Tuopu Group(SH:601689) Changjiang Securities·2024-05-06 01:02Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company benefited from increased sales from clients such as Wanjie, leading to a revenue of 5.69 billion yuan in Q1 2024, representing a year-on-year growth of 27.3% [4][5]. - The net profit attributable to the parent company reached 650 million yuan, up 43.4% year-on-year, with a corresponding net profit margin of 11.3%, an increase of 1.3 percentage points year-on-year [4][5]. - The company is entering a new growth cycle, supported by diversified clients in the domestic new energy sector, including Huawei, Geely, BYD, and Li Auto, as well as the launch of new product lines [5]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 5.69 billion yuan, a year-on-year increase of 27.3% and a quarter-on-quarter increase of 2.5% [4][5]. - The wholesale sales of passenger vehicles reached 5.685 million units, a year-on-year increase of 10.6% [4]. - The company's gross profit margin for Q1 2024 was 22.4%, a year-on-year increase of 0.6 percentage points [4][5]. Client and Product Development - The company has diversified its client base, with significant sales growth from Wanjie and other new energy clients [4][5]. - New products such as air suspension and electronic control systems are being launched, contributing to revenue growth [5]. Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 3.01 billion, 3.81 billion, and 4.52 billion yuan for 2024, 2025, and 2026, respectively [5]. - The company’s automotive single-unit matching amount is estimated to reach 30,000 yuan, indicating strong growth potential in the global new energy market [5].