Tuopu Group(SH:601689) Guohai Securities·2026-03-29 14:04Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a revenue of 29.581 billion yuan in 2025, representing a year-on-year increase of 11.21%. However, the net profit attributable to shareholders decreased by 7.38% to 2.779 billion yuan [4][5] - The company is expanding its global footprint and emerging business sectors, with significant progress in its overseas projects and new business areas such as robotics [5][8] - The company has established a robust partnership with leading domestic and international automotive manufacturers, maintaining a stable per-vehicle supply amount of around 30,000 yuan [5] Financial Performance - In Q4 2025, the company reported a revenue of 8.653 billion yuan, a year-on-year increase of 19.38% and a quarter-on-quarter increase of 8.25% [4] - The gross profit margin for 2025 was 19.43%, down by 1.37 percentage points year-on-year, while the net profit margin was 9.41%, down by 1.88 percentage points [5] - The company expects to achieve revenues of 35.202 billion yuan, 40.482 billion yuan, and 47.769 billion yuan in 2026, 2027, and 2028, respectively, with growth rates of 19%, 15%, and 18% [7][8] Business Segments - The revenue breakdown for 2025 includes: - Shock Absorber Systems: 4.256 billion yuan (down 3.33%) - Interior Functional Components: 9.672 billion yuan (up 14.69%) - Chassis Systems: 8.722 billion yuan (up 6.34%) - Thermal Management Systems: 2.091 billion yuan (down 2.26%) - Automotive Electronics: 2.769 billion yuan (up 52.11%) - Robotics Actuators: 0.014 billion yuan (up 1.22%) [5] Future Projections - The company is projected to achieve a diluted earnings per share (EPS) of 1.90 yuan in 2026, 2.30 yuan in 2027, and 2.76 yuan in 2028, with corresponding P/E ratios of 30, 25, and 21 times [7][8]