Tuopu Group(SH:601689) Soochow Securities·2025-04-24 02:42Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved robust growth in 2024, with total revenue reaching 26.6 billion yuan, a year-on-year increase of 35.02%, and net profit attributable to shareholders of 3 billion yuan, up 39.52% year-on-year [7] - The automotive electronics segment significantly contributed to revenue growth, with a staggering 907.63% increase in revenue [7] - The company is expanding into the robotics business, which is expected to open new growth avenues [7] Financial Performance Summary - Total revenue for 2023 was 19.7 billion yuan, projected to grow to 26.6 billion yuan in 2024, 32.9 billion yuan in 2025, 40.8 billion yuan in 2026, and 48.9 billion yuan in 2027 [1][8] - Net profit attributable to shareholders for 2023 was 2.15 billion yuan, expected to rise to 3 billion yuan in 2024, 3.55 billion yuan in 2025, 4.46 billion yuan in 2026, and 5.65 billion yuan in 2027 [1][8] - The company’s earnings per share (EPS) is projected to be 1.24 yuan for 2023, increasing to 1.73 yuan in 2024, 2.05 yuan in 2025, 2.57 yuan in 2026, and 3.25 yuan in 2027 [1][8] - The company’s gross margin for 2024 is expected to be 20.8%, with a net profit margin of 11.3% [7] Business Segment Performance - The interior business generated revenue of 8.43 billion yuan, up 28.24% year-on-year, with a gross margin of 18.12% [7] - The chassis business reported revenue of 8.20 billion yuan, a 33.98% increase year-on-year, with a gross margin of 20.42% [7] - The automotive electronics business, which saw a revenue increase of 907.63%, is a key driver of growth [7]