Tuopu Group(601689) 新浪财经·2025-04-25 06:29Core Viewpoint - Top Group reported a revenue of 26.6 billion yuan for 2024, representing a year-on-year increase of 35.02%, with a net profit attributable to shareholders of 3.001 billion yuan, up 39.52% year-on-year [1] Financial Performance - The company achieved a Q4 revenue of 7.248 billion yuan, reflecting a year-on-year growth of 30.63% and a quarter-on-quarter increase of 1.66% [1] - The company's gross profit margin decreased by 2.1 percentage points to 20.8% in 2024, attributed to the ramp-up of new production capacity [2] - The net profit margin for 2024 increased by 0.4 percentage points to 11.3% due to a reduction in credit impairment losses and lower expense ratios [2] Business Segments - The traditional shock absorber business saw a steady revenue growth of 2.4% year-on-year [1] - The closed air suspension system, used in smart electric vehicle models, delivered over 240,000 units, leading to a significant revenue increase of 908% in the automotive electronics segment, reaching 1.82 billion yuan [1] - Revenue from interior parts, chassis systems, and thermal management systems grew by 28%, 34%, and 38% respectively, totaling 8.43 billion yuan, 8.2 billion yuan, and 2.14 billion yuan [1] - The electric drive system began small-scale production, generating revenue of 13.43 million yuan [1] Growth Potential - The company is expanding its robotics business, leveraging its experience in motor, control, and precision manufacturing from the automotive sector [3] - New product developments include rotary actuators and dexterous motors, with plans for platform-based supply in the robotics sector [3] Profit Forecast and Valuation - The company maintains profit forecasts of 3.81 billion yuan and 4.71 billion yuan for 2025 and 2026, respectively, with an expected net profit of 5.92 billion yuan for 2027 [4] - The target price is set at 67.45 yuan, based on a projected PE ratio of 30.8 for 2025 [4]