Tuopu Group(SH:601689) Orient Securities·2025-05-09 08:23Investment Rating - The report maintains a "Buy" rating for the company with a target price of 71.40 CNY, based on a projected PE ratio of 35 times for comparable companies in 2025 [2][5]. Core Insights - The company's performance in Q1 was impacted by adjustments in major customer models, particularly with Tesla and other key clients, leading to a 12.4% year-on-year decrease in net profit [9]. - The company is actively expanding its robot business and optimizing its customer structure, which includes partnerships with various domestic and international automotive manufacturers [9]. - The financial forecasts predict a steady increase in revenue and net profit from 2023 to 2027, with expected revenues of 33.46 billion CNY in 2025 and net profits of 3.54 billion CNY [4][10]. Financial Performance Summary - Revenue is projected to grow from 19.70 billion CNY in 2023 to 49.34 billion CNY in 2027, with a compound annual growth rate (CAGR) of 25.8% from 2025 to 2026 [4][10]. - The net profit attributable to the parent company is expected to increase from 2.15 billion CNY in 2023 to 5.12 billion CNY in 2027, reflecting a strong growth trajectory [4][10]. - The gross margin is forecasted to stabilize around 21.4% from 2026 onwards, while the net margin is expected to hover around 10.4% [4][10].