Tuopu Group(SH:601689) Huaan Securities·2024-06-11 14:00Investment Rating - The investment rating for the company is "Buy" (首次) [2] Core Views - The company is positioned as a Tier 0.5 platform-type supplier, continuously growing across nine major product categories, and is actively expanding its product line in the smart electric vehicle sector [2][6] - The company has established a strong customer base, with significant growth opportunities from international expansion, particularly in the electric vehicle market [2][12] - The establishment of an electric drive division indicates a broad potential in the humanoid robot business, which is a rapidly developing industry [2][14] Summary by Sections 1. Tier 0.5 Platform-Type Supplier, Continuous Growth Across Nine Major Categories - The company has developed eight major series of automotive components, including NVH damping systems, interior and exterior systems, lightweight body components, smart cockpit parts, thermal management systems, chassis systems, air suspension systems, and intelligent driving systems, with a single vehicle matching amount of approximately 30,000 yuan [6][11] - In 2023, the company achieved revenue of 19.701 billion yuan, a year-on-year increase of 23.2%, and a net profit attributable to the parent company of 2.151 billion yuan, a year-on-year increase of 26.5% [6][19] 2. High-Quality Customer Structure and International Expansion - The company has rapidly advanced partnerships with major domestic electric vehicle manufacturers such as Huawei, Li Auto, Chery, Great Wall, Xiaomi, BYD, and Geely, while also collaborating with international companies like Ford, GM, and Stellantis [12][13] - The company is actively constructing factories in Poland and Mexico to meet the demands of overseas customers, indicating a promising outlook for its international business [12][13] 3. Establishment of Electric Drive Division and Broad Potential in Humanoid Robots - The company has a strong technical foundation in various fields, including mechanical, motor, and software, which supports its development of robot actuators [14][15] - The market for robot actuators is vast, with each robot requiring dozens of motion actuators, each valued at approximately tens of thousands of yuan [15] 4. Investment Recommendations - The company is expected to benefit from the growth of the new energy vehicle market, with projected net profits of 2.8 billion, 3.9 billion, and 4.8 billion yuan for 2024, 2025, and 2026, respectively, corresponding to P/E ratios of 24, 17, and 14 times [16]