Tuopu Group(601689) 广发证券·2024-05-07 05:02Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 72.51 CNY per share, indicating an expected strong performance over the next 12 months [3][13]. Core Insights - The company reported a record high net profit in Q1 2024, exceeding expectations, with a revenue of 56.9 billion CNY, up 27.3% year-on-year, and a net profit of 6.5 billion CNY, up 43.4% year-on-year [6][12]. - The company has established an electric drive division to accelerate capacity expansion and has made significant progress in developing robotic actuators, indicating a strong market opportunity [12][13]. - The company is actively expanding its product lines and customer base, with a focus on lightweight automotive chassis, automotive electronics, and new energy vehicle thermal management [12][13]. Financial Performance Summary - For 2023, the company achieved a revenue of 197.01 billion CNY, a 23.2% increase year-on-year, and a net profit of 21.5 billion CNY, a 26.5% increase year-on-year [2][6]. - The company's gross margin improved in 2023, with a gross margin of 23.0%, net margin of 10.9%, and a period expense ratio of 9.5% [9][12]. - The earnings per share (EPS) for 2024 is projected to be 2.42 CNY, with a forecasted growth in EPS to 3.08 CNY in 2025 and 3.79 CNY in 2026 [2][13].