北交所信息更新 汽车消费政策出台推动改装件行业发展，2025Q1-3 营收 1.60 亿元 ——北交所信息更新 2025 年 11 月 03 日 投资评级：买入（维持） | 日期 | 2025/11/3 | | --- | --- | | 当前股价(元) | 18.32 | | 一年最高最低(元) | 27.74/10.12 | | 总市值(亿元) | 19.17 | | 流通市值(亿元) | 14.86 | | 总股本(亿股) | 1.05 | | 流通股本(亿股) | 0.81 | | 近 3 个月换手率(%) | 203.79 | 北交所研究团队 诸海滨（分析师） | zhuhaibin@kysec.cn | | --- | | 证书编号：S0790522080007 | 2025Q1-3 营收 1.60 亿元归母净利润为 3500 万元，维持"买入"评级 天铭科技公布三季报，2025Q1-3 实现营业收入 1.60 亿元，同比下降 12.20%；归 母净利润为 3500 万元，同比下滑 27.08%，扣非净利润降幅达 28.87%。考虑到 天铭科技毛利率整体承压及中美贸易摩擦，我们下调盈利预测，预计 ...

Core Viewpoint - Xiaomi has made significant strides in the automotive industry since its entry, showcasing impressive performance with its car models and innovative customization services [2][5]. Group 1: Xiaomi's Automotive Performance - Xiaomi's founder Lei Jun described the company's automotive journey as "vibrant," highlighting the successful launch of models like SU7 and YU7, which have set industry records in order numbers [2]. - The introduction of the YU7 customization service aims to democratize high-end bespoke services previously reserved for luxury brands, making them accessible to a broader audience [2][7]. Group 2: Customization Services - The customization service offers 26 personalized configurations, including new paint colors and interior options, with a focus on unique craftsmanship [3][4]. - Xiaomi has launched five new custom paint colors and plans to design 100 paint options over the next three years in collaboration with BASF and PPG [3]. - The service includes high-end features such as dual-layer lacquer and hand polishing, comparable to luxury brands like Rolls-Royce and Bentley [4]. Group 3: Market Positioning and Strategy - Xiaomi's customization service targets consumers in the 300,000 to 500,000 yuan price range, aiming to provide luxury experiences to a wider demographic [7]. - The service is currently in a trial phase, with a limited monthly order capacity of 40 vehicles, and is available only for high-end models YU7 Max and SU7 Ultra [5][7]. - The pricing strategy includes a minimum customization spend of 100,000 yuan and an 80,000 yuan deposit, reflecting the service's premium nature [5]. Group 4: Industry Context and Trends - The automotive customization market is evolving, with many manufacturers introducing various modification kits to meet growing consumer demand for personalization [9]. - The rise of consumer interest in vehicle customization is linked to a broader shift in automotive culture, where ownership is increasingly about individual expression [11]. - Regulatory support for the automotive modification industry is increasing, with government initiatives aimed at fostering a conducive environment for customization and related services [12]. Group 5: Challenges and Future Outlook - Despite the potential for growth, the aftermarket modification sector faces challenges such as regulatory oversight and varying technical capabilities among service providers [13]. - Establishing a comprehensive regulatory framework for automotive modifications is essential for the industry's sustainable development [13].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company's revenue and profit improved quarter-on-quarter in Q2 2025, with new products like robotic drive joints expected to create a second growth curve [5][8] - The domestic modified vehicle market is projected to reach a total scale of 160 billion RMB in 2025, with a nearly 100% annual growth rate for customized modifications [8] - The company has established strategic partnerships with major domestic automotive manufacturers, enhancing its market presence [8] Financial Performance Summary - In H1 2025, the company achieved revenue of 101 million RMB and a net profit attributable to shareholders of 22.33 million RMB, with a year-on-year increase in operating cash flow of 64.36% [8] - Q2 2025 revenue was 59 million RMB, reflecting a quarter-on-quarter increase of 41%, while net profit rose by 38.48% [8] - Revenue forecasts for 2025-2027 are 314 million RMB, 391 million RMB, and corresponding net profits of 80 million RMB and 101 million RMB, indicating strong growth potential [7][8] Product and Market Development - The company is launching high-pressure winch products suitable for new energy vehicles in the domestic market and expanding its electric winch and electric pedal products in overseas markets [8] - New products such as robotic drive joints and electric pedal drive joints are expected to significantly contribute to future growth [8] - The company has completed multiple rounds of small-batch trials and tests for its new products, achieving key performance targets [8]

