Tuopu Group(601689) 甬兴证券·2025-03-18 02:30Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [6][7]. Core Views - The company 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]. - In 2023, the company achieved revenue of approximately 19.701 billion yuan, reflecting a year-on-year growth of about 23.18%, with a CAGR of approximately 26.49% from 2015 to 2023 [2][25]. Summary by Sections 1. Company Overview - The company has over 40 years of experience in the automotive industry and operates four major divisions, producing a wide range of automotive components [2][18]. - It has a diverse product line including NVH damping systems, interior and exterior decorative systems, lightweight chassis systems, and intelligent driving systems [18][20]. 2. Humanoid Robots - The company is accelerating its industrialization process in humanoid robots, with 2025 expected to be a year of mass production [3][41]. - Major players like Tesla and Figure are planning significant production increases, with Tesla aiming for 10,000 units in 2025 and Figure planning to deliver 100,000 units over the next four years [3][39]. - The global humanoid robot market is projected to grow significantly, with estimates suggesting a rise from approximately 32.4 billion by 2029 [3][41]. 3. Automotive Components - The company leads in NVH damping systems and is strategically positioned in the electric vehicle market [5][52]. - The average sales price (ASP) of chassis systems has increased from approximately 935 yuan in 2021 to about 1,095 yuan in Q1 2024, marking a price increase of about 17.11% [5][66]. - The automotive electronics segment has seen a dramatic price increase, with ASP rising from approximately 265 yuan in 2021 to about 3,544 yuan in Q1 2024, an increase of approximately 1,237.36% [5][73]. 4. Financial Forecast and Valuation - Revenue projections for 2024, 2025, and 2026 are approximately 26.225 billion yuan, 32.659 billion yuan, and 38.783 billion yuan, respectively, with year-on-year growth rates of about 33%, 25%, and 19% [6][15]. - The net profit attributable to the parent company is expected to be around 2.944 billion yuan, 3.584 billion yuan, and 4.196 billion yuan for the same years, with growth rates of approximately 37%, 22%, and 17% [6][15].