Tuopu Group(601689) 华创证券·2024-04-29 01:32Investment Rating - The report maintains a "Strong Push" rating for the company with a target price of 72.5 yuan [1] Core Views - The company's Q1 2024 performance exceeded expectations, with revenue of 5.7 billion yuan, up 27% YoY and 2.5% QoQ, and net profit attributable to the parent company of 650 million yuan, up 43% YoY and 17% QoQ [1] - Despite Tesla's weak performance, the company benefited from the growth of other clients such as Huawei-Jinkang, Li Auto, BYD, Xiaomi, Geely, and SAIC, with non-Tesla incremental revenue expected to reach nearly 7 billion yuan, contributing 35 percentage points to the 2024 growth rate [1] - The company's 2024 revenue is expected to reach 26.6 billion yuan, up 35% YoY, with net profit of 2.81 billion yuan, up 31% YoY [1] - The company's long-term growth potential remains strong, supported by its global expansion and new business in robotics components [1] Financial Performance - Q1 2024 revenue was 5.7 billion yuan, up 27% YoY and 2.5% QoQ, with net profit attributable to the parent company of 650 million yuan, up 43% YoY and 17% QoQ [1] - Gross margin was 22.4%, up 0.6 percentage points YoY but down 1.7 percentage points QoQ, while the expense ratio was 9.5%, down 1.0 percentage points YoY and up 0.1 percentage points QoQ [1] - The company's 2024 revenue is expected to reach 26.6 billion yuan, up 35% YoY, with net profit of 2.81 billion yuan, up 31% YoY [1] Growth Drivers - Short-term growth is driven by the rapid expansion of domestic mid-to-high-end electric vehicles, with expected incremental revenue of nearly 7 billion yuan from non-Tesla clients [1] - Long-term growth is supported by global expansion, with the company's factories in Poland and Mexico already operational, and new opportunities in the European and American automotive industries [1] - The company is also expanding into robotics components, leveraging its existing capabilities in motor R&D, system integration, and precision machining, with potential for high ASP in this new business [1] Valuation - The report adjusts the company's 2024-2025 net profit forecasts to 2.81 billion yuan and 3.39 billion yuan, with a 2026 forecast of 4.0 billion yuan, corresponding to a PE of 25x, 21x, and 17x respectively [1] - The target price of 72.5 yuan is based on a 2024 PE of 30x, reflecting the company's strong growth prospects in both automotive and robotics businesses [1]