Investment Highlights - The company is covered for the first time by CICC with an "outperform" rating and a target price of HKD 38.60, based on a P/E valuation method corresponding to FY2026 at 13x P/E [1] - The company is a leading player in the high-end CNC lathe market, with strong internal competitiveness [1] Business Performance - Established in 2003, the company is rooted in China's manufacturing sector, with a stable growth in its main business. The company is primarily focused on lathes (Swiss-type lathes) and supplemented by machining centers and grinding machines [1] - For FY2025 (Q2 2024 to Q1 2025), the company expects revenue of CNY 4.262 billion and a net profit attributable to shareholders of CNY 780 million, representing year-on-year growth of 36.6% and 63% respectively [1] Market Position and Expansion - The metal cutting machine tools are long-lasting general-purpose equipment, with demand influenced by capital expenditures in the automotive and general manufacturing sectors. The cumulative growth rate of metal cutting output in China from January to August 2025 is 14.6%, indicating a recovery in the industry [1] - The CNC machine tool market in China is projected to be CNY 71.5 billion in 2024, with the company holding a market share of 4.1% (by revenue), ranking first in the lathe market [1] - In March 2025, the company announced the construction of its sixth factory in Pinghu, which is expected to add approximately 3,000 units of assembly capacity per year [1] Profitability and Dividends - The company has shown significant growth in profitability, maintaining a dividend payout ratio of over 40% since FY2023, reflecting stable operational quality [2] New Growth Areas - Since 2024, the company has actively expanded into AI liquid cooling connector processing and humanoid robot components, such as lead screws and reducers [2] - The market has not fully recognized the incremental potential of liquid cooling and robotics, but the company remains optimistic about the opportunities these sectors present [2] Earnings Forecast and Valuation - The company forecasts EPS of CNY 2.6 and CNY 3.1 for FY2026 and FY2027 respectively, with a CAGR of 22%. The target price of HKD 38.60 corresponds to a P/E of 13x for FY2026, with current prices reflecting P/E ratios of 11x and 10x for FY2026 and FY2027 respectively, indicating a potential upside of 17.1% [2]

格隆汇9月25日｜中金发表研究报告指，首予津上机床中国"跑赢行业"评级，目标价38.6港元。该行表 示，市场暂未充分重视液冷、机器人的上升潜力，而该行看好其带来的机会。该行预计津上机床中国 2026及27财年的每股盈测分别为2.6和3.1元，年均复合增长率为22%。 ...

Core Viewpoint - CICC forecasts that Tsugami Machine Tool (01651) will have an EPS of 2.6 and 3.1 CNY for FY2026/2027, with a CAGR of 22%, and sets a target price of 38.6 HKD, corresponding to a FY2026 P/E of 13x, indicating a potential upside of 17.1% from the current price [1] Group 1: Company Overview - Established in 2003, the company is primarily focused on high-end CNC lathes, with a product matrix that includes machining centers and grinding machines [2] - For FY2025, the company is expected to achieve a revenue of 4.262 billion CNY and a net profit of 780 million CNY, representing year-on-year growth of 36.6% and 63% respectively [2] Group 2: Market Position and Expansion - The metal cutting machine tool market is influenced by capital expenditures in the automotive and general manufacturing sectors, with a cumulative production growth rate of 14.6% in China from January to August 2025 [3] - The CNC machine tool market in China is projected to reach 71.5 billion CNY in 2024, with Tsugami holding a 4.1% market share, ranking first in the lathe segment [3] - The company announced the construction of its sixth factory in Pinghu in March 2025, which is expected to add an assembly capacity of approximately 3,000 units per year [3] Group 3: Profitability and Shareholder Returns - The company has maintained strong operational quality, with a dividend payout ratio exceeding 40% since FY2023 [4] Group 4: Growth Opportunities - Since 2024, the company has actively engaged in AI liquid cooling connector processing and humanoid robot components, identifying potential catalysts such as advancements in liquid cooling infrastructure and humanoid robot grinding machines [5]

