Tuopu Group(SH:601689) Changjiang Securities·2025-11-13 06:13Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company achieved a revenue of 7.99 billion yuan in Q3 2025, representing a year-on-year increase of 12.1%, while the net profit attributable to shareholders was 670 million yuan, down 13.7% year-on-year. The company is expected to enter a turning point in operations next year as it expands its nine product lines globally [2][4]. Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 79.9 billion yuan, up 12.1% year-on-year and 11.5% quarter-on-quarter. The net profit attributable to shareholders was 6.7 billion yuan, down 13.7% year-on-year and 7.9% quarter-on-quarter, with a net profit margin of 8.4%, a decrease of 2.5 percentage points year-on-year [2][4][8]. Market Dynamics - The domestic downstream market showed high prosperity, with passenger vehicle production reaching 7.693 million units, up 13.9% year-on-year. Key clients like Tesla and Geely contributed to revenue growth, although overseas client sales were below expectations, impacting profit margins [8]. Future Outlook - The company is set to enhance its production capacity to 1.5 million sets by 2025, with new factories in various locations including Mexico and Thailand. The expansion into new fields such as robotics and liquid cooling is expected to drive future growth, with anticipated net profits of 2.8 billion, 3.39 billion, and 4.13 billion yuan for 2025-2027 [8][4].