Tuopu Group(SH:601689) Guohai Securities·2024-03-16 16:00Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its future performance [4][6]. Core Insights - The company achieved a revenue of 19.73 billion yuan in 2023, representing a year-on-year growth of 23.36%, and a net profit of 2.15 billion yuan, up 26.61% year-on-year, demonstrating steady growth in performance [2][3]. - The company is recognized as a leading platform-based automotive parts enterprise in China, with expectations for stable revenue growth driven by continuous expansion in customer base and product categories [3][4]. - The company has successfully developed and launched new products, including the first domestically developed closed air suspension system, which is expected to produce over 400,000 units [3][4]. Financial Performance Summary - In 2023, the company reported a net profit margin of 10.91%, which is consistent with the previous year's margin of 10.62% [3]. - The company’s earnings per share (EPS) for 2024 and 2025 are projected to be 2.51 yuan and 3.47 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 24.30 and 17.59 [5][6]. - Revenue forecasts for 2024 and 2025 are set at 26.67 billion yuan and 34.94 billion yuan, with year-on-year growth rates of 35% and 31% [5][6].