摩根大通：拓普集团_最艰难时刻已过；评级上调至增持

The worst is behind; upgrade to OW Price (13 Jun 25): Rmb46.40 Tuopu's share price had seen a roller coaster ride this year, rallying 56% year to Feb-peak (vs. CSI300 -1%) driven by market enthusiasm for humanoid robotics. It then dropped 44% (CSI300 -10%) with heightened tariff tensions, sluggish Tesla sales, and disappointing 1Q25 earnings. The stock is now -5% YTD (CSI300 -2%). We downgraded Tuopu from OW to Neutral in Oct-2024 on concerns of potential tariff hikes and slower-than-expected Tesla order. W ...