Tuopu Group(SH:601689) CSC SECURITIES (HK) LTD·2025-12-25 06:55Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% [4][8]. Core Insights - The humanoid robot industry is expected to accelerate production in 2026, benefiting the company's actuator business, with global production projected to reach nearly 20,000 units in 2025. The company has established a leading position in technology and capacity, collaborating with top domestic and international humanoid robot manufacturers [5]. - The company's revenue for the first three quarters of 2025 is reported at RMB 20.93 billion, reflecting an 8.1% year-over-year increase, while net profit decreased by 12.0% to RMB 1.97 billion due to lower sales from overseas automotive clients and increased management and R&D expenses [5]. - The company is transitioning towards a platform-based enterprise, with stable fundamentals in interior components, chassis, and thermal management, while its automotive electronics business is experiencing rapid growth, achieving RMB 1.07 billion in revenue in the first half of 2025, a 52.1% year-over-year increase [5]. Financial Summary - The company is projected to achieve net profits of RMB 2.74 billion, RMB 3.23 billion, and RMB 4.16 billion for the years 2025, 2026, and 2027, respectively, with year-over-year growth rates of -8.7%, +18.0%, and +28.6% [7]. - Earnings per share (EPS) are expected to be RMB 1.58, RMB 1.86, and RMB 2.39 for the same years, with corresponding price-to-earnings (P/E) ratios of 43.87, 37.19, and 28.92 [7]. - The company has secured initial orders worth RMB 1.5 billion for its liquid cooling business, which is anticipated to generate revenue in 2026 [5].