Tuopu Group(601689) 东方证券·2025-04-27 01:23Investment Rating - The report maintains a "Buy" rating for the company with a target price of 71.40 CNY, based on an average PE valuation of 35 times for comparable companies in 2025 [2][6]. Core Views - The company is expected to achieve a net profit attributable to the parent company of 3.54 billion CNY in 2025, with projections of 3.54 billion CNY, 4.29 billion CNY, and 5.12 billion CNY for 2025, 2026, and 2027 respectively [2]. - The company is experiencing rapid growth in its automotive electronics and robotics businesses, with significant contributions from both organic growth and acquisitions [11]. Financial Performance Summary - Revenue is projected to grow from 19.70 billion CNY in 2023 to 49.34 billion CNY in 2027, with year-on-year growth rates of 23.2%, 35.0%, 25.8%, 24.2%, and 18.8% respectively [4][13]. - The gross profit margin is expected to stabilize around 21.4% from 2026 onwards, after a slight decline in 2024 [4][11]. - The net profit margin is projected to be around 10.6% in 2025, with a gradual increase to 10.4% by 2027 [4][11]. - The company plans to distribute a cash dividend of 5.19 CNY for every 10 shares to its shareholders [11]. Business Growth and Strategy - The company is expanding its production capacity both domestically and internationally, with new factories in Mexico and Thailand, and plans for a robotics industry base [11][12]. - The automotive electronics segment is expected to see substantial growth, with significant orders and projects in smart cabins and air suspension systems [11]. - The company is actively pursuing mergers and acquisitions to enhance its market position, including a recent acquisition of a 100% stake in Wuhu Changpeng Automotive Parts Co., Ltd. for 330 million CNY [11].