MAE(SZ:002009) Xin Lang Cai Jing·2025-10-31 05:03Core Viewpoint - Tianqi Co., Ltd. is a leading manufacturer in automotive intelligent equipment, focusing on smart equipment, lithium battery recycling, and robotics, with strong industry technology and innovation capabilities [1] Group 1: Business Performance - In Q3 2025, Tianqi's revenue reached 1.964 billion yuan, ranking 14th out of 89 in the industry, exceeding the industry average of 1.21 billion yuan and median of 596 million yuan, but significantly lower than the top competitors, Keda Manufacturing at 12.605 billion yuan and Haomai Technology at 8.076 billion yuan [2] - The net profit for the same period was 67.946 million yuan, ranking 32nd out of 89, above the industry median of 34.371 million yuan but below the industry average of 111 million yuan, with a notable gap from the leaders, Keda Manufacturing at 1.832 billion yuan and Haomai Technology at 1.789 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Tianqi's debt-to-asset ratio was 63.57%, slightly down from 64.27% year-on-year but still above the industry average, indicating ongoing pressure on debt repayment capabilities [3] - The gross profit margin was 16.98%, an increase from 13.37% year-on-year, yet still below the industry average of 28.52%, reflecting challenges in profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 7.72% to 56,300, while the average number of circulating A-shares held per shareholder increased by 8.36% to 6,294.28 [5] Group 4: Strategic Focus and Future Outlook - The company is in a business transformation phase, focusing on three main areas: smart equipment, lithium battery recycling, and robotics. In H1 2025, revenue was 1.247 billion yuan, a year-on-year decrease of 4.92%, while net profit increased by 171.11% to 56 million yuan [6] - The smart equipment business is progressing steadily, with significant contributions from overseas projects, which accounted for 54% of the 1.32 billion yuan in hand orders [6] - The lithium battery recycling business is stabilizing, with revenue contribution of 11% and a gross profit margin turning positive at 0.79%, indicating potential for profitability [6] - The company has partnered with a leading humanoid robotics firm to develop industrial manufacturing applications, with ongoing projects in Wuxi [6] - Forecasts for net profit from 2025 to 2027 are 110 million, 240 million, and 330 million yuan, with corresponding price-to-earnings ratios of 58, 27, and 20 times [6]