufacturers, supported by its high component supply volume [1]. - The establishment of production facilities in Poland and Mexico is expected to enhance the company's global footprint and operational capabilities [1]. - The company has initiated collaborations with major overseas players in the new energy sector, indicating a strong potential for future growth [1].