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].

海通国际发布研报称，截止2025年9月，过去半年津上机床中国销售收入同比增长约26.2%，归母净利 润同比增长约47.7%，公司主业增长动力稳固，其中公司汽车行业是过去2年最主要增长动力。该行预 计国内汽车行业2026年有望保持稳定态势，而新能源汽车零部件更加小型化的加工特点也有助于公司渗 透率提升，公司汽车相关业务将保持稳中有升；3C行业受益于头部手机厂家产品更新迭代，已呈现复 苏迹象。 该行续指，新兴业务布局方面，在AI领域，公司自动车床产品在加工快速液冷接头方面具备明显性价 比优势，AI伺服器液冷行业批量采购阶段的到来，推动相关产品出货量大幅增长，2025-2026财年上半 年公司已实现AI液冷相关产品销售1.2亿元，预计2026年公司销量有望突破2000台，对营业收入的贡献 有望达到8亿元。在机器人领域，公司凭借走心机、滚丝机、外圆磨床等系列产品，可提供核心零部件 的精密加工解决方案，产品竞争力突出。 津上机床中国(01651)涨近5%，截至发稿，涨3.66%，报37.98港元，成交额3663.74万港元。 ...

智通财经APP获悉，津上机床中国(01651)涨近5%，截至发稿，涨3.66%，报37.98港元，成交额3663.74 万港元。 该行续指，新兴业务布局方面，在AI领域，公司自动车床产品在加工快速液冷接头方面具备明显性价 比优势，AI伺服器液冷行业批量采购阶段的到来，推动相关产品出货量大幅增长，2025-2026财年上半 年公司已实现AI液冷相关产品销售1.2亿元，预计2026年公司销量有望突破2000台，对营业收入的贡献 有望达到8亿元。在机器人领域，公司凭借走心机、滚丝机、外圆磨床等系列产品，可提供核心零部件 的精密加工解决方案，产品竞争力突出。 海通国际发布研报称，截止2025年9月，过去半年津上机床中国销售收入同比增长约26.2%，归母净利 润同比增长约47.7%，公司主业增长动力稳固，其中公司汽车行业是过去2年最主要增长动力。该行预 计国内汽车行业2026 年有望保持稳定态势，而新能源汽车零部件更加小型化的加工特点也有助于公司 渗透率提升，公司汽车相关业务将保持稳中有升；3C行业受益于头部手机厂家产品更新迭代，已呈现 复苏迹象。 ...

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 ...

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日以每股34.760港元至35.300港元的价 格回购11.40万股，回购金额达401.63万港元。该股当日收盘价35.480港元，上涨4.35%，全天成交额 6448.05万港元。 津上机床中国回购明细 | 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 | 47 ...

津上机床中国(01651)发布公告，于2026年1月12日，该公司斥资401.63万港元回购11.4万股股份，每股 回购价格为34.76-35.3港元。 ...

FF305 呈交日期： 2026年1月12日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 01651 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 佔有關事件前的現有已發 | | | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 已發行股份（不包括庫存股份）數 目 | 行股份（不包括庫存股 | | 庫存股份數目 | | | | | | | 份）數目百分比 (註3) | | ...