Tuopu Group(SH:601689) NORTHEAST SECURITIES·2026-01-19 08:13Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Insights - The company has evolved from a single component supplier to a comprehensive solution provider in the automotive parts sector, with a strong focus on R&D and strategic positioning in emerging markets [1][2]. - The company is well-positioned to benefit from the growing humanoid robot market, leveraging its core competencies in actuator technology [3]. - The financial forecast indicates a steady increase in net profit from 28.95 billion CNY in 2025 to 42.70 billion CNY in 2027, with corresponding PE ratios decreasing from 44.84 to 30.40 [3]. Summary by Sections Company Overview - The company is a leading automotive parts manufacturer with a diversified product range, including shock absorption systems, interior and exterior trim systems, lightweight chassis components, and intelligent driving systems [1][2]. - It has established a global presence with 26 production bases and 7 R&D centers, maintaining strong partnerships with major clients like Tesla and BYD [1]. Business Structure - The company's business model is supported by two main pillars: traditional advantages in interior components and chassis systems, and emerging sectors such as thermal management and automotive electronics [2]. - The thermal management segment has rapidly expanded since its inception in 2020, with innovative products like the integrated heat pump module [2]. Robotics and Future Growth - The humanoid robot market is projected to reach a trillion-dollar scale, with the company positioned as a key supplier of actuators, benefiting from its technological synergies and global manufacturing capabilities [3]. - The company aims to leverage its existing automotive client relationships to penetrate the robotics market effectively [3]. Financial Performance - The company has shown robust revenue growth, with a projected increase in operating income from 19.70 billion CNY in 2023 to 43.01 billion CNY in 2027, reflecting a compound annual growth rate of approximately 19.41% [7]. - Despite short-term profit pressures due to increased R&D investments, long-term profitability is expected to improve as new capacities come online and market share in thermal management grows [20][25].