Tuopu Group(601689) 东吴证券·2025-01-22 00:34Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is expected to achieve a net profit attributable to shareholders of between 2.855 billion and 3.155 billion yuan in 2024, representing a year-on-year growth of 32.73% to 46.68% [7] - For Q4 2024, the estimated net profit is 771 million yuan, reflecting a year-on-year increase of 39.17% [7] - The company's growth is driven by the continuous advancement of its Tier 0.5 supplier model, steady revenue growth in interior components and lightweight chassis, and rapid expansion in air suspension business [7] - The company is expanding its product lines and has established a robotics division to enhance synergy between its automotive parts and robotics businesses [7] Financial Forecasts - The company forecasts total revenue of 27.015 billion yuan for 2024, with a year-on-year growth of 37.13% [1] - The projected net profit for 2025 is 3.715 billion yuan, with an EPS of 2.20 yuan, and for 2026, a net profit of 4.558 billion yuan with an EPS of 2.70 yuan [1][8] - The P/E ratios for 2024, 2025, and 2026 are projected to be 31.23, 25.66, and 20.91 respectively [1]