香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 Precision Tsugami (China) Corporation Limited 津 上 精 密 機 床（中 國 ）有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1651） (1)持續關連交易－ 重續技術許可協議、總銷售協議及總採購協議及訂立技術修訂契據 及 (2)關連交易－建議修訂不競爭契據 持續關連交易－重續技術許可協議、總銷售協議及總採購協議及訂立技術 修訂契據 茲提述本公司日期為二零一七年九月十二日之招股章程、本公司日期為二零一 八年一月二十二日、二零二零年二月十九日、二零二一年六月八日及二零二二 年六月二十七日之公告及本公司日期為二零一八年二月十二日、二零二零年三 月十一日、二零二一年六月三十日及二零二二年七月十八日之通函，內容有關 （其中包括）現有協議。 於二零一七年九月四日，本公司與日本津上訂立現有協議，初始年期為三年， 自二零一七年九月二十五日起至二零二零年三月三 ...

AI服务器液冷行业开始进入批量采购设备的阶段，公司以自动车床产品为主，在加工快速液冷接头方 面具有明显的性价比优势。2025年1-9月，已与数十家客户签订设备订单，占国内订单金额约5%。 智通财经APP获悉，国泰海通证券发布研报称，给予津上机床中国(01651)"增持"评级。预测FY2026E- FY2028E的营业收入为51.82亿元、58.23亿元、65.62亿元，FY2026E-FY2028E净利润为10.18亿元、 11.08亿元、12.63亿元。公司深耕于机床行业，依靠夯实的产品力和客户渠道，有望在AI液冷、人形机 器人等领域持续拓展。基于PE估值法，参考可比公司，给予2026财年18倍PE估值，该行认为公司合理 市值为183.26亿港币，目标价48.78港元。 国泰海通证券发布研报称： 深耕精密机床二十二载，业绩快速增长 津上机床中国专注于高端数控机床产品，包括精密车床、精密加工中心及精密磨床，广泛应用于汽车、 3C、气动、液压等多个高精度加工领域。公司以高速度、高精度和高刚性为质量目标，行业客户的广 泛认可。2026年上半财年，公司实现营业收入约24.97亿元，同比增长26.2%;归母净利润为5 ...

国泰海通证券发布研报称： 国泰海通证券发布研报称，给予津上机床中国(01651)"增持"评级。预测FY2026E-FY2028E的营业收入 为51.82亿元、58.23亿元、65.62亿元，FY2026E-FY2028E净利润为10.18亿元、11.08亿元、12.63亿元。 公司深耕于机床行业，依靠夯实的产品力和客户渠道，有望在AI液冷、人形机器人等领域持续拓展。 基于PE估值法，参考可比公司，给予2026财年18倍PE估值，该行认为公司合理市值为183.26亿港币， 目标价48.78港元。 深耕精密机床二十二载，业绩快速增长 市场需求不及预期，宏观经济波动等。 AI服务器液冷行业开始进入批量采购设备的阶段，公司以自动车床产品为主，在加工快速液冷接头方 面具有明显的性价比优势。2025年1-9月，已与数十家客户签订设备订单，占国内订单金额约5%。 积极布局新领域，人形机器人相关业务加速发展 从中长期趋势来看，随着自动驾驶、AI应用的快速扩展及人形机器人技术的发展，对小型精密零部件 的需求日益增长。公司通过持续的降本增效措施，显著提升了产品的性价比和市场竞争力，目前多款设 备已成功应用于加工人形机器人关键部件 ...

车床领先企业，积极布局 AI 液冷及人形机器人领域 津上机床中国(1651) 津上机床中国（1651.HK）首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 肖群稀(分析师) | 0755-23976830 | xiaoqunxi@gtht.com | S0880522120001 | | 刘绮雯(分析师) | 021-23185686 | liuqiwen@gtht.com | S0880525040096 | 本报告导读： 精密机床领先企业，业绩快速增长，积极布局 AI 液冷、人形机器人等新兴领域。 投资要点： | 财务摘要(百万港元) | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 3,119.67 | 4,261.56 | 5,182.26 | 5,823.27 | 6,562.20 | | (+/-)% | -22.9% | 36.6% | 21.6% | 12.4% | ...

