Tuopu Group(601689) Changjiang Securities·2025-01-15 12:55Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company plans to acquire 100% equity of Wuhu Changpeng Automotive Parts Co., Ltd. for no more than 330 million RMB, marking the beginning of external growth and aiding in customer expansion and capacity enhancement [2][4]. - The company is transitioning into a global intelligent electric platform enterprise with nine product lines set to launch [2]. Summary by Sections Acquisition Details - The acquisition of Wuhu Changpeng, which specializes in automotive interior and NVH products, is expected to enhance the company's competitive edge and market share, particularly with clients like Chery, Leap Motor, BYD, Geely, Volkswagen, and Jianghuai [2][4]. - Wuhu Changpeng reported a revenue of 570 million RMB and a net profit of 30 million RMB in 2023, with a net profit margin of 4.5% [4]. Financial Projections - The company forecasts net profits of 3.06 billion RMB, 3.86 billion RMB, and 4.78 billion RMB for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 26.4X, 21.0X, and 16.9X [2][12]. Market Position and Growth - The company is positioned to benefit from the growth of global new energy vehicle clients, with significant contributions expected from clients like Huawei, BYD, Geely, and Xiaomi [2]. - The company has entered a revenue-generating phase with its Mexican factory now operational, contributing to income growth [2]. Product Development - The company is entering the automotive electronics era, with products such as air suspension, interior components, lightweight chassis, and thermal management systems expected to see increased production [2]. - The robot business is also progressing, with the electric drive system production line set to launch in early 2024 [2].