Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][7]. Core Views - The company is a leading player in the domestic nail fastening equipment segment and is expanding its product matrix, focusing on power tools and building hardware [4][34]. - The courtyard robot business is positioned in a rapidly growing market, with significant potential for revenue growth due to increasing demand in Europe and the US [5][39]. - The establishment of a joint venture for smart joints indicates the company's strategic move into high-tech fields, aiming to create new profit points [6][39]. Financial Performance - In 2024, the company is projected to achieve revenue of 607 million yuan, a year-on-year increase of 31.14%, and a net profit of 10.39 million yuan, up 118.09% [4][40]. - The gross margin for power tools is expected to be 19.38%, while building hardware products will have a gross margin of 35.14%, indicating strong profitability within the industry [4][42]. - The company anticipates significant growth in net profit from 2025 to 2027, with projected growth rates of 325.0%, 244.6%, and 73.0% respectively [7][40]. Business Segments - The main business includes the research, production, and sales of power tools and building hardware products, with a focus on expanding into garden tools and electric tools [34][39]. - The courtyard robot segment is expected to see explosive growth, leveraging the company's manufacturing capabilities and market positioning [5][39]. - The company is actively investing in the smart joint business, collaborating with partners to integrate resources and enhance its market presence [6][39]. Market Trends - The global building hardware market is projected to grow significantly, with a compound annual growth rate (CAGR) of 5.07% from 2024 to 2032 [53]. - The demand for electric tools and garden tools is increasing, driven by urbanization and a growing focus on quality of life [69][70]. - The company has established a strong foothold in the Japanese market, which is expected to continue expanding due to ongoing renovation needs in existing homes [54][63].

Group 1: Company Overview - The company conducted an investor relations activity on September 8, 2025, with a focus on its basic situation and production capacity [2]. - The company has three major manufacturing sites located in Jiangning, Bowang, and Haimen, which support its supply chain capabilities [3]. Group 2: Overseas Business - In the first half of 2025, the overseas sales accounted for 52.82% of the total revenue [3]. - The company has established stable partnerships with well-known brands in Europe and Japan, enhancing its market presence [3]. Group 3: Competitive Advantages - The company possesses advanced R&D capabilities, having developed various fastening tools and electric tools, which facilitate product upgrades and market expansion [3]. - A strong supply chain self-manufacturing capability ensures cost control and diversification opportunities for future business development [3]. - The company has a solid brand image and a good reputation among overseas clients, with major customer relationships lasting over 10 years [3]. Group 4: R&D Investment - R&D investments from 2022 to the first half of 2025 were as follows: 25.55 million, 33.15 million, 44.91 million, and 24.84 million yuan, with respective revenue ratios of 5.88%, 7.17%, 7.40%, and 8.43% [3]. - As of June 2025, the company holds a total of 92 valid patents, including domestic and foreign invention patents, utility model patents, and design patents [3].

东吴证券股份有限公司 关于南京腾亚精工科技股份有限公司 | 保荐机构名称：东吴证券股份有限公司 | 被保荐公司简称：腾亚精工 | | --- | --- | | 保荐代表人姓名：卞睿 | 联系电话：0512-62938515 | | 保荐代表人姓名：高志豪 | 联系电话：0512-62938515 | 一、 保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1、公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 | | 2、督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不限于防止 关联方占用公司资源的制度、募集资金管理制度、内控制 | 是 | | 度、内部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3、募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 募集资金专户已于本报告期外 | | | 全部注销 | | （2）公司募集资金项目进展是否与信息披露文件一致 | 募集资金项目已于本报告期外 | | ...

