Tuopu Group(SH:601689) CAITONG SECURITIES·2025-08-31 03:09Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has made significant progress in its robot electric actuator project, successfully entering the liquid cooling market, and has begun mass production [7] - The company reported a revenue of 12.935 billion yuan in the first half of 2025, a year-on-year increase of 5.83%, but the net profit attributable to shareholders decreased by 11.08% [7] - The automotive electronics and electric drive business showed strong revenue growth, with automotive electronics revenue increasing by 52.06% year-on-year [7] - The company expects net profits attributable to shareholders to reach 3.614 billion yuan in 2025, with corresponding PE ratios of 30.1, 23.7, and 18.5 for 2025, 2026, and 2027 respectively [7] Financial Performance - Revenue forecast for the company is as follows: - 2023A: 19.701 billion yuan - 2024A: 26.600 billion yuan - 2025E: 33.399 billion yuan - 2026E: 41.306 billion yuan - 2027E: 51.194 billion yuan - The revenue growth rates are projected at 23.2% for 2023, 35.0% for 2024, and 25.6% for 2025 [6][8] - The net profit attributable to shareholders is forecasted to be: - 2023A: 2.151 billion yuan - 2024A: 3.001 billion yuan - 2025E: 3.614 billion yuan - 2026E: 4.581 billion yuan - 2027E: 5.873 billion yuan [6][8] Market Performance - The company's stock performance over the last 12 months shows a decline of 4%, while the Shanghai Composite Index has increased by 24% [4]