根据预案，本次募集资金净额将全部用于主营业务相关项目及补充流动资金，具体分配如下： 本次发行顺应行业发展趋势，具有明确的实施背景与必要性。一方面，全球新能源汽车销量持续增长，2024年全 球销量达1,824万辆，预计2030年将增至4,405万辆，带动汽车制造装备需求攀升，2024-2031年全球汽车制造装备 市场规模年复合增长率预计达11.1%。另一方面，具身智能产业化加速，汽车制造成为其规模化应用的"理想试验 田"，2025年全球具身智能机器人落地场景中汽车场景占比达41%，市场规模增长潜力显著。 ·汽车装备智能制造基地建设项目：拟使用募集资金42,582.46万元，项目总投资49,662.60万元。项目建成后，公司 将具备涂装工艺设备规模化制造能力，同时扩大现有汽车智能装备制造规模，强化对涂装设备交付周期与质量的 管控，满足下游客户对柔性化、高效化生产设备的需求。 天奇股份表示，本次募投项目紧密围绕公司核心主业，通过扩大汽车智能装备生产规模、布局具身智能技术研 发，可进一步完善业务布局，强化核心竞争力，同时优化资本结构，为公司长期可持续发展奠定基础。公司深耕 汽车智能装备领域三十余年，与理想、比亚迪、特 ...

Group 1 - The core business collaboration between Tianqi Co., Ltd. and Tesla focuses on automotive manufacturing equipment products and services [1] - The company has successfully delivered projects for Tesla's Shanghai and Berlin factories [1] - There is potential for expanding future cooperation based on the strong foundation of their current partnership [1]

Group 1 - The core viewpoint of the article is that Tianqi Co., Ltd. is currently collaborating with Tesla on automotive manufacturing equipment and services, having successfully delivered projects for Tesla's Shanghai and Berlin factories [1] - The company indicates that there is potential for expanding cooperation with Tesla in the future based on their strong partnership [1]

Core Viewpoint - In Q3 2025, the company achieved a revenue growth of 56% year-on-year, driven by increased customer sales and new business production [2][3]. Revenue and Profitability - The company reported a revenue of 942 million yuan in Q3 2025, representing a year-on-year increase of 55.7%, and a net profit attributable to shareholders of 128 million yuan, up 41% year-on-year [3][8]. - The company's revenue growth outpaced the industry average by 44.7 percentage points, attributed to rapid growth in downstream customer sales and the ramp-up of new business [3][9]. - The gross profit margin for Q3 2025 was 25.99%, an increase of 1.45 percentage points year-on-year, while the net profit margin was 13.59%, a decrease of 1.45 percentage points year-on-year [12]. Business Expansion and Investment - The company is adjusting its convertible bond fundraising projects to accelerate the investment in mold and robotics-related projects, including the "Intelligent Robot System Integration and Intelligent Manufacturing System Overall Solution Project" [4][19]. - The company is focusing on the growing demand for mobile collaborative robots and automated guided vehicles (AGV/AMR) due to the increasing complexity of internal manufacturing processes [19]. Market Development - The company is actively supporting domestic leading brands in deepening overseas localization development, which is expected to benefit from the acceleration of domestic brands "going global" [5][23]. - The lightweight components business saw a revenue of 730 million yuan in 2024, a year-on-year increase of 154%, with ongoing growth expected as new energy vehicle models begin mass production [6][26]. Competitive Landscape - The company is positioned as a one-stop supplier capable of providing a complete range of high-end automotive body manufacturing equipment, intelligent manufacturing technology, and lightweight component supply [21][23]. - The competitive landscape is intensifying, with risks associated with rising raw material prices and increased competition in the industry [7].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of 38.17 yuan on October 24, 2025, corresponding to PE ratios of 17, 14, and 12 for the years 2025, 2026, and 2027 respectively [4][6]. Core Insights - The company reported strong performance in Q3 2025, with revenue of 942 million yuan, a year-on-year increase of 55.72%, and a net profit of 128 million yuan, up 40.90% year-on-year [1][2]. - The robust growth in revenue is attributed to strong demand in the equipment business, particularly driven by major client Chery's sales, which reached 747,644 units, a 14.64% increase year-on-year [2]. - The establishment of a wholly-owned subsidiary for robotics indicates an accelerated layout in the robotics sector, responding to local government policies promoting humanoid robots [3]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 2.604 billion yuan, a 50.90% increase year-on-year, and a net profit of 355 million yuan, up 40.53% [1]. - Q3 2025 gross margin was 25.99%, with a net margin of 15.61%, reflecting slight changes due to product mix [2]. Business Development - The company has a strong order backlog in its equipment business, with 4.38 billion yuan in orders as of H1 2025, a 13.59% increase from the previous year [3]. - The lightweight component business has entered mass production, with several models now in production, which is expected to further enhance performance [3]. Future Projections - Revenue projections for 2025, 2026, and 2027 are 3.545 billion yuan, 4.255 billion yuan, and 5.120 billion yuan respectively, with corresponding net profits of 481 million yuan, 581 million yuan, and 679 million yuan [5][9]. - The expected EPS for the same years is 2.30 yuan, 2.77 yuan, and 3.25 yuan, indicating a positive growth trajectory [5][9].

