Ningbo Tuopu Group boasts 32.13% YoY jump in Q1-Q3 net profit

Beijing (Gasgoo)- On October 31, Chinese auto parts supplier Ningbo Tuopu Group released its third quarter (Q3) report for 2023, with a quarterly revenue of 4.991 billion yuan, marking a 15.82% year-on-year increase. 

Photo credit: Ningbo Tuopu Group

During the period, net profit attributable to the parent company reached 503 million yuan, indicating a slight 0.43% growth compared to the same period last year.

Cumulatively, for the first three quarters of 2023, Tuopu Group achieved a total revenue of 14.152 billion yuan, which jumped 27.45% year over year. Net profit attributable to the parent company stood at 1.597 billion yuan in the Q1-Q3 period, registering a robust year-on-year surge of 32.13%.

Breaking down the performance of Tuopu Group's business segments, interior functional parts business contributed revenue of 4.787 billion yuan in Q3, while chassis systems sector generated 4.517 billion yuan. Shock absorber business accounted for 2.888 billion yuan of the Q3 revenue, followed by thermal management systems segment with 1.171 billion yuan. The automotive electronics sector brought in 124 million yuan in quarterly revenue. 

The company attributes its steady revenue growth to its forward-looking engagement in the new energy vehicle sector, a strategy that prioritizes product platform diversification, and the successful T0.5 level business cooperation model. Tuopu Group emphasized that its various operational and management activities have been progressing well.

Regarding production capacity, the company has largely executed the capacity allocation in line with market and order projections. This has resulted in a foundational production capacity value of approximately 50 billion yuan, with production equipment adjusting in real time to match market demands. 

Notably, Tuopu Group's intelligent driving industry park, situated in the Qianwan New District in Ningbo city, Zhejiang Province, covers nine major product lines and spans 2,600 mu (1.73 km²), reflecting the company's commitment to green, low-carbon, and digitally smart industrial development. Furthermore, the first phases of the Chongqing and Anhui Shouxian factories are expected to commence operations by the end of 2023. Plans are also rapidly advancing for the Huzhou, Xi'an, and Mexico facilities.