Core Viewpoint - The stock price of Tongda Electric has surged significantly due to the hype surrounding its autonomous logistics vehicle project in collaboration with Xiamen King Long, alongside strong Q1 performance and high dividend expectations, reaching a new high for the year [1][2]. Group 1: Stock Performance - Tongda Electric's stock has achieved a remarkable increase of over 122% since the low point in April, driven by the rising interest in the "autonomous logistics vehicle" concept [1][3]. - The company has experienced a strong rally, with a cumulative increase of 65% from May 21 to May 29, despite multiple risk warnings issued by the company [2][3]. - As of May 29, the stock closed at 17.56 yuan, marking a new annual high and a total increase of 122.28% from the low on April 9 [3]. Group 2: Financial Performance - In Q1, Tongda Electric reported a revenue growth of 50.85% year-on-year and a net profit growth of 59.21%, with a planned dividend payout ratio of 96.13% of net profit for 2024 [2][4]. - The company's main business, which focuses on smart transportation, generated a revenue of 6.66 billion yuan in 2024, reflecting a year-on-year growth of 16.62% [4]. Group 3: Business Focus and Risks - The core business of Tongda Electric remains centered on traditional bus components, with the autonomous logistics vehicle project still in the exploratory phase and not contributing to revenue [1][5]. - The company has emphasized that the autonomous logistics vehicle project has not yet generated any income and remains uncertain, despite the market's speculative interest [5]. - As of May 22, the controlling shareholders held 62.49% of the company's shares, leading to a high valuation of 189.57 times earnings, significantly above the industry average of 44 times [3][4].