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant year-on-year growth in revenue and net profit, indicating robust operational capabilities and market demand [1][3]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 1.662 billion yuan, a year-on-year increase of 48.30%, and a net profit attributable to shareholders of 227 million yuan, up 40.33% year-on-year [1]. - For Q2 2025, revenue reached 915 million yuan, reflecting a year-on-year growth of 48.74% and a quarter-on-quarter increase of 22.51% [1]. - The gross profit margin for Q2 2025 was 26.35%, with a net profit margin of 16.28%, both showing improvements compared to the previous year [1]. Group 2: Business Development - The company established a wholly-owned subsidiary, Wuhu Ruixiang Intelligent Robot Co., Ltd., to accelerate its robotics business in response to the Anhui Province's action plan for humanoid robot industry development [2]. - The automotive manufacturing equipment business continues to see growth, with a backlog of orders amounting to 4.38 billion yuan, a 13.59% increase from the end of the previous year [3]. - The lightweight component business has entered mass production, with significant increases in supply volume, indicating a positive outlook for future performance [3]. Group 3: Investment Outlook - The company is expected to see revenue growth from 3.46 billion yuan in 2025 to 5.56 billion yuan in 2027, with net profit projected to rise from 450 million yuan to 725 million yuan over the same period [4]. - The earnings per share (EPS) are forecasted to increase from 2.17 yuan in 2025 to 3.46 yuan in 2027, suggesting a strong growth trajectory [4]. - The company maintains a "recommended" rating based on its solid order backlog and anticipated performance improvements from its lightweight business [3][4].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of 40.89 CNY on July 21, 2025, corresponding to PE ratios of 19, 15, and 12 for the years 2025, 2026, and 2027 respectively [4][7]. Core Insights - The company reported a strong performance in H1 2025, with revenue of 1.662 billion CNY, a year-on-year increase of 48.30%, and a net profit attributable to shareholders of 227 million CNY, up 40.33% year-on-year [1]. - The company's robot business is progressing steadily, with the establishment of a wholly-owned subsidiary to accelerate its robotics layout in response to the provincial industrial development plan [3]. - The equipment business has a robust order backlog, with total orders amounting to 4.38 billion CNY, a 13.59% increase from the end of the previous year [4]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 915 million CNY, a year-on-year increase of 48.74% and a quarter-on-quarter increase of 22.51%. The net profit for the same period was 130 million CNY, reflecting a year-on-year growth of 50.78% [2]. - The gross margin for Q2 2025 was 26.35%, with a net profit margin of 16.28%, both showing improvements due to changes in product structure [2]. Business Development - The company has initiated the establishment of a wholly-owned subsidiary focused on robotics, which includes manufacturing, research, and sales, aligning with the provincial action plan for humanoid robot industry development [3]. - The lightweight component business has entered mass production, with significant increases in supply volume expected, contributing to further revenue growth [4]. Revenue and Profit Forecast - The company forecasts revenues of 3.46 billion CNY, 4.46 billion CNY, and 5.56 billion CNY for the years 2025, 2026, and 2027 respectively, with net profits projected at 450 million CNY, 580 million CNY, and 730 million CNY for the same years [6][8].