Tuopu Group(SH:601689) Changjiang Securities·2025-05-04 23:30Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company is expected to achieve revenue of 26.6 billion yuan in 2024, representing a year-on-year increase of 35.0%, and a net profit attributable to shareholders of 3.0 billion yuan, up 39.5% year-on-year [2][4]. - The company is transitioning into a global intelligent electric platform enterprise with nine product lines fully launched, marking the beginning of a new chapter [2]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 26.6 billion yuan, a year-on-year increase of 35.0%, with a net profit of 3.0 billion yuan, up 39.5% year-on-year [4][11]. - The fourth quarter revenue was 7.25 billion yuan, showing a year-on-year increase of 30.6% and a quarter-on-quarter increase of 1.7% [11]. - The gross profit margin for Q4 was 19.8%, approximately 20.5% after adjusting for accounting policy impacts, which is a decrease of 3.1 percentage points year-on-year [11]. Business Segments - The company reported significant growth in various segments, with automotive electronics revenue increasing by 1049.6% year-on-year, primarily due to the large-scale release of products like air suspension [11]. - The revenue from thermal management products grew by 58.3% year-on-year, while chassis system revenue increased by 36.2% [11]. Future Outlook - The company anticipates continued growth with net profits projected to reach 3.6 billion yuan, 4.5 billion yuan, and 5.98 billion yuan for 2025, 2026, and 2027, respectively [6]. - The company is expanding its global footprint with new factories in various countries, including Malaysia and Poland, and plans to establish a new factory in Thailand [11].