Core Viewpoint - Tsugami Machine Tool China (01651) has seen its stock price increase by over 200% this year, reaching a new high of 35.88 HKD, driven by strong earnings expectations and growth in the machine tool industry [1] Financial Performance - For the first half of the fiscal year 2026 (April-September 2025), the company expects to achieve a net profit attributable to shareholders of 502 million RMB, representing a year-on-year increase of approximately 48% [1] - The board attributes this growth to the ongoing recovery of the domestic economy and the transformation of China's manufacturing sector [1] Industry Trends - The rapid development in user fields such as new energy vehicles and artificial intelligence has created new demand for the machine tool industry [1] - The company has been actively expanding and penetrating various segments of the manufacturing industry, leading to increased demand for its CNC high-precision machine tools [1] Market Position - According to CICC, the company's forecasted profit growth of 48% significantly exceeds the average growth level in the industry, positioning it as a core leader in the recovery of the machine tool sector [1] - The primary downstream market for the company is automotive parts, benefiting from the capital expenditure boom [1] Growth Opportunities - The company is intensifying its layout in the liquid cooling sector, which is expected to open up new growth avenues [1] - It has established cooperation intentions with leading liquid cooling equipment companies, anticipating revenue contributions from this business segment in 2026, marking it as the second growth curve after automotive parts [1]

Core Viewpoint -津上机床中国预计中期公司拥有人应占溢利5.02亿元，同比增长约48%，显著超出行业平均增长水平，成为机床行业复苏进程中的核心领跑者 [1] Company Performance -截至发稿，津上机床中国股价上涨6.8%，报33.94港元，成交额2306.79万港元 [1] -公司预计中期盈利同比增长48%，达到5.02亿元 [1] Industry Position -中金指出，津上机床中国在机床行业复苏中处于领先地位 [1] -公司第一大下游为汽车零部件，受益于资本开支红利期 [1] Future Growth Potential -公司已与行业头部液冷设备企业达成合作意向，预计2026年相关业务可实现营收贡献，成为继汽车零部件领域后的第二增长曲线 [1] -2025年9月，津上机床中国单月累计回购公司股份205.2万股，回购金额达6211万元，显示管理层对公司未来经营前景的信心 [1]

Core Viewpoint - Tsugami Machine Tool China (01651) has seen a significant stock price increase, with a rise of over 7%, currently trading at 33.94 HKD, reflecting strong market confidence following a positive earnings forecast [1] Financial Performance - The company has issued a profit warning, expecting a mid-term profit attributable to shareholders of 502 million HKD, representing a year-on-year growth of approximately 48% [1] - This projected profit growth significantly exceeds the average growth rate in the machine tool industry, positioning the company as a key leader in the industry's recovery [1] Business Development - The primary downstream market for the company is automotive parts, benefiting from a capital expenditure boom [1] - The company has established a cooperation intention with leading liquid cooling equipment firms, anticipating that this segment will contribute to revenue by 2026, marking a second growth curve following automotive parts [1] Share Buyback Activity - In September 2025, the company repurchased 2.052 million shares, amounting to 62.11 million HKD [1] - The ongoing share buyback reflects the management's strong confidence in the company's future operational prospects and recognition of its core technological capabilities and industry development opportunities [1]

