Tuopu Group(SH:601689) Guotai Junan Securities·2024-11-01 06:43Investment Rating - The report maintains a "Buy" rating for the company [5][3] - The target price is set at 58.82 CNY [5][3] Core Views - The company's Q3 2024 results met expectations, with rapid revenue growth driven by a platform strategy and new product orders [1][3] - Revenue for the first nine months of 2024 reached 19.35 billion CNY, a year-on-year increase of 36.8%, while net profit attributable to shareholders was 2.23 billion CNY, up 39.9% [3] - The company is experiencing a harvest period in its automotive electronics business, with new clients contributing to revenue growth [3] - Global expansion is accelerating, with partnerships with major international clients and new manufacturing facilities being established [3] Financial Summary - Revenue projections for 2024-2026 are 27.55 billion CNY, 36.07 billion CNY, and 46.23 billion CNY, respectively, with growth rates of 39.9%, 30.9%, and 28.2% [2] - Net profit attributable to shareholders is forecasted to be 2.87 billion CNY, 3.88 billion CNY, and 4.96 billion CNY for 2024-2026, reflecting growth rates of 33.6%, 35.0%, and 28.0% [2] - The company's earnings per share (EPS) are projected to be 1.70 CNY, 2.30 CNY, and 2.94 CNY for 2024-2026 [2] - The price-to-earnings (P/E) ratio is expected to decrease from 27.23 in 2024 to 15.76 in 2026 [2]