Investment Rating - The investment rating for Tianming Technology is maintained as "Buy" [3][14]. Core Views - Tianming Technology has completed validation for its robotic and electric pedal drive joints, marking the beginning of a new growth cycle [1][5]. - The company reported a total revenue of 101 million yuan in H1 2025, a year-on-year decrease of 10.75%, and a net profit attributable to the parent company of 22 million yuan, down 22.37% year-on-year [3]. - Despite the decline in revenue and profit, the company is expected to achieve net profits of 69 million yuan, 95 million yuan, and 115 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.66, 0.91, and 1.09 yuan [3]. Financial Performance - In H1 2025, the main product revenue from off-road vehicles was 87.08 million yuan, with a gross margin of 43.68%, an increase of 0.70 percentage points year-on-year [4]. - The company’s overseas revenue reached 66.60 million yuan, with a gross margin of 42.75%, reflecting a year-on-year increase of 3.01 percentage points [4]. - The financial summary indicates projected revenues of 294 million yuan, 406 million yuan, and 507 million yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 69 million yuan, 95 million yuan, and 115 million yuan [7][9]. Research and Development - Tianming Technology has entered into a cooperation agreement with Hangzhou Zhongzhi High Intelligent Technology to jointly develop key technologies for robotic drive joints and electric pedal drive joints, with a total development budget of approximately 15.25 million to 21.65 million yuan [5]. - The company has successfully completed multiple rounds of small batch trials and type tests for both types of drive joints, achieving design goals [5].
天铭科技（836270）：北交所信息更新：机器人、电动踏板驱动关节已完成验证，合作研发开启成长新周期