Tuopu Group(601689) 中国银河·2024-04-23 08:30Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company has successfully expanded its customer base with domestic brands and is accelerating the mass production of new products, which is expected to open a second growth channel for its performance [1]. - The company achieved a revenue of 19.701 billion yuan in 2023, representing a year-on-year increase of 23.18%, and a net profit of 2.151 billion yuan, up 22.07% year-on-year [1]. - The company is focusing on high-intensity R&D investments, particularly in the development of robotic electric drive products, with a planned investment of 5 billion yuan in a new production base [1]. Financial Summary - The company’s projected revenues for 2024, 2025, and 2026 are 25.998 billion yuan, 31.210 billion yuan, and 37.694 billion yuan, respectively, with corresponding net profits of 2.867 billion yuan, 3.718 billion yuan, and 4.675 billion yuan [3][4]. - The gross profit margin is expected to be 22.51% in 2024, 22.82% in 2025, and 23.30% in 2026, indicating a stable profitability outlook [3][4]. - The diluted EPS is projected to be 2.47 yuan in 2024, 3.20 yuan in 2025, and 4.02 yuan in 2026 [3][4].