Group 1 - The article highlights the company's strategic expansion into new sectors such as humanoid robots, liquid cooling, and semiconductors, leveraging lightweight materials and strong client relationships to accelerate performance recovery and growth potential [1] - The U.S. antimony industry has secured a contract with the Department of Defense for 4,600 tons of antimony metal, emphasizing the strategic value of antimony, while China's exports showed signs of recovery in August, indicating potential benefits for related companies as price levels are expected to rise [1]

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index down by 0.01% and the Shenzhen Component Index up by 0.67% [1] - The total trading volume across Shanghai and Shenzhen markets reached 23,918 billion yuan, an increase of 446 billion yuan compared to the previous day [1] Sector Performance - AI concept stocks resumed their upward trend, with CPO, liquid cooling, and intelligent body concepts leading the gains [1] - The gaming, controllable nuclear fusion, copper metal, and film and television sectors also saw increases [1] - The semiconductor industry chain experienced a general pullback, while gold, oil and gas, and real estate sectors remained sluggish [1] Index Performance - The Shanghai Composite Index closed at 3,853.30, down 0.01% [2] - The Shenzhen Component Index closed at 13,445.90, up 0.67% [2] - The ChiNext Index rose by 1.58%, closing at 3,235.76 [2] ETF Performance - The cloud computing sector led the ETF market with significant gains, including the Xinhua Fund Cloud 50 ETF rising by 4.02% [3] - The Huabao Fund Big Data Industry ETF and the CMB Cloud Computing ETF both increased by 3.6% [3] - The semiconductor equipment sector saw a decline, with the semiconductor equipment ETF dropping by 1.42% [3]

格隆汇9月25日｜信达证券研报指出，丰茂股份与江淮汽车正式达成战略合作，以收购股权的方式入股 江淮汽车子公司。本次战略合作，有望丰富双方管路产品，丰茂股份在流体管路领域拥有多年研发积 累，而江淮汽车子公司在金属管材加工、高强度轻量化材料方面具备独特优势。双方联合后,将突破单 一材料管路局限,产线覆盖橡胶、尼龙、金属及复合材料的全场景管路解决方案,尤其适用于高压、高低 温交变的严苛工况,如电池包冷却、发动机冷却、电机电控冷冷却及算力中心服务器散热冷却。深度绑 定合作关系，奠定高端乘用车配套基础。"汽车+数据中心"液冷双轮驱动，公司成长前景进一步打开。 通过"汽车+数据中心"液冷的双轮驱动,公司有望实现客户、产业结构的多元化升级，成长前景进一步打 开。 ...

格隆汇9月25日｜中金发表研究报告指，首予津上机床中国"跑赢行业"评级，目标价38.6港元。该行表 示，市场暂未充分重视液冷、机器人的上升潜力，而该行看好其带来的机会。该行预计津上机床中国 2026及27财年的每股盈测分别为2.6和3.1元，年均复合增长率为22%。 ...

Core Viewpoint - The company is expected to reach a performance turning point, with potential new opportunities in liquid cooling, humanoid robots, and semiconductors [1] Group 1: Market Position and Client Base - The company is a global leader in aluminum alloy precision die-casting, with a high market share in communication base station structural components and ongoing expansion into top-tier automotive clients [1] - Key clients include Tesla, Huawei, BYD, Ericsson, Nokia, Xiaomi, and Cyric [2] Group 2: Production and Strategic Developments - The company will officially take over its U.S. factory in 2024, with accelerated production expected in 2025, which may help avoid tariff impacts [3] - The company has successfully trial-produced ultra-large die-casting parts and is developing related molds for integrated die-casting in the automotive sector [4] Group 3: Growth Opportunities - The company is well-positioned to benefit from the upcoming 5G-A and 6G base station construction, with an expected investment of nearly 20 billion yuan from China's three major telecom operators by 2025 [4] - The company is exploring liquid cooling products for high-power base stations and has made early advancements in "cooling + weldable die-casting" products [4] Group 4: New Project Potential - The company is entering a new project phase with applications in weldable die-casting technology, semiconductor precision components, extreme cooling scenarios, and lightweight aluminum-magnesium materials [4] - The liquid cooling market for computing power is projected to reach approximately 130 billion yuan by 2029, with significant growth expected in the server cooling structure component market [5] Group 5: Investment in Semiconductor Components - The company plans to invest 170 million yuan in a subsidiary in Chongqing to develop semiconductor precision components, capitalizing on the low domestic equipment localization rate [6][7] Group 6: Financial Forecast - The company is projected to have net profits of -130 million yuan, 150 million yuan, and 210 million yuan from 2025 to 2027, indicating a turnaround with a 47% year-on-year growth in 2027 [7]

