Tuopu Group(SH:601689) ZHESHANG SECURITIES·2025-11-23 04:52Investment Rating - The investment rating for the company is "Buy" [5][9]. Core Insights - The company reported a revenue of 20.9 billion yuan for the first three quarters of 2025, representing an 8% year-on-year increase, while the net profit attributable to shareholders decreased by 12% to 1.97 billion yuan. Operating cash flow showed significant improvement, increasing by 161% to 2.97 billion yuan [1]. - The humanoid robot business is expected to experience explosive growth, with a projected demand exceeding 300 billion yuan by 2030 in the manufacturing and home service sectors. Each robot requires multiple actuators, which positions the company favorably to capture market share due to its technological capabilities [2]. - The automotive parts business is expanding rapidly, with successful collaborations with major domestic and international car manufacturers. The company has achieved significant milestones in product development and international expansion, including the production of closed-loop air suspension systems [3][4]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 7.99 billion yuan, a 12% increase year-on-year, while the net profit attributable to shareholders was 670 million yuan, down 14% from the previous year [1]. - The forecast for revenue from 2025 to 2027 is projected to be 30.1 billion, 36.8 billion, and 45 billion yuan, with year-on-year growth rates of 13%, 22%, and 22% respectively. The net profit is expected to be 2.95 billion, 3.72 billion, and 4.63 billion yuan, with a compound annual growth rate of 16% from 2024 to 2027 [5][11]. Business Segments - The humanoid robot business is positioned for significant growth due to the increasing demand for actuators, which are essential components in robotics. The company has a strong foundation in motor development and precision machining, enhancing its competitive edge [2]. - The automotive parts segment is seeing rapid development, with successful partnerships with companies like Huawei, Xiaomi, and BMW. The company has also expanded its product offerings and is increasing production capacity for various automotive components [3][4]. International Expansion - The company is accelerating its internationalization efforts, with projects in North America, Europe, and Southeast Asia. The completion of these production bases is expected to further enhance overseas business growth [4].