在汽车产业从单一交通工具向个性化生活载体深刻转型的浪潮中，一家公司的价值不仅取决于它能捕捉 多少当下的订单，更在于其能否前瞻性地重塑产业生态，定义未来竞争规则。东箭科技（300978），这 家深耕汽车改装与外饰领域多年的隐形冠军，正以其清晰的"一体两翼"战略，从幕后走向台前，演绎一 场从"产品供应商"到"越野生活方式定义者"的升维竞争。其投资逻辑，紧密围绕 "基本盘韧性"与"增长 盘弹性"的双轮驱动，以及"从B到C"的战略破局 而展开。 当前看多东箭科技的核心逻辑，在于其主动的战略转型正打开全新的成长空间。公司已不满足于做"幕 后英雄"，而是通过品牌化、生态化的方式，直接触达终端消费者，构建更高维度的竞争壁垒。 东箭科技核心增长点解析 增长动力一：品牌战略升维，从B端到C端 一、 基本盘：传统业务的深厚"护城河"与逆势韧性 公司的基本盘是其历经二十年构建的全球化改装与主机配套业务，其价值在于稳固的行业地位和穿越周 期的经营韧性。 1. 规模与利润的"双基石"：2024年，公司营业收入达21.9亿元，归属于上市公司股东的净利润为1.50亿 元。在复杂的外部环境下，公司保持了盈利基本盘，并通过精细化管理，实现了经 ...

同日，天铭科技也公告迎来一批机构，包括华源证券、浙江秘银投资管理有限公司、国金自营、长江证 券、众赞金融、中山证券、华鑫证券、新华基金，公司与杭州中致高智能科技合作研发的机器人相关产 品进展及量产时间，成为机构问询的重点。 天铭科技表示，双方合作研发的产品为机器人驱动关节，目前定型样机试制已初步完成，预计2026年完 成批量试制。该产品量产初期将优先应用于公司自有电动踏板产品，替代高成本外购件，满足自有产能 需求。这款机器人驱动关节采用同轴布局设计，具备外形尺寸小、重量轻、背隙小、任意位置自锁等突 出优势，可适配新能源车底盘空间不足的应用场景，未来该技术还可推广至燃油车领域，替代原有电动 踏板驱动机构。 新三板的川机器人则是机构调研的常客，近期百胜智能（301083）到访公司并开展调研。川机器人介 绍，公司研发的机器人主要有协作机器人、人形机器人、轮式复合机器人，针对不同的客户需求及应用 场景可提供定制化服务。对于未来双方可以建立哪些合作方式，川机器人表示，其在谐波减速机、超轻 量一体化关节、协作机器人产品研发、生产方面具备多年的技术积累和整体方案解决能力，百胜智能在 机器人领域拥有市场资源和产品应用落地场景 ...

加入轩辕同学 ， 成就新汽车人! 设计 | 甄 尤 美 编辑 | 王 菁 "短短五年，我们在技术指标上赶上甚至超越国际巨头，可回头看，技术怎么反而越来越廉价了？" 这句直白的疑问，不仅是澳多电子的思考，更是整个汽车供应链在"内卷"中寻找方向的缩影。 12月6日下午，在苏州举办的新汽车技术合作生态交流会WNAT-CES2025车身系统论坛上，中山澳多电子科技有限公司总经理郭炫谟带来以"智能 电动侧门技术合作与发展新生"为主题的演讲，结合行业现状与企业实践，分享了对汽车行业发展与供应链升级的深度思考，为行业同仁提供了极 具价值的参考。 郭炫谟以自己的领域为例，尾门电动撑杆的噪音控制标准从50分贝降至45分贝，再到如今追求"悦耳"，行业标准的快速迭代让企业逐渐陷入迷 茫；叠加市场竞争激烈、车型开发周期大幅压缩，短期生存压力与长期发展规划的平衡，成为企业必须面对的课题。 但他强调，"焦虑中乐观不能丢"，这既是破局的心态基础，也是制定战略的前提："短期1-3年要为生存筑基，更要为3-10年的长期发展铺好路，比 如打造能动态进化的团队、以使命驱动组织，在'卷技术'的浪潮里守住方向。" 在郭炫谟看来，电动侧门的崛起，正是供 ...