Core Insights - Nanjing Tengya Precision Technology Co., Ltd. hosted a specific research and site visit for five institutions including Galaxy Fund and CITIC Securities on September 5 [1] - The company reported a revenue of 294.83 million yuan for the first half of 2025, a year-on-year increase of 1.37%, and a net profit attributable to shareholders of 970,200 yuan, up 110.30% year-on-year [1] Group 1 - The investor relations activity included a site tour and a Q&A session, where the company provided an overview of its operations and production capacity [1] - The company emphasized its focus on core business, market expansion, and internal management to optimize overall operational quality [1] - The company has three major production facilities in Jiangning, Bowang, and Haimen, with sufficient manufacturing capabilities including die-casting, injection molding, and mold development [1]

Group 1: Company Overview - Nanjing Tengya Precision Technology Co., Ltd. conducted an investor relations activity on September 5, 2025, from 9:30 to 11:30 AM [1][2] - The event included a site visit to the company's exhibition hall, office area, and production workshop to understand production capacity [2] Group 2: Financial Performance - In the first half of 2025, the company achieved a revenue of CNY 294.83 million, representing a year-on-year growth of 1.37% [2][3] - The net profit attributable to shareholders was CNY 970,200, showing a significant increase of 110.30% year-on-year [2][3] Group 3: Operational Strategy - The company focused on its core business, market expansion, internal management enhancement, and product quality to optimize overall operational quality [3] - Key strategies included new product development, process improvement, cost reduction, and standardized management to ensure stable growth [3] Group 4: Production Capacity - The company operates three major factories located in Jiangning, Bowang, and Haimen, with capabilities in die-casting, injection molding, mold development, stamping, surface treatment, brushless motors, battery packs, and electronic assembly [3] - The production capacity is sufficient to meet current demands, including contract manufacturing for robotics companies [3]

Group 1: Strategy and Market Outlook - The report suggests a strong allocation towards precious metals, particularly gold, and recommends overweighting Hong Kong stocks benefiting from potential Federal Reserve rate cuts, while maintaining positions in A-shares with a balanced focus on resources and technology growth [1][10] - The report highlights the acceleration of de-dollarization and challenges to the independence of the Federal Reserve, which may lead to increased demand for gold as a safe asset [8][9] Group 2: Motorcycle Industry Insights - The domestic large-displacement motorcycle penetration rate is continuously increasing, with significant growth potential for Chinese motorcycle manufacturers in the global market, particularly in large-displacement segments [2][12] - The report indicates that from 2020 to 2024, the sales of large-displacement motorcycles in China are expected to grow from approximately 140,000 units to 400,000 units, with a CAGR of 30% [13] - Exports are becoming a crucial growth driver for Chinese motorcycle manufacturers, with the export volume of motorcycles expected to increase significantly, particularly in the large-displacement category [14][15] Group 3: Company-Specific Analysis - Tengya Precision (301125.SZ) is expected to achieve a net profit of 44 million, 149 million, and 231 million yuan from 2025 to 2027, with corresponding PE ratios of 64.2, 18.9, and 12.2, indicating strong growth potential [5][22] - Zhongke Shuguang (603019.SH) is projected to have a net profit of 2.712 billion, 3.355 billion, and 3.762 billion yuan from 2025 to 2027, with a year-on-year growth of 41.9%, 23.7%, and 12.2% respectively [6][24] - The report emphasizes the robust growth of the AI and smart inspection business for Zeyu Intelligent (301179.SZ), with expected net profits of 222 million, 266 million, and 322 million yuan from 2025 to 2027 [37][39] Group 4: Investment Recommendations - Key recommendations include focusing on leading motorcycle manufacturers such as Chunfeng Power, Longxin General, and Qianjiang Motorcycle, which are expected to benefit from the growing global demand for large-displacement motorcycles [3][16] - The report suggests maintaining a "buy" rating for Tengya Precision, Zhongke Shuguang, and Zeyu Intelligent based on their growth prospects and market positioning [22][24][39]

