**Event**: Tesla's Optimus Gen3 mass production is accelerating, currently transitioning from version 2.5 to 3.0 blueprint stage. Tesla plans to complete the Optimus 3 prototype design by year-end and begin large-scale production next year, targeting annual production of 1 million units within the next 5 years.
**Tesla Optimus Gen3 Accelerates Mass Production, Core Suppliers Benefit**. Ningbo Tuopu Group Co.,Ltd. leverages its accumulated technical capabilities from the intelligent brake IBS project, including software, electronic control, drive systems, motors, reduction mechanisms, and sensors, to enter the robot electric drive system and related product markets. This business will create a new growth driver for Tuopu Group, establishing a dual-industry development model of intelligent automotive + robot components. The company's robot electric drive system has received high customer recognition. Two electric drive system production lines were officially put into operation in January 2024, with an annual capacity of 300,000 electric drive actuators. Additional capacity expansion has also been initiated, with the company starting construction of a second electric drive actuator factory. The robot electric drive actuator project is progressing smoothly with iterative upgrades as needed, beginning volume deliveries. Dexterous hand motors have been sampled to customers multiple times and are beginning volume deliveries. Additionally, the company is actively developing robot torso structural components, sensors, foot shock absorbers, and electronic flexible skin, further forming a platform-based product layout for the robotics business.
**Nine Product Lines Drive Company's Accelerated Growth as International Tier 1**. While developing eight major product lines for intelligent electric vehicles, the company focuses on and expands its ninth major product line - key products and core technologies in the robotics industry chain. Last year, the company's automotive electronics business grew 10-fold. The company's thermal management modules, centered on self-developed high-precision electronic expansion valves, achieved platform-based design and global mass production delivery, establishing benchmark industry status. The closed air suspension system rapidly ramped up after production, with annual deliveries exceeding 240,000 units, breaking foreign monopolies. The three major businesses demonstrate significant synergistic effects: robot electric drives create new growth drivers, thermal management + air suspension build technological barriers, driving the company's accelerated growth as an international Tier 1 supplier.
**International Tier 1 Builds Global Factory Layout**. The company's internationalization strategy is accelerating. North American Mexico thermal management, chassis, shock absorber, and interior factories are all in production, with Phase II projects progressing orderly. Poland factory Phase II is being planned intensively to lay the foundation for undertaking more European local orders. Meanwhile, the company is actively developing Southeast Asian markets, with planning and construction of Thailand production base accelerating. The company is accelerating the layout of trim parts and thermal management system production lines at its Monterrey, Mexico base, meeting customer demands from Tesla and others through North American supply chain localization, effectively avoiding U.S. tariffs on Chinese automotive parts.
**Investment Recommendation**: Tesla Optimus Gen3 accelerates mass production - a pivotal moment for automotive parts in humanoid robotics. Tuopu's robot electric drive actuator project is progressing smoothly with iterative upgrades as needed, beginning volume deliveries. Dexterous hand motors have been sampled to customers multiple times and are beginning volume deliveries. Additionally, the company is actively developing robot torso structural components, sensors, foot shock absorbers, and electronic flexible skin, further forming a platform-based product layout for robotics business. Intelligent automotive + robotics businesses are experiencing rapid growth. The company is projected to achieve operating revenues of 33.926/41.12/49.05 billion yuan for 2025-2027, with net profits attributable to shareholders of 3.626/4.256/5.266 billion yuan, EPS of 2.09/2.45/3.03 yuan, and PE ratios of 26/22/18 times respectively. We maintain a "Buy" rating.
**Risk Warning**: New business progress may fall short of expectations, major customer sales may underperform expectations, price wars may intensify beyond expectations, raw material fluctuations may exceed expectations.
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