拓普：在充满挑战的一季度业绩稳健，跑赢行业及同行

Dien Wang, Ph.D.+852 2123 2622dien.wang@bernsteinsg.com Jay Huang, Ph.D.+852 2123 2631jay.huang@bernsteinsg.com RatingOutperform Weibin Liang, Ph.D.+852 2123 2666weibin.liang@bernsteinsg.com Price Target 75.00 CNY 601689.CH Tuopu: Robust results amid a challenging 1Q, outperforming theindustry and peers Tuopu reported 1Q2026 results (Exhibit 1), with revenue up 15% YoY and GP marginremaining robust at > 19%, better than our expectation. Net profit declined 2% YoY, primarilydue to financial expenses of RMB96mn, which reduced the margin by 1.5 pct. The companywill not host an earnings call, so no further detailed analysis or guidance will be provided bythe management. Our updated company model can be downloaded here. Solid results, outperforming the industry and peers. 1Q2026 was a challenging periodfor auto parts companies, amid soft downstream demand (China wholesales volume: PV -8%YoY, xEV -3% YoY, Exhibit 6), ongoing competition among OEM customers, and rising rawmaterial costs (Exhibit 7). Tuopu delivered double-digit revenue growth alongside a robustGP margin, a good balance that very few peers managed to achieve (Exhibit 2 and Exhibit3). In addition, the stable GP margin should help alleviate investors’ concerns over elevatedmaterial costs. Weak sentiment in robotics.At Tesla’s recent earnings call, the company postponedthe unveiling of Optimus Gen 3 to mid-2026 (vs. the original plan of 1Q2026). Tesla’smanagement indicated that Gen 3 was nearly ready for demonstration, but to avoid potentialreplication by competitors, they preferred to unveil the model closer to production. Asa result, sentiment in the robotic sector remains weak, which has been reflected in thecompany’s valuation (Exhibit 8 and Exhibit 9). However, we believe the launch will comesooner or later, and a solid demonstration of the new model would serve as a clear positivecatalyst for Tuopu. Investment Implications Reiterate OP. We maintain our DCF-based PT at CNY 75 unchanged. The TP implies a 32xforward PE at end-2026. DETAILS EXHIBIT 1:Tuopu: 1Q2026 results EXHIBIT 2:Revenue growth comparison: Tuopu vs. peers EXHIBIT 8:Tuopu: Valuation premium attributed to Tesla & humanoid robots APPENDIX - FINANCIAL FORECASTS BERNSTEIN TICKER TABLE I. REQUIRED DISCLOSURES References to "Bernstein" or the “Firm” in these disclosures relate to the following entities: Bernstein Institutional Services LLC(April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024 onwards), Sanford C. Bernstein (Hong Kong) Limited盛博香港有限公司,Sanford C. Bernstein (Canada) Limited, SanfordC. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited,Sanford C. Bernstein Japan KK(サンフォード・C・バーンスタイン株式会社)and analysts employed by Société GénéraleAfrica Technologies & Services to produce Bernstein research under a Global Services Agreement in place between Bernsteinand Société Générale. Bernstein is part of a joint venture between Société Générale (SG) and AllianceBernstein, L.P. (AB). Unless specifically notedotherwise, for purposes of these disclosures, references to Bernstein’s “affiliates” relate to both SG and AB and their respectiveaffiliates. VALUATION METHODOLOGY Ningbo Tuopu Group Co., Ltd. We use DCF as the primary valuation method. We set target prices at CNY 75.0 based on WACC of 8.0% and terminal growth rateof 3.0%, which reflects our long term forecast of the company’s existing core business and rising contribution from robotics. Weuse PE method as a reference, with our target price implies a 32x forward PE at end-2026. RISKS Ningbo Tuopu Group Co., Ltd. Downside risks include 1) Tesla fails to meet investors’ expectations in automotive or robots; 2) diminished investor interest inhumanoid robots due to absence of breakthroughs; 3) a slowdown in vehicle sales; and 4) negative impacts from geopoliticalissues (e.g. tariffs, export control of magnetic materials). RATINGS DEFINITIONS, BENCHMARKS AND DISTRIBUTION EQUITY RATINGS DEFINITIONS Bernstein brand The Bernstein brand rates stocks based on forecasts of relative performance for the next 12 months versus the S&P 500 forstocks listed on the U.S. and Canadian exchanges, versus the Bloomberg Europe Developed Markets Large and Mid Cap PriceReturn Index EUR (EDME) for stocks listed on the European exchanges and emerging markets exchanges outside of the AsiaPacific region, versus the Bloomberg Japan Large and Mid Cap Price Return Index USD (JPL) for stocks listed on the Japaneseexchanges, and versus the Bloomberg Asia ex-Japan Large and Mid Cap Price Return Index (ASIAX) for stocks listed on the Asian(ex-Japan) exchanges -unless otherwise specified. The Bernstein brand has three categories of ratings: •Outperform: Stock will outpace the market index by more than 15 pp •Market-Perform: Stock will perform in line with the market index to within +/-15 pp •Unde