Tuopu Group(601689) 国海证券·2024-04-30 15:30Investment Rating - Buy (Maintained) [1] Core Views - Top Group achieved significant revenue and profit growth in Q1 2024, with revenue reaching 5.688 billion yuan, a year-on-year increase of 27.29%, and net profit attributable to shareholders of 645 million yuan, a year-on-year increase of 43.36% [2] - The company's growth is driven by its high-quality customer base, including major automakers such as Huawei-Seres, Li Auto, Chery, Great Wall, Xiaomi, BYD, and Geely, with notable sales growth from Seres (up 592% YoY), Geely (up 49% YoY), and Li Auto (up 53% YoY) [3] - The company's Tier 0.5 strategy and scale effects have contributed to increased per-vehicle value and improved profitability, with net profit margins rising by 1.23 percentage points year-on-year and 1.54 percentage points quarter-on-quarter [3] - Top Group has completed a private placement raising 3.515 billion yuan, which will be used to expand production capacity for lightweight chassis systems, interior functional parts, and thermal management systems [3] - The company is investing 5 billion yuan to establish a robotics core component production base in Ningbo, with two electric drive system production lines already operational, aiming to leverage its expertise in smart electric vehicles to expand into the robotics sector [3] Financial Performance and Forecast - For 2024-2026, the company is expected to achieve revenues of 27.4 billion, 35.9 billion, and 44.8 billion yuan, with year-on-year growth rates of 39%, 31%, and 25%, respectively [5] - Net profit attributable to shareholders is forecasted to be 2.97 billion, 4.06 billion, and 5.06 billion yuan for 2024-2026, with growth rates of 38%, 37%, and 25%, respectively [5] - EPS is projected to be 2.6, 3.5, and 4.4 yuan for 2024-2026, with corresponding P/E ratios of 25x, 19x, and 15x [5] Market Data - Current stock price: 64.54 yuan [4] - 52-week price range: 43.30-84.82 yuan [4] - Total market capitalization: 75.05 billion yuan [4] - Average daily trading volume: 1.879 billion yuan [4]