Group 1 - The core viewpoint of the report is that the company, Tsugami Machine Tool (01651), is expected to achieve an EPS of 2.6 and 3.1 CNY for FY2026/2027, with a CAGR of 22%, and a target price of 38.6 HKD, indicating a potential upside of 17.1% based on current P/E ratios [1] - The company has a strong foothold in China's manufacturing sector, with a product matrix primarily focused on screw machines and supplemented by machining centers and grinding machines. For FY2025, the company is projected to generate revenue of 4.262 billion CNY and a net profit of 780 million CNY, reflecting year-on-year growth of 36.6% and 63% respectively [2] - The company is actively expanding its production capacity to reinforce its leading position in the market. The metal cutting machine tool sector is influenced by capital expenditures in the automotive and general manufacturing industries. The production growth rate for metal cutting tools in China from January to August 2025 is 14.6%, indicating a recovery in the market [3] Group 2 - The company's profitability has significantly increased, maintaining a dividend payout ratio above 40% since FY2023, reflecting its strong operational quality [4] - The company is strategically investing in AI liquid cooling connectors and humanoid robot components, which are expected to drive its second growth phase. Potential catalysts include advancements in liquid cooling infrastructure and humanoid robot grinding machines [5]

Summary of Key Points Core Viewpoint - Multiple companies, including Tencent Holdings and Anta Sports, conducted share buybacks on September 23, 2025, with Tencent leading in terms of buyback amount and quantity [1][2]. Group 1: Buyback Details - Tencent Holdings (00700) repurchased 867,000 shares for a total of 550 million [2]. - Anta Sports (02020) repurchased 2.12 million shares for a total of 200 million [2]. - Hang Seng Bank (00011) repurchased 200,000 shares for a total of 23.57 million [2]. - China Petroleum & Chemical Corporation (00386) repurchased 5.51 million shares for a total of 22.44 million [2]. - Stone Four Pharmaceutical Group (02005) repurchased 5 million shares for a total of 14.67 million [2]. Group 2: Cumulative Buyback Data - Tencent's cumulative buyback for the year reached 61.59 million shares, accounting for 0.670% of its total share capital [2]. - Anta Sports' cumulative buyback for the year reached 4.24 million shares, accounting for 0.151% of its total share capital [2]. - China Hongqiao Group (01378) had a cumulative buyback of 15.2 million shares, accounting for 1.620% of its total share capital [2]. - Coolpad Group (02369) had a significant cumulative buyback of 27.25 million shares, accounting for 6.653% of its total share capital [2].

智通财经APP讯，津上机床中国(01651)发布公告，于2025年9月23日斥资230.54万港元回购7万股。 ...

津上机床中国(01651)发布公告，于2025年9月23日斥资230.54万港元回购7万股。 ...

格隆汇9月23日丨津上机床中国(01651.HK)发布公告，9月23日耗资230万港元回购7万股，回购价格每股 32.76-33港元。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 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） 呈交日期： 2025年9月23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 | | | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發行/出售價 (註4) | ...

| 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） | | --- | --- | --- | --- | --- | | 2025.09.22 | 10.00 | 32.640 | 32.420 | 325.85 | | 2025.09.19 | 12.00 | 31.680 | 31.280 | 378.13 | | 2025.09.18 | 10.50 | 31.880 | 31.060 | 331.56 | | 2025.09.17 | 8.00 | 31.400 | 30.320 | 247.91 | | 2025.09.16 | 3.60 | 30.600 | 30.240 | 109.57 | | 2025.09.15 | 11.00 | 30.380 | 29.940 | 331.69 | | 2025.09.12 | 10.00 | 30.020 | 29.260 | 294.56 | | 2025.09.11 | 12.00 | 30.240 | 29.820 | 360.80 | | 2025.09.10 | 1.10 | 28.900 ...