Tuopu Group(601689) 民生证券·2025-01-20 14:14Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 56.53 CNY per share [7]. Core Insights - The company is expected to achieve a significant increase in net profit for 2024, projected between 2.855 to 3.155 billion CNY, representing a year-on-year growth of 32.73% to 46.68% [2]. - The automotive electronics business is rapidly growing, with a forecasted growth of 906% in 2024, driven by the acceptance of its Tier 0.5 innovative business model and increased market share in key product areas [2][3]. - The company is strategically aligned with major automotive manufacturers, including Tesla, and is expanding its product offerings across eight major product lines [3]. - The company is also actively investing in robotics, with plans to establish a research and production base for electric drive systems, indicating a commitment to innovation and growth in this sector [4]. Summary by Sections Financial Performance - For 2024, the company anticipates a net profit of 2.855 to 3.155 billion CNY, with a median estimate of 3.005 billion CNY, reflecting a year-on-year increase of 39.70% [2]. - The fourth quarter of 2024 is expected to yield a net profit of 621 to 921 million CNY, with a year-on-year growth of 12.16% to 66.32% [2]. - Revenue projections for 2024 to 2026 are 26.305 billion CNY, 34.898 billion CNY, and 43.177 billion CNY, respectively, with corresponding net profits of 3.008 billion CNY, 3.975 billion CNY, and 4.964 billion CNY [4][6]. Business Strategy - The company is positioning itself as a leading Tier 0.5 supplier in the global automotive parts industry, with strategic partnerships with both traditional and new automotive manufacturers [3]. - The focus on electric drive systems and robotics indicates a forward-looking approach to market demands and technological advancements [4]. Investment Outlook - The report projects earnings per share (EPS) of 1.78 CNY, 2.36 CNY, and 2.94 CNY for 2024, 2025, and 2026, respectively, with a corresponding price-to-earnings (PE) ratio of 32, 24, and 19 [4][6].