TZTEK(SH:688003) Soochow Securities·2025-11-04 11:24Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is experiencing short-term pressure on performance, but new businesses are blooming in multiple areas [1] - Revenue for the first three quarters of 2025 reached 977 million yuan, a year-on-year increase of 14.8%, while the net profit attributable to shareholders was a loss of 15 million yuan, with the loss margin slightly increasing [7] - The company signed new orders worth 1.917 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 41.97% [7] - The company is actively advancing its platform strategy, focusing on AI-based detection and various new business areas, achieving good progress [7] Financial Summary - Total revenue forecast for 2023 is 1,648 million yuan, with a projected growth of 5.55% in 2025 and 29.31% in 2026 [1][8] - The net profit attributable to shareholders is expected to be 101.06 million yuan in 2025, with a significant increase to 268.70 million yuan in 2026 [1][8] - The company's gross margin for the first three quarters of 2025 was 35.6%, a decrease of 3.8 percentage points year-on-year [7] - The company’s cash flow from operating activities turned positive in the first three quarters of 2025, amounting to 31 million yuan [7] Business Development - The company is well-positioned to benefit from the acceleration of domestic substitution in various sectors, including consumer electronics, PCB, semiconductors, intelligent driving, and robotics [7] - In the consumer electronics sector, the company has secured significant orders related to foldable screens and AI applications [7] - The PCB business has seen over 50% revenue growth in the first half of 2025, with an expanding customer base [7] - The semiconductor business has made significant progress, with the company’s TB1500 and TB2000 detection equipment receiving formal orders from major clients [7] - The intelligent driving sector has seen collaborations with major companies like NVIDIA, enhancing the company’s market presence [7] Earnings Forecast and Valuation - The forecasted net profit for 2025-2026 is 101 million yuan and 268 million yuan respectively, with a new forecast for 2027 at 380 million yuan [1] - The current price-to-earnings (P/E) ratio is projected to be 104 for 2025, 39 for 2026, and 27 for 2027, reflecting the company's growth potential [1][8]