Investment Rating - The investment rating for Tianming Technology is "Buy" (maintained) [1][2] Core Views - In 2024, Tianming Technology is expected to achieve a revenue of 253.25 million yuan, representing a year-on-year growth of 12.08%, and a net profit attributable to the parent company of 62.19 million yuan, up 7.39% [2] - The company has slightly adjusted its profit forecasts for 2025-2026 due to a minor delay in fundraising projects, now expecting net profits of 69 million yuan in 2025, 95 million yuan in 2026, and 115 million yuan in 2027 [2][6] - The company is focusing on expanding its domestic front-loading market through collaborations with major automotive manufacturers [4] Financial Performance Summary - In 2024, the main product in the off-road segment generated revenue of 222 million yuan, a 12.17% increase, with a gross margin of 42.90% [3] - The overseas business remains a significant revenue source, achieving 181 million yuan in 2024, a 7.52% increase, with a gross margin of 40.86% [3] - The company’s total revenue is projected to grow from 226 million yuan in 2023 to 507 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 25% [6][10] Project Development - The fundraising project is expected to enter trial production in Q4 2025, with the construction of the main facilities nearing completion [4] - The company is currently collaborating with about six major automotive manufacturers, including Great Wall Motors and Jiangling Motors, to enhance product demand [4] Valuation Metrics - The current price-to-earnings (P/E) ratios are projected to be 27.8 for 2025, 20.1 for 2026, and 16.7 for 2027, indicating a favorable valuation trend [2][6] - The earnings per share (EPS) is expected to increase from 0.55 yuan in 2023 to 1.10 yuan in 2027 [6][10]
天铭科技：越野车绞盘电动踏板隐形冠军，前装市场渗透率跃升-20250521