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Research Reports digging for gold丨Sealand: Maintains a "Buy" rating for Ningbo Tuopu Group, Bullish on the company's future development.
Sealand's Research Reports indicate that Ningbo Tuopu Group (601689.SH) will maintain rapid year-on-year growth in Net income attributable to the parent company in 2024, with the Autos electronics business experiencing significant expansion. On a quarterly basis, it is expected that in Q4 2024, the Net income attributable to the parent company will reach 0.621-0.921 billion yuan, with a midpoint of 0.771 billion yuan, showing a year-on-year increase of +39.2% and a quarter-on-quarter decrease of -0.9%. The company's Autos electronics business has achieved a substantial year-on-year growth of 906%, with the company's closed-loop air suspension system rapidly climbing, expected to deliver over 0.24 million sets in 2024, with market share continuously increasing; the number of supporting models for other electronic products is also steadily rising, and Orders are expanding concurrently.
Research Reports: CICC maintains the "Outperform Industry" rating for Ningbo Tuopu Group with a Target Price of 65 yuan.
The research report from China International Capital Corporation indicates that Ningbo Tuopu Group (601689.SH) is expected to achieve a year-on-year profit growth of 32.73%-46.68% in 2024, estimating the company's 4Q24 net income at 0.771 billion yuan, which is +39.3% year-on-year and -0.9% quarter-on-quarter, in line with our expectations. It is believed that under the old-for-new replacement policy in 2025, the total sales volume of Passenger Vehicles is expected to increase by +5% year-on-year. The company's customer structure is of high quality, currently covering major auto manufacturers and key models, with steady growth anticipated in the autos business. As a core supplier in the actuator segment, the company is expected to gain a significant market share by 2025.
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