Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage, highlighting its potential as a hidden champion in the automotive off-road modification sector [5][8]. Core Views - The company is expected to experience a new growth cycle driven by the release of new products alongside the expansion of production capacity from fundraising projects. The projected net profits for 2024-2026 are estimated at 63 million, 80 million, and 101 million RMB, corresponding to P/E ratios of 27.8, 21.8, and 17.3 respectively [5][8]. Summary by Sections Market Performance - The closing price is 16.70 RMB, with a total market capitalization of 1,747.09 million RMB and a circulating market value of 1,354.44 million RMB. The company has a debt-to-asset ratio of 13.92% and a net asset value per share of 3.93 RMB [3]. Company Overview - Tianming Technology specializes in the design, research and development, production, and sales of automotive off-road modification parts, including winches and electric pedals. The company has established long-term partnerships with major clients such as Great Wall Motors and Dongfeng Motors [7][19]. Financial Forecast and Valuation - The company anticipates achieving a revenue of 253 million RMB in 2024, reflecting a year-on-year growth of 12.10%. The net profit is projected to be 63 million RMB, with a year-on-year increase of 8.55% [27][36]. The revenue for 2025 and 2026 is expected to reach 314 million and 391 million RMB, respectively [36]. Market Trends - The global automotive modification market is projected to grow from approximately 74.8 billion USD in 2023 to 152.6 billion USD by 2032, with a CAGR of about 8.25%. The domestic market for automotive modifications in China reached 1,090.70 billion RMB in 2023, indicating significant growth potential driven by consumer demand for customization [30][33]. Investment Logic - The company has developed a dual-driven sales model targeting both the aftermarket and the original equipment manufacturer (OEM) market. The North American market is mature, while the domestic off-road modification market is in its early stages, presenting substantial growth opportunities [10][24]. The company’s fundraising projects are expected to enter trial production in the second half of 2025, which will further enhance its growth potential [28].
天铭科技（836270）：汽车越野改装件隐形冠军，新品伴随募投产能释放开启新增长周期