近日，权威产业洞察、企业探访活动"「改・创」新势力——新能源汽车改装行业巡礼"正式启幕。本次活动由"新能源车改圈"主 办，《中国汽车报》作为特约媒体支持。活动以"「改・创」新势力——新能源汽车改装行业巡礼"为主题，自即日起持续至2027年3月 为一周期。在此期间，主办方将每月对1-2家新能源汽车改装领域优秀企业进行实地探访，通过"图文+视频"相结合的全维度报道形式， 深度记录并呈现企业在技术研发、产品创新与服务体系等方面的实践成果。活动旨在依托权威媒体的传播力与影响力，对行业中表现突 出的企业进行多角度、立体化的宣传推广，不仅为优秀企业赋能，也致力于树立行业标杆，引导新能源汽车后装市场朝着健康、规范、 有序的方向持续发展。此次巡礼不仅是一次行业内的深度交流，更希望通过标杆企业的示范效应，推动整个产业链的协同进步与创新升 级。 政策+市场双轮驱动 巡礼发起恰逢其时 2025年5月，中国汽车工业协会《汽车改装技术规范指引》正式落地，16项汽车改装项目走向合法化，政策首次为行业划定清晰边界，标 志着中国汽车改装市场从"灰色地带"迈向规范化发展新阶段。而年轻消费群体的崛起更点燃市场热情：超70%新能源车主愿进行轻度改 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 48.6 CNY, based on a comparable company PE average valuation of 54 times for 2025 [3][6]. Core Insights - The company is expected to achieve stable profit growth, with projected net profits for 2025, 2026, and 2027 at 254 million, 322 million, and 402 million CNY respectively, reflecting a year-on-year growth of 55.3%, 26.8%, and 24.9% [3][10]. - The company has made significant progress in its robotics business, establishing a comprehensive layout that includes metal shells, lead screws, and motors, which are expected to create a dual main business model of "automobiles + robotics" [10]. - The acquisition of a 51% stake in Zhongshan Aoduo is anticipated to enhance the company's profitability and create synergies, with expected net profits of 45 million, 55 million, 60 million, and 60 million CNY from 2025 to 2028 [10]. Financial Summary - The company's revenue is projected to grow from 2,020 million CNY in 2023 to 4,032 million CNY in 2027, with year-on-year growth rates of 30.7%, 16.4%, 22.8%, 17.8%, and 18.5% [5][11]. - Operating profit is expected to increase from 157 million CNY in 2023 to 470 million CNY in 2027, with significant growth rates of 3.7%, 28.3%, 46.6%, 27.1%, and 25.1% [5][11]. - The gross margin is projected to improve from 21.8% in 2023 to 25.2% in 2027, while the net margin is expected to rise from 7.2% to 10.0% over the same period [5][11].

Investment Rating - The report assigns a "Buy" rating for the company, Rongtai Co., Ltd. (605133) [4][8]. Core Insights - The company is a leader in automotive aluminum alloy die-casting and is expanding into the robotics sector, focusing on lightweight components for new energy vehicles [2][3][16]. - The company has established a joint venture with Runfu Power to develop planetary roller screws and ball screws for humanoid robots and automotive chassis [2][60]. - The aluminum usage in new energy vehicles is projected to grow significantly, with a CAGR of over 300% from 2025 to 2030, indicating a strong market opportunity for the company [3][24]. Summary by Sections Company Overview - Rongtai Co., Ltd. has been deeply involved in aluminum alloy die-casting for over 20 years, with a focus on automotive steering systems and new energy components [16][20]. - The company has established partnerships with leading Tier 1 automotive suppliers such as Bosch and ZF [7][20]. Robotics Business - The company is diversifying into robotics by establishing a joint venture with Runfu Power, focusing on the production of screws for robots and automotive applications [2][60]. - The acquisition of a 51% stake in Aoduo Electronics enhances the company's capabilities in electromechanical integration [2][60]. Main Business - The company is expanding its production capacity for aluminum alloy components, with significant investments planned for new energy projects [3][4]. - Revenue is expected to grow from 235.2 billion yuan in 2024 to 419.5 billion yuan by 2027, with a projected CAGR of 22.9% [4][10]. Financial Forecast and Valuation - The company is projected to achieve a net profit of 2.3 billion yuan in 2025, increasing to 4.3 billion yuan by 2027, reflecting a strong growth trajectory [4][10]. - The report anticipates a sales gross margin of 24% and a net margin of 7.8% in 2024 [7][10].

Group 1 - Company achieved revenue of 101 million yuan and net profit of 22.33 million yuan in H1 2025, with a year-on-year increase in operating cash flow by 64.36% [1] - In Q2 2025, revenue reached 59 million yuan, showing a quarter-on-quarter increase of 41%, while net profit increased by 38.48% [1] - Overall revenue and profit faced pressure in H1 2025, but Q2 showed improvement in both revenue and profit [1] Group 2 - The company launched high-pressure winch products for the domestic market and continued to expand electric winch and electric pedal products in the overseas market [2] - In H1 2025, the main off-road product business generated revenue of 87.08 million yuan with a gross margin of 43.68%, while other accessory products generated 13.87 million yuan with a gross margin of 28.58% [2] - The domestic modified vehicle market is expected to reach a scale of 160 billion yuan in 2025, with a nearly 100% annual growth rate for customized modifications [2] Group 3 - The company signed agreements for key technology research and development in robot-driven joints and electric pedal-driven joints, aiming to create a second growth curve [3] - The electric pedal-driven joint has completed vehicle verification and is ready for small batch supply after acceptance [3] - New products such as air compressors are expected to enter trial production by the end of 2025, facilitating large-scale market promotion [3] Group 4 - The company forecasts net profits of 63 million yuan, 80 million yuan, and 101 million yuan for 2025-2027, with corresponding PE ratios of 29.8, 23.4, and 18.6 times [3] - As a rare player in the off-road modification market, the company has strong competitiveness in electric pedals and domestic off-road vehicle pre-installation markets [3] - The company maintains a positive outlook on growth potential in the off-road modification market [3]