Core Viewpoint - Haitong International forecasts strong revenue and profit growth for Tsugami Machine Tool China from FY2026 to FY2028, with a target price of HKD 46.94 based on a 15x P/E ratio for FY2026, and initiates coverage with an "Outperform" rating [1] Group 1: Financial Projections - Expected revenues for FY2026, FY2027, and FY2028 are projected at CNY 5.439 billion, CNY 6.984 billion, and CNY 8.601 billion respectively [1] - Forecasted net profits attributable to shareholders for FY2026, FY2027, and FY2028 are CNY 1.053 billion, CNY 1.132 billion, and CNY 1.589 billion respectively [1] - Earnings per share are anticipated to be CNY 2.8, CNY 3.49, and CNY 4.23 for FY2026, FY2027, and FY2028 respectively [1] Group 2: Business Performance - The company has experienced rapid growth, with a net profit of CNY 479 million in FY2024, expected to increase by 63% to CNY 782 million in FY2025 [1] - Sales revenue increased by approximately 26.2% year-on-year, while net profit grew by about 47.7% year-on-year in the past six months [1] - The main business focuses on four downstream industries: automotive parts, IT communications electronics, industrial automation, and medical devices, with the automotive sector being the primary growth driver over the past two years [1] Group 3: Market Trends - The domestic automotive industry is expected to maintain stability this year, with the trend towards smaller components in new energy vehicle parts aiding the company's penetration [2] - The 3C industry is showing signs of recovery, benefiting from product updates and iterations by leading smartphone manufacturers [1][2] - The company's lathe business is projected to achieve stable growth of 20% to 25% driven by advancements in automotive-related and new AI businesses [2]

Core Viewpoint - Haitong International forecasts significant revenue and profit growth for Tsunami Machine Tool China from FY2026 to FY2028, with a target price of HKD 46.94 based on a 15x P/E ratio for FY2026, and an "Outperform" rating assigned for the first coverage [1]. Group 1: Financial Projections - Expected revenues for Tsunami Machine Tool China are projected to be CNY 54.39 billion, CNY 69.84 billion, and CNY 86.01 billion for FY2026, FY2027, and FY2028 respectively [1]. - Forecasted net profits attributable to shareholders are CNY 10.53 billion, CNY 11.32 billion, and CNY 15.89 billion for the same fiscal years [1]. - Earnings per share are anticipated to be CNY 2.8, CNY 3.49, and CNY 4.23 for FY2026, FY2027, and FY2028 respectively [1]. Group 2: Business Performance - The company has experienced rapid growth in the past two years, with a net profit of CNY 4.79 billion in FY2024 and a projected increase of 63% to CNY 7.82 billion in FY2025 [1]. - Sales revenue increased by approximately 26.2% year-on-year, while net profit attributable to shareholders grew by about 47.7% year-on-year in the last six months [1]. - The main business focuses on four downstream industries: automotive parts, IT communications electronics, industrial automation, and medical devices, with the automotive sector being the primary growth driver over the past two years [1]. Group 3: Market Trends - The domestic automotive industry is expected to maintain stability this year, with the trend of miniaturization in new energy vehicle components aiding the company's penetration rate [2]. - The 3C industry is showing signs of recovery, benefiting from product updates and iterations by leading smartphone manufacturers [1][2]. - The company’s lathe business is projected to achieve stable growth of 20% to 25% driven by advancements in automotive-related and new AI business sectors [2].

