Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Insights - The company achieved a cumulative operating revenue of 3.826 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 16.80%. The net profit attributable to shareholders reached 348 million yuan, up 72.56% year-on-year, with a non-recurring net profit of 341 million yuan, increasing by 106.81% [1]. - In Q3 2025, the operating revenue was 1.384 billion yuan, a year-on-year growth of 14%, while the net profit attributable to shareholders surged by 164.38% to 115 million yuan, and the non-recurring net profit rose by 196.21% to 123 million yuan [1]. - The gross margin for Q3 2025 improved to 25.8%, an increase of 2.3 percentage points year-on-year, and the net profit margin rose by 4.7 percentage points to 8.51% [2]. Summary by Sections Financial Performance - The company reported a significant improvement in gross and net profit margins, alongside enhanced cost control and increased R&D investment. The expense ratio decreased by 2.7 percentage points year-on-year, with sales, management, R&D, and financial expense ratios showing varied changes [2]. - The forecast for revenue from 2025 to 2027 is projected at 5.35 billion, 6.29 billion, and 7.11 billion yuan, respectively, with net profits expected to be 510 million, 640 million, and 750 million yuan [5][6]. Market Opportunities - The foldable smartphone market is anticipated to experience rapid growth in 2026, driven by key products like Huawei's Mate and Pura X series. The company’s flagship product, the drilling machine, has achieved comprehensive coverage of core users in the 3C sector, with a market share leading the industry [3]. - The company is actively expanding its product applications in AI hardware and humanoid robots, collaborating with clients in these fields for precision processing of components [4]. Strategic Outlook - The company is positioned to benefit from the recovery in the 3C sector and the domestic production of high-end machine tools. The current stock price corresponds to a PE ratio of 33, 26, and 22 for the years 2025, 2026, and 2027, respectively [5][6].

来源：科普启示录小强哥 我国的数控机床正在向着高端化快速迈进，很多人突然意识到一个问题，此前，如果不是因为瑞士跟随 着美国对我国实施机床断供政策，国内的机床还不会发展的更迅猛。 换句话说，瑞士此前的态度倒逼了我国的机床产业一把。不过，从整体上来看，我国近年来的机床产业 一直在发展，国产化率原本就在不断提高。 那么瑞士的机床在世界上处于一个什么样的地位？我国的机床发展又达到了何种程度呢？ 精密机械加工确实牛 从客观的角度来看，瑞士的精密机械加工产业确实厉害。一个最典型的例子就是瑞士的手表多年以来在 世界上很知名，别看手表那么小，但是背后代表的恰恰是精密机械产业的发展程度。 精密机械加工的背后，实际上正是瑞士机床产业的雄厚实力。长期以来，人们都以为德国和日本的机床 才很厉害，实际上瑞士的机床也毫不逊色，多年来的出口规模一直能排进世界前5位。 机床出口产生的收益在过去20多年来一直稳居世界第一。看到这里，你似乎就能够明白瑞士为什么能够 成为发达国家了吧。机床产业贡献了一定的比例。 有人曾经算过这样一笔账，如果把机床当成废铁来卖的话，瑞士机床一公斤的价格是日本机床的2.8 倍，是美国机床的3.2倍，更是我国机床的10 ...

Core Insights - Tsugami Machine Tool China (01651) saw a stock increase of over 7%, reaching 28.58 HKD with a trading volume of 79.25 million HKD [1] Financial Performance - For the fiscal year 2025 (April 2024 - March 2025), the company reported a net profit of 782 million RMB, a year-on-year increase of 63% [1] - Revenue for the same period was 4.262 billion RMB, reflecting a year-on-year growth of 36.6% [1] Future Outlook - The company aims to challenge a sales revenue target of 5 billion RMB in the new fiscal year, potentially surpassing the record set in fiscal year 2022 [1] - The expansion into new markets such as AI liquid cooling connectors and automotive electric braking systems is expected to drive revenue growth [1] Industry Trends - Tsugami Machine Tool China is enhancing its production line and optimizing existing machine designs while actively entering emerging sectors like humanoid robots, medical applications, and AIDC liquid cooling [1] - The company's products are utilized in planetary ball screw processing and robotic dexterous hands, primarily involving automatic lathes, turret lathes, thread rolling machines, and thread grinding machines [1] - According to Northeast Securities, the upgrade of downstream industries and equipment renewal policies are accelerating the localization of high-end machine tools [1] - The mass production of humanoid robots is expected to increase demand for core components, with the machine tool equipment market potentially reaching a growth space of 100 billion RMB [1]

Core Viewpoint - Tsugami Machine Tool China (01651) has seen a stock price increase of over 7%, with a current price of 28.58 HKD and a trading volume of 79.2553 million HKD, following the release of its fiscal year 2025 report, which shows significant growth in profit and revenue [1] Financial Performance - For the fiscal year 2025 (April 2024 - March 2025), the company reported a net profit of 782 million RMB, representing a year-on-year increase of 63% [1] - The revenue for the same period reached 4.262 billion RMB, marking a year-on-year growth of 36.6% [1] Future Outlook - The company aims to challenge a sales revenue target of 5 billion RMB in the new fiscal year, potentially surpassing the record set in fiscal year 2022 [1] - The expansion into new markets such as AI liquid cooling joints and automotive electric braking systems is expected to drive revenue growth [1] Product and Market Development - Tsugami Machine Tool China is actively enhancing its product line and optimizing existing machine designs while venturing into emerging sectors like humanoid robots, medical applications, and AIDC liquid cooling [1] - The company's products are utilized in planetary ball screw processing and robotic dexterous hand manufacturing, with key equipment including automatic lathes, turret lathes, thread rolling machines, and thread grinding machines [1] Industry Trends - According to Northeast Securities, the upgrade of downstream industries and equipment renewal policies are accelerating the localization of high-end machine tools [1] - The mass production of humanoid robots is expected to increase the demand for core components, with the incremental space for machine tool equipment projected to reach 10 billion RMB [1]

Core Viewpoint - Tsugami Machine Tool China (01651) has seen a significant stock increase of over 7%, with a current price of 28.58 HKD and a trading volume of 79.25 million HKD, following the release of its fiscal year 2025 report indicating strong financial performance and growth prospects [1]. Financial Performance - The company reported a net profit of 782 million RMB for the fiscal year 2025, representing a year-on-year increase of 63% [1]. - Revenue reached 4.262 billion RMB, marking a 36.6% year-on-year growth [1]. Future Outlook - The company aims to challenge a sales revenue target of 5 billion RMB in the new fiscal year, with expectations to surpass the record set in fiscal year 2022 [1]. - The expansion into new markets such as AI liquid cooling connectors and automotive electric brake systems is anticipated to drive revenue growth [1]. Product and Market Development - Tsugami Machine Tool China is actively enhancing its production line and optimizing existing machine designs while venturing into emerging sectors like humanoid robots, medical applications, and AIDC liquid cooling [1]. - The company's products are utilized in planetary ball screw processing and robotic dexterous hand manufacturing, primarily involving automatic lathes, turret lathes, thread rolling machines, and thread grinding machines [1]. Industry Trends - According to Northeast Securities, the upgrade of downstream industries combined with equipment renewal policies is accelerating the localization of high-end machine tools [1]. - The mass production of humanoid robots is expected to increase the demand for core components, with the potential for machine tool equipment market growth reaching hundreds of billions [1].