Tuopu Group(SH:601689) Soochow Securities·2025-11-03 10:02Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q3 2025 performance is under short-term pressure, with expectations for the "liquid cooling + robotics" dual track to deliver results in the future [1] - Revenue for Q1-Q3 2025 reached 20.928 billion yuan, a year-on-year increase of 8.14%, while net profit attributable to shareholders decreased by 11.97% year-on-year [7] - The company has received significant orders in its thermal management business, amounting to 1.5 billion yuan, and has secured product designations from major international clients [7] Financial Performance Summary - Q3 2025 revenue was 7.994 billion yuan, with a year-on-year increase of 12.11% and a quarter-on-quarter increase of 11.53% [7] - Q3 2025 net profit attributable to shareholders was 0.672 billion yuan, down 13.65% year-on-year and 7.93% quarter-on-quarter [7] - The gross margin for Q1-Q3 2025 was 19.20%, a decrease of 1.97 percentage points year-on-year, while the net profit margin was 9.40%, down 2.15 percentage points year-on-year [7] Earnings Forecast and Valuation - The company’s net profit forecasts for 2025-2027 have been revised down to 2.813 billion, 3.698 billion, and 4.650 billion yuan respectively [7] - The current market capitalization corresponds to a P/E ratio of 46, 35, and 28 times for 2025-2027 [7] - The report emphasizes that the company's thermal management orders and new product designations will provide ongoing growth momentum [7]