Tuopu Group(601689) 国盛证券·2025-01-21 04:31Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is expected to achieve a net profit attributable to shareholders of 2.86 to 3.16 billion yuan in 2024, representing a year-on-year growth of 33% to 47% [1] - The automotive electronics business is experiencing rapid growth, with a projected increase of 906% in 2024 [1] - The company is expanding its global production capacity and product categories to create new growth points [2] Financial Performance - The company’s revenue is projected to grow from 19.7 billion yuan in 2023 to 26.52 billion yuan in 2024, reflecting a year-on-year growth rate of 34.6% [4] - The net profit for 2024 is estimated at 3 billion yuan, with a year-on-year growth of 39.5% [4] - Earnings per share (EPS) is expected to increase from 1.28 yuan in 2023 to 1.78 yuan in 2024 [4] Market Expansion - The company has commenced production at its first factory in Mexico and is progressing with three additional factories to enhance local supply capabilities [2] - It has secured a project order for aluminum control arms from BMW, laying the foundation for expansion in the European market [2] Technological Development - The company is positioning itself in the robotics sector, which has significant growth potential, with plans for Tesla's humanoid robot to begin mass production by 2026 [2] - The company has developed core technologies in electric drive systems and is now delivering products [2]