Tuopu Group(SH:601689) Soochow Securities·2025-08-29 14:34Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q2 2025 showed a sequential improvement, with revenue reaching 7.167 billion yuan, a year-on-year increase of 9.69% and a quarter-on-quarter increase of 24.26% [7] - The heat management business is expanding into liquid cooling, securing 1.5 billion yuan in orders, which includes products for major clients such as Huawei and NVIDIA [7] - Despite a decline in net profit for the first half of 2025, the company is expected to benefit from new orders and product developments, maintaining a positive outlook for future growth [7] Financial Performance Summary - For H1 2025, the company achieved total revenue of 12.935 billion yuan, a year-on-year increase of 5.83%, while net profit attributable to shareholders was 1.295 billion yuan, a year-on-year decrease of 11.08% [7] - The gross profit margin for H1 2025 was 19.55%, down 1.8 percentage points year-on-year [7] - The company’s net profit margin for H1 2025 was 10.01%, a decrease of 1.9 percentage points year-on-year [7] Product Segment Performance - Revenue from shock absorbers was 2.04 billion yuan, down 4.83% year-on-year, while automotive electronics revenue surged by 52.06% to 1.075 billion yuan [7] - The heat management system generated 980 million yuan in revenue, reflecting a year-on-year increase of 6.72% [7] Future Earnings Forecast - The forecast for net profit attributable to shareholders for 2025 is adjusted to 3.358 billion yuan, down from a previous estimate of 3.554 billion yuan [7] - The projected P/E ratios for 2025-2027 are 32, 25, and 19 times, respectively, indicating a favorable valuation outlook [7]