Core Viewpoint - The company is expected to achieve a significant profit increase of approximately 48% year-on-year, reaching around RMB 502 million for the six months ending September 30, 2025, outperforming the industry average growth rate and positioning itself as a leader in the machine tool industry recovery [1]. Group 1: Growth Drivers - Demand-side resonance is evident, with China's automotive manufacturing fixed asset investment growth accelerating to 20.2% from the previous year, benefiting the company as its largest downstream sector is automotive parts [1]. - Supply-side optimization is being implemented through lean management practices, enhancing the competitiveness of lathes via improvements in production processes and supply chain management [1]. - The company has launched new products such as external thread grinding machines and high-speed precision CNC lathes, expanding its solutions in the automotive electric power steering system (EPS) [1]. Group 2: New Growth Opportunities - The liquid cooling connector market is projected to grow from RMB 2.52 billion in 2022 to RMB 5.01 billion by 2024, with a compound annual growth rate of approximately 41.0%, providing a new growth curve for the company [2]. - The company is collaborating with leading liquid cooling equipment firms to offer solutions using high-precision CNC lathes and precision turning machines, which can achieve micron-level processing accuracy [2]. - Revenue contributions from the liquid cooling business are expected to materialize by 2026, marking it as the second growth curve after automotive parts [2]. Group 3: Share Buyback and Market Confidence - In September 2025, the company repurchased 2.052 million shares for a total of RMB 62.11 million, with an average repurchase price between HKD 27 and 33, reflecting management's confidence in the company's future performance and recognition of its core technological strengths [2]. Group 4: Profit Forecast and Valuation - The company maintains its revenue forecasts for 2026 and 2027 while raising net profit estimates by 3.8% and 3.9% to RMB 1.03 billion and RMB 1.21 billion, respectively [2]. - The current price corresponds to a 10x and 9x P/E for 2026 and 2027, with a target price of HKD 38.6, indicating a potential upside of 25.8% from the current price [2].

Core Viewpoint - Tsugami Machine Tool China (01651) has announced a positive earnings forecast, expecting a significant increase in profit for the upcoming six months ending September 30, 2025, driven by domestic economic recovery and demand in key sectors like new energy vehicles and artificial intelligence [1] Financial Performance - The company anticipates a profit attributable to shareholders of approximately RMB 502 million for the six months ending September 30, 2025, representing an increase of about 48% compared to the RMB 340 million profit for the same period ending September 30, 2024 [1] Industry Dynamics - The growth in the company's performance is attributed to the ongoing recovery of the domestic economy and the transformation and upgrading of China's manufacturing sector, particularly in fast-growing fields such as new energy vehicles and artificial intelligence [1] - The machine tool industry is experiencing new demand due to the rapid development in these user sectors, which has positively impacted the demand for the company's high-precision CNC machine tools [1] Operational Efficiency - The company has made continuous efforts in cost reduction and operational efficiency improvements, significantly enhancing product competitiveness and profitability [1]

Core Viewpoint - Tsugami Machine Tool China (01651) has announced a positive earnings forecast, expecting a significant increase in profit for the upcoming six months ending September 30, 2025, driven by domestic economic recovery and demand in key sectors like new energy vehicles and artificial intelligence [1] Financial Performance - The company anticipates a profit attributable to shareholders of approximately RMB 502 million for the six months ending September 30, 2025, representing an increase of about 48% compared to the RMB 340 million profit for the same period ending September 30, 2024 [1] Industry Dynamics - The growth in the company's performance is attributed to the ongoing recovery of the domestic economy and the transformation and upgrading of China's manufacturing sector, particularly in fast-growing fields such as new energy vehicles and artificial intelligence [1] - The machine tool industry is experiencing new demand due to the company's continuous exploration and penetration into various sub-sectors of manufacturing [1] Operational Efficiency - The company's ongoing efforts in cost reduction, efficiency improvement, and operational optimization have significantly enhanced product competitiveness and profitability [1]