Group 1 - The core viewpoint of the articles highlights the continuous revenue growth of Tengya Precision Engineering, with a projected revenue of 610 million yuan in 2024, representing a year-on-year increase of 31.1% [1] - The company achieved a net profit attributable to shareholders of 10 million yuan in 2024, showing a significant year-on-year growth of 118.1% [1] - The gross profit margin for the company was 24.27% in 2024, reflecting a decline of 1.04 percentage points compared to the previous year [1] Group 2 - The traditional business segments of power tools and building hardware are performing well, with the global pneumatic tools market expected to reach 18.1 billion USD by 2030 and the global electric tools market projected to reach 54.09 billion USD by 2029 [1] - The building hardware market is also promising, with an expected global market size of 73.97 billion USD by 2032, indicating a strong growth potential for the company's building hardware business [1] - The company has strong technical capabilities and a well-developed marketing network, which positions it well for steady growth in the power tools segment [1] Group 3 - The courtyard robot market presents significant growth opportunities, with the global lawn mower robot market expected to reach 16.5 billion USD by 2035, growing at a CAGR of 17.8% from 2024 to 2035 [2] - The company reported sales of 11.08 million yuan for related products from January to May 2025, a remarkable increase of 914% compared to the total sales for 2024 [2] - The investment outlook suggests that the company is likely to achieve steady growth in the power tools sector through new products and international expansion, while also increasing its market share in the building hardware sector [2]

证券日报网讯腾亚精工9月2日在互动平台回答投资者提问时表示，截至2025年8月29日，公司股东人数 为8658户。 （文章来源：证券日报） ...

Group 1 - The core viewpoint of the news is that Tengya Precision Engineering Co., Ltd. has shown significant trading activity and financial performance, with a notable increase in financing and a positive trend in revenue and profit growth [1][2]. Group 2 - On September 1, Tengya Precision's stock price fell by 1.01%, with a trading volume of 145 million yuan. The financing buy-in amount for that day was 45.01 million yuan, while the financing repayment was 9.9964 million yuan, resulting in a net financing buy-in of 35.0177 million yuan. The total financing and securities balance reached 113 million yuan [1]. - The financing balance of Tengya Precision is currently 113 million yuan, accounting for 4.06% of its circulating market value, which is above the 90th percentile level over the past year, indicating a high level of financing activity [1]. - On the same day, there were no shares repaid in securities lending, with 100 shares sold, amounting to 1,966 yuan at the closing price. The securities lending balance also reached 1,966 yuan, exceeding the 90th percentile level over the past year [1]. Group 3 - As of August 29, the number of shareholders of Tengya Precision was 8,658, a decrease of 0.52% from the previous period. The average circulating shares per person increased by 0.52% to 13,554 shares [2]. - For the first half of 2025, Tengya Precision achieved an operating income of 295 million yuan, representing a year-on-year growth of 1.37%. The net profit attributable to the parent company was 970,200 yuan, showing a significant year-on-year increase of 110.30% [2]. - Since its A-share listing, Tengya Precision has distributed a total of 145 million yuan in dividends [2]. - As of June 30, 2025, Citic Prudential Multi-Strategy Mixed Fund (LOF) A has exited the list of the top ten circulating shareholders of Tengya Precision [2].

证券代码：301125 证券简称：腾亚精工 公告编号：2025-068 南京腾亚精工科技股份有限公司 关于为控股子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 法定代表人：王龙 成立日期：2023 年 5 月 16 日 一、担保情况概述 南京腾亚精工科技股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日 召开第三届董事会第三次会议，审议通过了《关于为控股子公司提供担保的议案》， 同意公司拟为控股子公司江苏腾亚工具有限公司（以下简称"腾亚工具"）向江 苏银行股份有限公司南通分行不超过人民币 1,000 万元的综合授信额度申请提供 担保。具体内容详见公司于 2025 年 8 月 27 日在巨潮资讯网（www.cninfo.com.cn） 上披露的《关于为控股子公司提供担保的公告》（公告编号：2025-066）。 二、担保进展情况 近日，公司与江苏银行股份有限公司南通分行签署了《最高额保证合同》， 为腾亚工具向江苏银行股份有限公司南通分行申请不超过人民币 1,000 万元的综 合授信额度提供连带责任保证担保。 本次担保前，公 ...