TZTEK(SH:688003) Shanxi Securities·2025-08-14 01:50Investment Rating - The investment rating for the company is "Buy-A" (maintained) [1] Core Views - The company reported a revenue of 597 million yuan for the first half of 2025, representing a year-on-year growth of 10.32%. However, it incurred a net loss attributable to shareholders of 14.19 million yuan, an improvement from a loss of 26.24 million yuan in the same period last year [4] - The company's performance in the smart driving solutions, consumer electronics, and PCB sectors showed significant growth, with visual measurement equipment revenue increasing by 72.44% year-on-year [4][5] - The semiconductor sector has made significant breakthroughs, with the company’s joint venture achieving major progress in the field [5] Financial Performance - The company’s revenue for Q2 2025 was 378 million yuan, a year-on-year increase of 8.76%, with a net profit attributable to the parent company of 18 million yuan, up 54.07% year-on-year [4] - The company’s net profit forecast for 2025-2027 is expected to be 170 million yuan, 180 million yuan, and 200 million yuan respectively, with year-on-year growth rates of 32.8%, 11.0%, and 10.0% [7] - The earnings per share (EPS) for 2025 is projected to be 0.86 yuan, with a price-to-earnings (P/E) ratio of 60.8 based on the closing price of 52.00 yuan on August 13 [7] Business Segments - The company’s visual measurement equipment generated revenue of 226 million yuan, driven by growth in major consumer electronics clients [4] - The smart driving solutions segment saw a revenue increase of 125.39% year-on-year, attributed to growth in automotive smart driving and humanoid robot sectors [4][5] - The visual detection equipment revenue decreased by 70.81% due to a decline in the photovoltaic industry [4] Market Position - The company is recognized as a leading visual equipment platform in China, focusing on the integration of artificial intelligence technology to drive industrial digital transformation [6] - The company is expanding its business collaborations in the smart driving sector, particularly with major automotive manufacturers [5][6]