Core Viewpoint - Tsugami China (01651) has demonstrated significant growth potential, reporting an expected net profit of 502 million yuan for the first half of the 2026 fiscal year, reflecting a year-on-year increase of approximately 48% and a quarter-on-quarter increase of 14% [1] Group 1: Financial Performance - The company achieved a record net profit for the first half of the fiscal year, surpassing previous highs, indicating a recovery from a phase of adjustment and entering a new growth cycle [1] - Tsugami China's comprehensive gross profit margin reached 33.1% in the 2025 fiscal year, significantly higher than the average of 15%-25% among leading A-share machine tool companies [2] - The net profit margin of 18.4% positions the company as one of the most profitable in the machine tool industry, outperforming most domestic and global competitors [2] Group 2: Competitive Advantage - The company has outperformed other leading machine tool enterprises during the current industry boom, attributed to ongoing efforts in cost reduction and operational optimization [2] - Since 2018, Tsugami China has initiated a proposal improvement program for all employees, fostering innovation and enhancing internal capabilities [2] Group 3: Market Trends and Future Outlook - The demand for high-end CNC machine tools has increased due to the rapid development of sectors such as humanoid robots and artificial intelligence, suggesting sustained growth potential for the company [3] - The company's stock price has significantly outperformed other A and H-share machine tool companies this year, indicating positive market sentiment and expectations for continued record-breaking performance [3]

身处高景气周期之中，津上机床中国（01651）再一次交出了一份将其成长弹性展露无疑的业绩预告。 10月17日午间休市期间，津上中国披露了2026财年上半年（2025年4月-9月）盈喜公告，公告显示报告 期内公司预期实现归母净利润5.02亿元，同比口径下劲增约48%；环比口径亦增加了14%。 另外耐人寻味的是，如若横向对比同业，不难发现在这新一轮行业景气周期中津上中国的表现明显要优 于其他头部机床企业。就拿最直观的财务数据来做比较，近年来津上中国的多项核心财务指标屡屡刷新 历史记录，这其中公司的利润率更是处在业内断档式领先的水平。2025财年，津上中国的综合毛利率高 达33.1%，明显较A股头部机床公司平均15%-25%之间的毛利率水平要高出一大截。更为亮眼的是公司 的净利润率高达到18.4%，远远超过国内甚至全球绝大部分机床厂家，无疑是机床行业中"最能赚钱"的 公司之一。 在行业景气周期里跑出成长"加速度"，并与同业进一步拉开差距，这或许要归功于津上中国自身在降本 增效及优化经营方面的持续不断努力。为激发公司创新活力、更好应对激烈的市场竞争，自2018年以来 津上中国发起全体员工改善提案活动。在最近的2025 ...

Core Viewpoint - The company expects to achieve a profit attributable to shareholders of approximately RMB 502 million for the six months ending September 30, 2025, representing an increase of about 48% compared to the profit of approximately RMB 340 million for the six months ending September 30, 2024 [1] Group 1: Company Performance - The board believes that the growth in performance is attributed to the continuous recovery of the domestic economy [1] - The transformation and upgrading of China's manufacturing industry, particularly in the fields of new energy vehicles and artificial intelligence, have created new demand for the machine tool industry [1] - The company's ongoing efforts in cost reduction, efficiency improvement, and operational optimization have significantly enhanced product competitiveness and profitability [1] Group 2: Industry Trends - The rapid development in user sectors such as new energy vehicles and artificial intelligence has led to increased demand for CNC high-precision machine tools produced by the company [1] - The company's continuous exploration and penetration into various segments of the manufacturing industry have contributed to the rising demand for its products [1]

Core Viewpoint - The company expects to record a profit attributable to shareholders of approximately RMB 502 million for the six months ending September 30, 2025, representing an increase of about 48% compared to the RMB 340 million profit for the six months ending September 30, 2024 [1] Group 1: Financial Performance - The anticipated profit for the upcoming period is RMB 502 million, which marks a significant increase from the previous year's profit of RMB 340 million [1] - The growth in profit is attributed to the continuous recovery of the domestic economy [1] Group 2: Industry Trends - The transformation and upgrading of China's manufacturing industry, particularly in sectors such as new energy vehicles and artificial intelligence, have created new demand for machine tools [1] - The company has been actively expanding and penetrating various sub-sectors of the manufacturing industry, leading to increased demand for its CNC high-precision machine tools [1] Group 3: Operational Efficiency - Continuous efforts in cost reduction and efficiency improvement have significantly enhanced the competitiveness of the company's products [1] - The company's profitability has been substantially improved as a result of these operational optimizations [1]