Core Viewpoint - Tsugami Machine Tool China (01651) has shown a significant increase in stock price, with a rise of approximately 3.66% to HKD 37.98, reflecting strong sales and profit growth driven by the automotive sector and emerging business opportunities in AI and robotics [1] Financial Performance - As of September 2025, Tsugami's sales revenue has increased by about 26.2% year-on-year, while net profit attributable to shareholders has grown by approximately 47.7% [1] - The automotive sector has been the main growth driver for the company over the past two years, with expectations for stable performance in the domestic automotive industry through 2026 [1] Industry Trends - The trend towards smaller components in the new energy vehicle parts sector is expected to enhance the company's market penetration [1] - The 3C industry is showing signs of recovery, benefiting from product updates and iterations by leading smartphone manufacturers [1] Emerging Business Opportunities - In the AI sector, the company’s automatic lathe products have a significant cost-performance advantage in processing rapid liquid cooling connectors, leading to a substantial increase in product shipments [1] - For the first half of the 2025-2026 fiscal year, the company has achieved sales of AI liquid cooling-related products amounting to CNY 120 million, with expectations to exceed 2,000 units sold in 2026, contributing approximately CNY 800 million to revenue [1] - In the robotics field, the company offers precision machining solutions for core components through its series of products, including heart machines, thread rolling machines, and external cylindrical grinding machines, showcasing strong product competitiveness [1]

Group 1 - The core viewpoint of the article highlights the strong growth of Tsunami Machine Tool China, with a nearly 5% increase in stock price and a significant rise in sales and net profit over the past six months [1] - The company reported a year-on-year sales revenue growth of approximately 26.2% and a net profit growth of about 47.7% as of September 2025, driven primarily by the automotive sector [1] - The domestic automotive industry is expected to maintain stability through 2026, with the trend of miniaturization in new energy vehicle components aiding the company's market penetration [1] Group 2 - The 3C industry is showing signs of recovery, benefiting from product updates and iterations by leading smartphone manufacturers [1] - In the emerging business layout, the company has a competitive advantage in AI with its automatic lathe products, particularly in the processing of rapid liquid cooling connectors [1] - The sales of AI liquid cooling-related products reached 120 million yuan in the first half of the 2025-2026 fiscal year, with expectations to exceed 2,000 units sold in 2026, contributing approximately 800 million yuan to revenue [1] Group 3 - In the robotics sector, the company offers precision machining solutions for core components through its series of products, including heart machines, rolling thread machines, and external cylindrical grinding machines, showcasing strong product competitiveness [1]

Group 1 - The article reports on share buybacks conducted by various companies on January 12, 2026, with Tencent Holdings (00700) having the largest buyback amount of 636 million yuan for 1.024 million shares [1][2] - Other notable companies involved in the buyback include Geely Automobile (00175) with 9.007 million shares repurchased for 151 million yuan, and Sunny Optical Technology (02382) with 1.24 million shares for 79.34 million yuan [1][2] - The total number of shares repurchased by Tencent represents 1.188% of its total share capital, while Geely's buyback accounts for 0.438% of its total share capital [2] Group 2 - The buyback activities reflect a trend among companies to return capital to shareholders, with some companies like Antong Oilfield Services (03337) and Weigao Group (01066) showing significant percentages of their total share capital being repurchased, at 2.460% and 6.459% respectively [2][3] - Companies such as Vitasoy International (00345) and Keep (03650) also participated in the buyback, with their repurchase amounts being 432,600 yuan and 28,900 yuan respectively, indicating a diverse range of companies engaging in this practice [3] - The data suggests a strategic move by these companies to enhance shareholder value and potentially stabilize their stock prices amid market fluctuations [1][2]

| 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2026.01.12 | 11.40 | 35.300 | 34.760 | 401.63 | | 2026.01.09 | 14.50 | 34.000 | 33.280 | 489.68 | | 2026.01.08 | 12.90 | 33.960 | 33.160 | 434.96 | | 2026.01.07 | 14.90 | 34.200 | 33.600 | 506.93 | | 2026.01.06 | 15.00 | 34.200 | 33.820 | 511.53 | | 2026.01.05 | 13.90 | 34.240 | 33.360 | 470.85 | （文章来源：证券时报网） 自1月5日以来公司已连续6日进行回购，合计回购82.60万股，累计回购金额2815.58万港元。 其间该股 累计上涨2.84%。（数据宝） 津上机床中国回购明细 证券时报·数据宝统计，津上机床中国在港交所公告显示，1月12日以 ...