Core Viewpoint - CICC forecasts that Tsugami Machine Tool (01651) will have an EPS of 2.6 and 3.1 CNY for FY2026/2027, with a CAGR of 22%, and sets a target price of 38.6 HKD, corresponding to a FY2026 P/E of 13x, indicating a potential upside of 17.1% from the current price [1] Group 1: Company Overview - Established in 2003, the company is primarily focused on high-end CNC lathes, with a product matrix that includes machining centers and grinding machines [2] - For FY2025, the company is expected to achieve a revenue of 4.262 billion CNY and a net profit of 780 million CNY, representing year-on-year growth of 36.6% and 63% respectively [2] Group 2: Market Position and Expansion - The metal cutting machine tool market is influenced by capital expenditures in the automotive and general manufacturing sectors, with a cumulative production growth rate of 14.6% in China from January to August 2025 [3] - The CNC machine tool market in China is projected to reach 71.5 billion CNY in 2024, with Tsugami holding a 4.1% market share, ranking first in the lathe segment [3] - The company announced the construction of its sixth factory in Pinghu in March 2025, which is expected to add an assembly capacity of approximately 3,000 units per year [3] Group 3: Profitability and Shareholder Returns - The company has maintained strong operational quality, with a dividend payout ratio exceeding 40% since FY2023 [4] Group 4: Growth Opportunities - Since 2024, the company has actively engaged in AI liquid cooling connector processing and humanoid robot components, identifying potential catalysts such as advancements in liquid cooling infrastructure and humanoid robot grinding machines [5]

Group 1 - The core viewpoint of the report is that the company, Tsugami Machine Tool (01651), is expected to achieve an EPS of 2.6 and 3.1 CNY for FY2026/2027, with a CAGR of 22%, and a target price of 38.6 HKD, indicating a potential upside of 17.1% based on current P/E ratios [1] - The company has a strong foothold in China's manufacturing sector, with a product matrix primarily focused on screw machines and supplemented by machining centers and grinding machines. For FY2025, the company is projected to generate revenue of 4.262 billion CNY and a net profit of 780 million CNY, reflecting year-on-year growth of 36.6% and 63% respectively [2] - The company is actively expanding its production capacity to reinforce its leading position in the market. The metal cutting machine tool sector is influenced by capital expenditures in the automotive and general manufacturing industries. The production growth rate for metal cutting tools in China from January to August 2025 is 14.6%, indicating a recovery in the market [3] Group 2 - The company's profitability has significantly increased, maintaining a dividend payout ratio above 40% since FY2023, reflecting its strong operational quality [4] - The company is strategically investing in AI liquid cooling connectors and humanoid robot components, which are expected to drive its second growth phase. Potential catalysts include advancements in liquid cooling infrastructure and humanoid robot grinding machines [5]

Group 1 - The company has stable production capacity for cooling products at its Meizhou plant [2] - To meet business development needs, the company is actively advancing the layout and construction of new production capacity for cooling products in its Suzhou park and in collaboration with a Thai company [2]

Group 1 - The company has successfully established a presence in the charging pile sector, with related products already in mass production [2] - The liquid cooling plates produced by the company are primarily used in energy storage, power batteries, and vehicle controllers [2] - Currently, the company has not made any investments or partnerships in the fields of computing power and hydrogen energy [2]

Investment Rating - The report maintains an "Accumulate" rating for the company [6] Core Views - The company has shown significant recovery in profit growth in Q2, with a revenue of 1.64 billion yuan, representing a year-on-year increase of 69.67%, and a net profit of 168 million yuan, up 37.98% year-on-year [2] - The company is positioned well in the AI era, with strong growth potential in liquid cooling solutions, driven by increasing demand for data centers and high-power cooling needs [4] - The company has established strong domestic partnerships with major clients like Tencent and Alibaba, and is gradually making inroads into overseas markets, including a recent collaboration with Intel [5] Financial Performance - In the first half of 2025, the company achieved a revenue of 2.573 billion yuan, a 50.25% increase year-on-year, and a net profit of 216 million yuan, up 17.54% year-on-year [1] - The company's gross margin for the first half of 2025 was 26.15%, a decrease of 4.84 percentage points year-on-year, attributed to intense domestic competition and changes in product structure [3] - The company expects improvements in profitability as overseas and liquid cooling products continue to gain traction [3] Business Segmentation - Revenue from data center cooling products reached 1.351 billion yuan, up 57.91% year-on-year, driven by robust demand in data center construction [2] - Revenue from cabinet cooling products was 926 million yuan, a 32.02% increase, largely benefiting from the growth in energy storage applications [2] - The company reported a decline in revenue from bus air conditioning and rail transit air conditioning services, with revenues of 19.36 million yuan and 23.90 million yuan, down 29.81% and 50.09% year-on-year, respectively [2] Future Outlook - The company is expected to benefit from the AI wave and the increasing penetration of liquid cooling solutions, with adjusted net profit forecasts of 610 million yuan and 1.04 billion yuan for 2025 and 2026, respectively [6] - The company has a comprehensive liquid cooling solution that has gained customer trust, with cumulative deliveries reaching 1.2 GW by March 2025 [4]