Tuopu Group(SH:601689) GUOTAI HAITONG SECURITIES·2026-03-24 07:25Investment Rating - The investment rating for the company is "Accumulate" with a target price of 65.67 CNY [5][11]. Core Insights - The company achieved a revenue of 29.58 billion CNY in 2025, representing a year-on-year growth of 11.21%, while the net profit attributable to the parent company decreased by 7.38% to 2.78 billion CNY [11][13]. - The company is experiencing growth in its automotive electronic products, such as air suspension and line control braking systems, and has made significant progress in its robotics business, laying a foundation for long-term development [2][11]. - The company is expanding its production capacity to approximately 1.5 million sets by 2026 to meet the increasing market demand [11]. Financial Summary - Total revenue for 2025 is projected at 29.58 billion CNY, with a gross margin of 19.43% and a net margin of 9.41% [4][11]. - The net profit for 2025 is expected to be 2.78 billion CNY, with earnings per share (EPS) of 1.60 CNY [4][11]. - The company anticipates revenue growth of 18.4% in 2026, reaching 35.03 billion CNY, with net profit projected to increase by 24.3% to 3.45 billion CNY [4][11]. Business Segments - The revenue from automotive electronics is expected to grow significantly, with a projected increase of 52.1% in 2025 [13]. - The robotics and liquid cooling sectors are anticipated to open new growth avenues, with initial orders amounting to 1.5 billion CNY [11][13]. - The company is focusing on enhancing its competitive edge in interior components, lightweight chassis, and thermal management systems, contributing to steady revenue growth [11].