Tuopu Group(601689) 甬兴证券·2025-03-18 01:08Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [6][7]. Core Views - Top Group is positioned as a Tier 0.5 platform supplier in the automotive industry, focusing on four main business divisions: power chassis systems, decorative systems, intelligent driving, and electric drive [2][18]. - The company achieved a revenue of approximately 19.701 billion yuan in 2023, reflecting a year-on-year growth of about 23.18%, with a CAGR of approximately 26.49% from 2015 to 2023 [2][25]. - The humanoid robot sector is accelerating towards mass production, with projections indicating that 2025 may be a pivotal year for production [3][41]. Summary by Sections Company Overview - Top Group has been dedicated to the automotive industry for over 40 years, with a diverse product range across nine categories, including NVH damping systems, interior and exterior systems, lightweight body components, intelligent cockpit parts, thermal management systems, chassis systems, air suspension systems, intelligent driving systems, and actuators [18][20]. Financial Analysis - The company has established strategic partnerships with high-quality clients, driving sustained performance growth. In Q1-Q3 of 2024, revenue reached approximately 19.352 billion yuan, a year-on-year increase of 36.75% [25][28]. - The revenue from the NVH and interior components has historically accounted for a significant portion of the automotive parts business, with respective contributions of 62.86%, 60.85%, and 58.07% from 2021 to 2023 [28]. Humanoid Robots - The industry is witnessing rapid advancements, with companies like Tesla aiming for mass production of humanoid robots by 2025, targeting an initial output of 10,000 units [3][39]. - The Chinese humanoid robot market is expected to grow to 75 billion yuan by 2029, capturing 32.7% of the global market [41][43]. Automotive Components - The company leads in NVH damping systems and is strategically positioned in the electric vehicle sector. The average sales price of chassis systems has increased from approximately 935 yuan in 2021 to about 1,095 yuan in Q1 2024, marking a price increase of approximately 17.11% [5][66]. - The automotive electronics segment is rapidly expanding, with the average sales price of automotive electronic products rising from about 265 yuan in 2021 to approximately 3,544 yuan in Q1 2024, reflecting a significant increase of approximately 1,237.36% [5][73].