Tuopu Group(601689) 群益证券·2025-01-24 03:23Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside in the stock price [5]. Core Insights - The company is deeply engaged in the automotive parts sector, with a strong outlook for its robotic actuator business. The report highlights the company's robust growth in various segments, particularly in interior components and lightweight chassis systems, driven by the increasing demand for electric and intelligent vehicles [5][6][7]. Summary by Sections Company Overview - The company operates in the automotive industry, with a current A-share price of 63.82 RMB and a target price of 75 RMB, suggesting a potential upside of approximately 17.7% [1]. Business Segments - Interior Business: This segment has seen rapid growth, with revenue increasing from 1.65 billion RMB in 2019 to 6.58 billion RMB in 2023, reflecting a CAGR of 41%. In the first half of 2024, revenue reached 3.91 billion RMB, a year-over-year increase of 24.3% [6]. - Lightweight Chassis System: Following the acquisition of Fudona, this segment has also experienced significant growth, with revenue rising from 1.05 billion RMB in 2019 to 6.12 billion RMB in 2023, achieving a CAGR of 55%. The first half of 2024 saw revenue of 3.79 billion RMB, up 31.5% year-over-year [7]. - Shock Absorbers: The company maintains a leading position in this traditional segment, with revenue growing from 2.34 billion RMB in 2019 to 4.30 billion RMB in 2023, a CAGR of 16%. The first half of 2024 recorded revenue of 2.14 billion RMB, an 18% increase year-over-year [9]. - Thermal Management: This segment, primarily supplying heat pump systems for electric vehicles, saw revenue grow from 1.29 billion RMB in 2021 to 1.55 billion RMB in 2023, with a CAGR of 10% [9]. Financial Performance - The company forecasts a net profit of 2.855 to 3.155 billion RMB for 2024, representing a year-over-year growth of 32.8% to 46.7%. The fourth quarter of 2024 is expected to yield a net profit of 621 to 921 million RMB, a growth of 12.2% to 66.4% [7]. - Revenue is projected to increase from 15.993 billion RMB in 2022 to 19.701 billion RMB in 2023, with further growth expected in subsequent years [14]. Market Position and Future Outlook - The company has successfully transitioned its client base from traditional automakers to include major players in the electric vehicle sector, such as Tesla. This diversification has contributed to a significant increase in overall revenue from 5.36 billion RMB in 2019 to 19.70 billion RMB in 2023, with a CAGR of 38% [7]. - The report anticipates continued growth in net profit, projecting 3 billion RMB in 2024, 3.7 billion RMB in 2025, and 4.5 billion RMB in 2026, with corresponding year-over-year growth rates of 41%, 21%, and 23% [11].