Tuopu Group(601689) 民生证券·2025-04-24 08:23Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on a PE ratio of 25 for 2025 [5]. Core Insights - The company achieved a revenue of 26.6 billion yuan in 2024, representing a year-on-year growth of 35.0%, and a net profit of 3.0 billion yuan, up 39.5% year-on-year [1][2]. - The company's innovative Tier 0.5 business model is gaining acceptance among more clients, contributing to significant growth in automotive electronics, which saw a 906% increase in 2024 [1][2]. - The company is actively expanding into robotics, with plans to invest 5 billion yuan in a new R&D and production base for electric drive systems [3]. Financial Performance - The gross margin for 2024 was 20.8%, a decrease of 2.2 percentage points year-on-year, with Q4 2024 gross margin at 19.8% [2]. - The company expects revenues of 32.99 billion yuan in 2025, 39.18 billion yuan in 2026, and 46.18 billion yuan in 2027, with corresponding net profits of 3.62 billion yuan, 4.50 billion yuan, and 5.57 billion yuan respectively [4][8]. - The projected EPS for 2025, 2026, and 2027 are 2.08 yuan, 2.59 yuan, and 3.20 yuan respectively, with PE ratios decreasing from 25 in 2025 to 16 in 2027 [4][8]. Strategic Developments - The company is strategically partnering with leading electric vehicle manufacturers such as Tesla, RIVIAN, and BYD, enhancing its position in the global supply chain [2][3]. - The company has established stable cooperation with both international and domestic innovative car manufacturers, aligning with the industry's shift towards electric and intelligent vehicles [2][3].