天玛智控（688570）：短期承压不改智能化趋势，拓展智能制造打造多元增长极

Investment Rating - The investment rating for Tianma Intelligent Control (688570) is "Buy" [3][7] Core Views - The company reported a revenue of 652 million yuan in the first half of 2025, a year-on-year decrease of 21.21%, and a net profit attributable to shareholders of 70 million yuan, down 65.72% year-on-year [1] - The company is actively expanding its intelligent manufacturing business while strengthening its coal business, focusing on unmanned scenarios and discrete intelligent control industries [3] - The company maintains a strong market position with a market share of 37.7% for its SAC system and 25.4% for its SAM system in the first half of 2025, despite facing increased competition [4] - The national policy continues to support coal mine intelligent construction, indicating significant growth potential in the industry [4] Financial Performance - In the first half of 2025, the company's main business revenue from unmanned intelligent mining control solutions was 426 million yuan, and spare parts revenue was 156 million yuan [4] - The company expects net profits for 2025, 2026, and 2027 to be 168 million yuan, 199 million yuan, and 224 million yuan respectively, with diluted EPS of 0.39 yuan, 0.46 yuan, and 0.52 yuan [7] - The company's gross margin is projected to decline from 45.1% in 2023 to 38.6% in 2025, reflecting competitive pressures [6] Strategic Initiatives - The company is making progress on its fundraising projects, which are expected to lay a solid foundation for the development of new businesses in intelligent manufacturing [5] - The company has completed its smart factory construction project, which is anticipated to create a second growth curve [5] - The company emphasizes shareholder returns, having distributed a cash dividend of 3.3 yuan per 10 shares for the 2024 fiscal year, amounting to 143 million yuan [7]