Tuopu Group(601689) 长江证券·2025-01-28 01:47Investment Rating - The investment rating for the company is "Buy" and is maintained [6][7]. Core Views - The company is expected to achieve a net profit attributable to shareholders of between 2.855 billion yuan and 3.155 billion yuan for the year 2024, representing a year-on-year growth of 32.73% to 46.68% [4]. - The company benefits from the growth in sales from downstream customers and the ramp-up of new businesses, with a projected net profit of 770 million yuan for Q4 2024, reflecting a year-on-year increase of 39.3% [2][6]. - The company is transitioning towards becoming a global intelligent electric platform enterprise, with nine product lines set to launch [2]. Summary by Sections Financial Performance - The company anticipates a net profit of 3.01 billion yuan for 2024, a year-on-year increase of 39.7%, with a non-recurring net profit of 2.74 billion yuan, up 35.4% [6]. - For Q4 2024, the expected net profit is 770 million yuan, showing a slight quarter-on-quarter decrease of 0.9% but a significant year-on-year increase [6][10]. Business Strategy - The company is focusing on a platform-based layout, with a comprehensive expansion into global new energy customers, leading to a new growth phase [6]. - The automotive single-vehicle matching amount has reached 30,000 yuan, with products across various systems entering a growth phase [6]. Future Outlook - The company projects net profits of 3.01 billion yuan, 3.86 billion yuan, and 4.78 billion yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 36.7X, 28.6X, and 23.1X [6]. - The international strategy is accelerating, with multiple product lines expected to see rapid growth, including the delivery of over 240,000 closed-loop air suspensions and a significant increase in automotive electronics business [10].