Tuopu Group(SH:601689) ZHONGTAI SECURITIES·2024-03-19 16:00Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 62.66 CNY [1][6]. Core Insights - The company achieved a revenue of 19.73 billion CNY in 2023, representing a year-over-year growth of 23.4%. The net profit attributable to shareholders was 2.15 billion CNY, up 26.6% year-over-year [3]. - The fourth quarter of 2023 showed strong performance, with revenue of 5.58 billion CNY, a 14.1% increase year-over-year and an 11.7% increase quarter-over-quarter [3]. - The company is consolidating its Tier 0.5 model, with continuous growth in customer share and value. It has maintained high growth in its interior and chassis businesses, while also ramping up production in air suspension and automotive electronics [3]. - The robotics business is progressing steadily, with plans to invest 5 billion CNY in a production base for core robotic components, focusing on electric drive systems [3]. - The company is expected to continue its growth trajectory, with projected net profits of 2.86 billion CNY and 3.96 billion CNY for 2024 and 2025, respectively [3]. Financial Summary - The company reported total revenue of 19.73 billion CNY for 2023, with a net profit of 2.15 billion CNY [3]. - The projected revenue for 2024 is 27.40 billion CNY, with a net profit forecast of 2.86 billion CNY [1][5]. - The company's P/E ratios for 2024 and 2025 are projected to be 25.5 and 18.4, respectively [1][3].