Tuopu Group(SH:601689) Huaan Securities·2024-10-31 15:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company experienced rapid revenue and profit growth in Q3, driven by new customers and new product launches [1] - The Q3 gross margin improved quarter-on-quarter, while the expense ratio decreased year-on-year [1] - The company is positioned as a tier 0.5 platform component supplier, capitalizing on the growth of the new energy vehicle market [1] Financial Performance Summary - In Q3, the company achieved revenue of 7.13 billion yuan, a year-on-year increase of 36.75%, and a net profit attributable to the parent company of 2.23 billion yuan, up 42.85% year-on-year [1] - For the first three quarters of 2024, the company reported a gross margin of 21.17%, a year-on-year decrease of 1.44 percentage points [1] - The company’s revenue is projected to reach 26.84 billion yuan in 2024, with a year-on-year growth of 36.2% [2] Business Segment Performance - The company’s interior functional components generated revenue of 6.02 billion yuan, chassis systems 6.01 billion yuan, shock absorbers 3.32 billion yuan, thermal management systems 1.50 billion yuan, and automotive electronics 1.29 billion yuan for the first three quarters of 2024 [1] - The company is expanding its overseas production capacity, with several factories in Mexico and ongoing construction in the U.S. and Poland [1] Future Outlook - The company is expected to see net profits of 3.02 billion yuan, 3.80 billion yuan, and 4.58 billion yuan for the years 2024, 2025, and 2026 respectively, corresponding to P/E ratios of 24, 20, and 16 times [1][2]