Tuopu Group(SH:601689) Changjiang Securities·2025-05-05 11:13Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Views - The company achieved a revenue of 5.77 billion yuan in Q1 2025, representing a year-on-year increase of 1.4%, while the net profit attributable to shareholders was 570 million yuan, down 12.4% year-on-year. The company is transitioning towards becoming a global intelligent electric platform enterprise with nine product lines fully operational [2][4]. Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 57.7 billion yuan, up 1.4% year-on-year but down 20.4% quarter-on-quarter. The net profit attributable to shareholders was 5.7 billion yuan, reflecting a decrease of 12.4% year-on-year and 26.2% quarter-on-quarter. The gross profit margin was 19.9%, a decline of 2.5 percentage points year-on-year [2][4][11]. Customer Performance - Major customers such as Tesla and Wanjie faced sales pressure, impacting the company's revenue stability. In Q1, the wholesale sales of passenger cars reached 6.417 million units, a year-on-year increase of 12.9% but a quarter-on-quarter decrease of 27.7%. Tesla's global sales were 337,000 units, down 22.3% year-on-year, while Wanjie's sales dropped 45.7% year-on-year [11]. Future Outlook - The company anticipates accelerated growth in multiple product lines in 2025, with international strategies further advancing. Key clients like Tesla, Wanjie, Geely, and BYD are expected to drive revenue growth. The company plans to expand its production capacity and enhance its global footprint, including new factories in Malaysia and Thailand [11][12]. Investment Recommendations - The company is positioned for significant growth with a diversified customer base and product offerings. The projected net profits for 2025, 2026, and 2027 are 3.5 billion, 4.3 billion, and 5.3 billion yuan, respectively, with corresponding price-to-earnings ratios of 25.5X, 20.7X, and 16.9X [11].