Core Viewpoint - The Chinese manufacturing industry is undergoing a significant transformation, driven by the rapid expansion of high-tech markets such as electric vehicles and artificial intelligence, which is enhancing the overall industry chain's prosperity, particularly benefiting high-end CNC machine tools [1] Group 1: Company Performance - Tsugami China reported record-breaking financial results for the first half of the 2026 fiscal year, achieving revenue of 2.497 billion RMB, a year-on-year increase of 26.2% [2] - The company's gross profit reached 863 million RMB, up 35.9% year-on-year, with a gross margin improvement of 2.5 percentage points to 34.6% [2] - Net profit for the period was 502 million RMB, reflecting a substantial year-on-year growth of 51.1%, resulting in a net profit margin of 20.1% [2][9] Group 2: Business Segments - The core business of precision lathes generated revenue of 2.051 billion RMB, accounting for 82.1% of total revenue, with a year-on-year growth of 19.4% [3][4] - Revenue from precision machining centers surged by 157% to 207 million RMB, increasing its contribution to total revenue from 4.1% to 8.3% [3][4] - Precision grinding machines also saw strong growth, with revenue increasing by 47.5% to 126 million RMB, representing 5.1% of total revenue [3][4] Group 3: Market Dynamics - The automotive industry remains the most significant downstream application for machine tools, accounting for 25.6% of the total market share in 2024, with Tsugami China achieving 1.03 billion RMB in revenue from this sector, a 51.6% increase year-on-year [5] - The company also reported impressive performance in the 3C industry, with sales revenue of 190 million RMB, reflecting increases of 29.7% and 28.3% year-on-year and quarter-on-quarter, respectively [6] - Revenue from emerging sectors, particularly AI liquid cooling, reached 120 million RMB, contributing significantly to overall growth with year-on-year increases of 38.6% and 49.2% [6][10] Group 4: Investment Value - Tsugami China's growth potential is bolstered by the ongoing technological advancements in the automotive sector and the rapid development of AI and robotics, which are expected to drive demand for precision components [10] - The company is actively expanding into new markets, particularly in AI liquid cooling, where it has secured numerous orders, potentially capturing 5% of the domestic market [10][11] - The planned interim dividend of 0.6 HKD per share marks the highest distribution since the company's listing, reflecting its strong growth and dividend-paying capacity, with total dividends since listing reaching 5.16 HKD per share [11]
突出成长性与稳健高分红的交响，津上机床中国中报验证增长逻辑