TC(SH:603085) Chang Jiang Shang Bao·2025-09-29 23:29Core Viewpoint - Tiancheng Control (603085.SH) is accelerating its international expansion by planning to establish a wholly-owned subsidiary in Japan with an investment of up to 10 million RMB to enhance its global competitiveness and service capabilities [1][2][3] Group 1: International Expansion - The company aims to set up a warehouse and production base in Japan to better meet the demands of international clients and improve its industry layout [2][3] - This overseas investment aligns with the company's long-term strategic development plan and is expected to enhance its comprehensive competitive strength [2][3] Group 2: Financial Performance - In the first half of 2025, Tiancheng Control achieved a revenue of 1.156 billion RMB, a year-on-year increase of 31.40%, and a net profit of 23.27 million RMB, up 47.55% [4][5] - The growth in revenue and profit is attributed to increased orders in the passenger car seat business and a recovery in the engineering machinery and commercial vehicle seat markets [4][5] Group 3: Business Segments - The company has three main business segments: passenger car seats, engineering machinery and commercial vehicle seats, and aircraft seats, all of which contributed to revenue growth [4][5] - In the first half of 2025, passenger car seats generated 521 million RMB in revenue, a 59.65% increase, while engineering machinery and commercial vehicle seats brought in 458 million RMB, up 22.81% [4][5] Group 4: Market Position and Partnerships - Tiancheng Control has established stable partnerships with major automotive manufacturers such as SAIC, BAIC, Dongfeng, and BYD, ensuring a robust order backlog [5] - The company is also actively involved in the low-altitude economy sector, collaborating with leading enterprises in this field [5] Group 5: Research and Development - The company emphasizes R&D investment, with R&D expenses amounting to 109 million RMB in the first half of 2025, reflecting a commitment to maintaining industry-leading technical capabilities [6] - An employee stock ownership plan has been proposed, aimed at incentivizing middle management and key personnel, with performance targets linked to revenue growth [6] Group 6: Future Revenue Projections - For 2024, the company expects to achieve a revenue of 2.230 billion RMB, a 56.27% increase, with projected revenues of at least 2.676 billion RMB in 2025 and 3.080 billion RMB in 2026 [7]