Group 1: Promotion Overview - Nanjing Iveco's 618 Mid-Year Promotion has officially launched, featuring three major models: Juxing, Deyi, and Ousheng, with limited-time special prices starting from 89,900 yuan [1] - The promotion runs from now until June 30, offering various benefits such as cash discounts, financial subsidies, and trade-in gifts, appealing to both family users and logistics professionals [1] Group 2: Juxing Model Features - Juxing is designed as a mobile workspace for entrepreneurs, featuring a flexible seating layout and ample interior space for various equipment [3] - The Juxing EV offers multiple battery options, including a 100 kW·h high-capacity battery, and supports fast charging, enhancing operational efficiency [5] Group 3: Deyi Model Features - Deyi A37 is tailored for logistics, boasting a robust frame and high load capacity, suitable for transporting various goods on rough terrains [7] - The vehicle is powered by a 2.5T National VI B engine, delivering a maximum power of 110 kW and a peak torque of 350 N·m, ensuring reliability for time-sensitive deliveries [7] Group 4: Ousheng Model Features - Ousheng features a non-bearing body structure, providing high strength and lightweight for customization potential, ideal for modification enthusiasts [9] - The vehicle is equipped with a powerful F1 platinum powertrain and offers significant space for professional equipment, making it versatile for various applications [9] Group 5: Ouba Mountain Sea Model Features - Ouba Mountain Sea is designed for off-road enthusiasts, featuring full-time four-wheel drive and a powerful F1C engine, capable of handling diverse terrains [11] - The vehicle includes a large fuel tank capacity, ensuring extended range for adventurous explorations [11] Group 6: Additional Promotion Activities - The promotion includes offline events at Nanjing Iveco official 4S stores, featuring games, test drives, and live-streaming sales with hidden benefits [13] - Customers are encouraged to engage with Nanjing Iveco's official social media for more promotional details and exclusive offers during the 618 event [13]

Core Viewpoint - The automotive modification market is transitioning from a niche to a mainstream market, driven by the popularity of electric vehicles and the personalized demands of Generation Z consumers [2][3][16] Group 1: Market Trends - The Chinese government has introduced policies to support the development of the automotive modification market, emphasizing its potential for economic growth [3][6] - There is a growing demand for personalized and functional automotive products among electric vehicle owners, leading to an increase in official modification offerings from manufacturers [3][4] - Major automotive brands like Buick and SAIC Volkswagen are launching official modification kits to enhance brand differentiation and meet consumer demands [4][5] Group 2: Consumer Sentiment - Consumers have high expectations for official modification products, seeking transparency and quality assurance, which was challenged by the recent Xiaomi incident [9][10][11] - The incident involving Xiaomi's carbon fiber hood has raised concerns about the perceived value versus actual performance of high-priced modification products [12][18] - The market is witnessing a shift towards more rational consumer spending, with customers becoming more informed and critical of exaggerated marketing claims [18] Group 3: Industry Dynamics - Official modifications are seen as a way to enhance product value and profitability for manufacturers, while also addressing the demand for customization [5][6][16] - The automotive modification market in China is still in its early stages, facing challenges such as regulatory restrictions and a lack of standardization [11][13] - There is a complementary relationship between official modifications and professional aftermarket services, with both catering to different consumer segments [7][18] Group 4: Future Outlook - The automotive modification market is expected to grow as consumer demand for personalization increases, with manufacturers and modification shops needing to offer diverse solutions [13][16] - The industry is moving towards a more transparent and regulated environment, which could enhance consumer trust and market stability [16][18]

Core Insights - The 2025 Suzhou GT Show marks a significant event in the automotive modification culture, highlighting the transformation of China's automotive service market driven by policy benefits and consumer upgrades [1] - Dongjian Technology, a leading company in the off-road modification sector, launched the WINBO brand and announced its entry into the C-end market, aiming to create a "WINBO co-win ecosystem" for partners [1][7] Group 1: Company Overview - Dongjian Technology has been deeply involved in the off-road modification field for 30 years, showcasing exceptional product manufacturing capabilities through flexible manufacturing and strict quality assurance systems [3] - The company has invested over 400 million yuan in R&D, established two major R&D centers in North America and China, and formed a team of over 500 elite researchers [3] - Dongjian has accumulated over 600 patents and has invested more than 50 million yuan in experimental equipment, with products exported to over 90 countries and regions, delivering over 1.5 million modification kits annually [3] Group 2: Market Trends - The camping economy in China is projected to reach a market size of 248.32 billion yuan by 2025, with related markets expected to reach 1.44028 trillion yuan, indicating a strong demand for vehicle modification solutions that cater to diverse outdoor activities [5] - The overlap between camping enthusiasts and off-road vehicle users is significant, driving a strong market demand for comprehensive modification solutions [5] Group 3: Product Launch and Features - The WINBO brand was officially launched at the GT Show, featuring two major product lines: complete vehicle modifications and platform products, which received significant attention for their versatility [1][9] - The "pan-off-road platform products" can support various vehicle models, including Haval, Tank, Land Rover, and others, highlighting their high adaptability [9] - The complete vehicle modifications offer flexible options for off-road enthusiasts, enhancing aesthetics, performance, and protection while maintaining original design principles [11] Group 4: Customer Engagement and Support - The WINBO brand introduced a new after-sales service standard, offering a three-year free warranty and a "WINBO CARE" membership program that includes upgrade options and extended warranty rights [13] - Dongjian aims to break business silos through the "WINBO co-win ecosystem," promoting a direct connection between factories and stores to ensure rapid market response [15] Group 5: Vision and Commitment - Dongjian Technology remains committed to technological innovation and aims to be a global leader in the automotive modification sector, continuously providing high-quality products and services to enhance the off-road modification industry [17]