Tuopu Group(SH:601689) Haitong Securities·2024-11-01 08:14Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The report highlights that the company has achieved rapid growth in performance, driven by high-quality customers and product structure, with further growth potential from international expansion [1][4] - The company reported a revenue of 19.35 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 36.75%, and a net profit of 2.23 billion yuan, up 39.89% year-on-year [4][5] - The company’s gross margin is reported at 21.17%, a decrease of 1.44 percentage points year-on-year, while the net profit margin increased by 0.26 percentage points to 11.59% [4] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 193.52 billion yuan, with a net profit of 22.34 billion yuan [4] - The company’s Q3 2024 revenue reached a historical high of 71.30 billion yuan, marking a 42.85% increase year-on-year and a 9.13% increase quarter-on-quarter [5] - The projected revenues for 2024, 2025, and 2026 are 27.25 billion yuan, 34.03 billion yuan, and 41.15 billion yuan respectively, with year-on-year growth rates of 38.3%, 24.9%, and 20.9% [6][8] Product Revenue Breakdown - Revenue from key products in the first three quarters includes: shock absorbers (3.32 billion yuan), interior and exterior functional parts (6.02 billion yuan), chassis systems (6.01 billion yuan), thermal management systems (1.50 billion yuan), and automotive electronics (1.29 billion yuan) [4] - The company is expanding its production capacity domestically and accelerating its international strategy, with new factories in Mexico, the U.S., and Poland [5] Earnings Forecast - The forecasted net profits for 2024, 2025, and 2026 are 30.10 billion yuan, 37.43 billion yuan, and 46.33 billion yuan respectively, with corresponding EPS of 1.79 yuan, 2.22 yuan, and 2.75 yuan [6][8] - The report assigns a valuation premium based on the company's leading position in the parts industry and the potential of its new robotics-related product line, suggesting a reasonable value range of 44.4 to 55.5 yuan for 2025 [6]