TC(SH:603085) Zheng Quan Shi Bao Wang·2025-06-03 11:42Core Viewpoint - Tiancheng Control's passenger car seat business is rapidly expanding, with significant project wins and a strong growth trajectory in revenue and market share [1][2]. Group 1: Project Developments - Tiancheng Control's subsidiary Zhengzhou Tiancheng has been designated as a key supplier for a passenger car seat assembly project by a well-known domestic automotive company, with production expected to start in October 2025 and a project lifecycle of five years, supplying approximately 75,600 vehicles [1]. - The company has a robust project pipeline, having received multiple project designations, including a core component project for a joint venture automotive company expected to start production in December 2025, with a lifecycle supply of 433,500 vehicles [2]. - Additional project designations include a passenger car seat assembly project for another domestic carmaker, expected to start in January 2025, supplying 50,000 vehicles, and two projects from major domestic car manufacturers with production starting in mid-2025 and early 2026, supplying 450,000 and 500,000 vehicles respectively [2]. Group 2: Financial Performance - In 2024, Tiancheng Control achieved a revenue of 2.23 billion yuan, representing a year-on-year growth of 56.27%, with passenger car seat sales contributing 1.054 billion yuan, a significant increase of 122.79%, making it the company's largest business segment [1]. Group 3: Capacity and Expansion - The company operates multiple passenger car seat factories in Zhengzhou, Ningde, and Tiantai, and is currently developing new production bases in Wuhan, Chuzhou, and Jinan [2]. - Tiancheng Control aims to become one of the top three passenger car seat suppliers in the industry, targeting an annual production and sales scale of over 2 million sets and a market share exceeding 10% [2]. Group 4: Globalization Efforts - The company is accelerating its global expansion, having established a new subsidiary in Singapore and planning to set up wholly-owned subsidiaries and production bases in Thailand, Malaysia, and the United States [3]. - The Thai production base is in the final stages of setup, with equipment testing completed and management personnel in place, aiming for smooth production commencement [3]. Group 5: Funding and Investment - In March 2024, the company announced a fundraising plan to raise up to 892 million yuan for the construction of intelligent production bases in Thailand and Wuhan, as well as for upgrading the group's information system and supplementing working capital [3].