Core Insights - The collaboration between Zhongshan Industrial Technology Research Institute and various universities has led to the establishment of a robust innovation ecosystem, resulting in the incubation of 223 technology companies and nearly 100 projects at the municipal level [2][4]. Group 1: Company Developments - Audo Technology, a company focused on automotive intelligent core components and vehicle networking, has grown its annual output value from 200 million yuan to an expected 800 million yuan this year [3]. - Precision Optical Technology Co., Ltd. has developed an intelligent optical fiber early warning system for safety monitoring in engineering projects, gaining market recognition [3]. - Guangdong Jingcui Biotechnology Co., Ltd. produces natural plant surfactants for various cleaning products, with an annual output of approximately 400 tons and over 200 clients [5]. - Guokai Ruino (Zhongshan) Biotechnology Co., Ltd. has developed water-soluble chitosan technology to address chronic wound issues, with an expected annual output value exceeding 80 million yuan [6]. - 聚云软件科技有限公司 has established a bridge collision warning monitoring center, addressing safety concerns in the shipping industry [7]. - Guangdong Zhengde Material Surface Technology Co., Ltd. has developed advanced nano-composite surface coating materials, achieving import substitution and securing 20 million yuan in angel round financing [8][9]. Group 2: Innovation and Support Mechanisms - The establishment of a market-oriented research institute platform has facilitated deep integration of industry, academia, and research, with over 200 scientists engaged in various projects [4]. - Continuous financial support from Zhongshan's technology bureau has been crucial for the growth of innovative enterprises, with policies updated to enhance the incubation system [6]. - The collaboration between scientists and entrepreneurs has proven effective in transforming scientific achievements into marketable products, thereby bridging the gap in technology commercialization [9].

Group 1: Company Developments - Tianming Technology announced its entry into the robotics sector by signing a cooperation development agreement with Hangzhou Zhongzhi High Intelligent Technology Co., Ltd, focusing on key technologies for robotic drive joints and electric pedal drive joints [3] - The total development budget for the collaboration is estimated to be between 15.25 million and 21.65 million yuan [3] - Tianming Technology plans to establish the "Tianming Technology Robotics Research Institute" to recruit and train talent for its robotics research and industrialization efforts [3][4] Group 2: Market Reaction - Following the announcement of its transformation into a robotics concept stock, Tianming Technology's share price surged, opening high and rising over 19% at one point, ultimately closing up 14.98% at 19.19 yuan per share, with a total market capitalization of 2 billion yuan [5] Group 3: Industry Context - The robotics sector remains a hot topic in the capital market, with several companies listed on the Beijing Stock Exchange involved in this industry, including Juneng Co., which focuses on intelligent manufacturing and has been actively engaging with institutional investors regarding its robotics initiatives [2][6] - Juneng Co. reported that nearly 80% of its revenue comes from the automotive sector, with approximately 23% of that from new energy vehicle-related business [7]

Investment Rating - The investment rating for Tianming Technology is "Buy" (maintained) [1][2] Core Views - In 2024, Tianming Technology is expected to achieve a revenue of 253.25 million yuan, representing a year-on-year growth of 12.08%, and a net profit attributable to the parent company of 62.19 million yuan, up 7.39% [2] - The company has slightly adjusted its profit forecasts for 2025-2026 due to a minor delay in fundraising projects, now expecting net profits of 69 million yuan in 2025, 95 million yuan in 2026, and 115 million yuan in 2027 [2][6] - The company is focusing on expanding its domestic front-loading market through collaborations with major automotive manufacturers [4] Financial Performance Summary - In 2024, the main product in the off-road segment generated revenue of 222 million yuan, a 12.17% increase, with a gross margin of 42.90% [3] - The overseas business remains a significant revenue source, achieving 181 million yuan in 2024, a 7.52% increase, with a gross margin of 40.86% [3] - The company’s total revenue is projected to grow from 226 million yuan in 2023 to 507 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 25% [6][10] Project Development - The fundraising project is expected to enter trial production in Q4 2025, with the construction of the main facilities nearing completion [4] - The company is currently collaborating with about six major automotive manufacturers, including Great Wall Motors and Jiangling Motors, to enhance product demand [4] Valuation Metrics - The current price-to-earnings (P/E) ratios are projected to be 27.8 for 2025, 20.1 for 2026, and 16.7 for 2027, indicating a favorable valuation trend [2][6] - The earnings per share (EPS) is expected to increase from 0.55 yuan in 2023 to 1.10 yuan in 2027 [6][10]