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]

Summary of Conference Call Company Overview - The conference call involved Tianming Technology, which specializes in the design, research, production, and sales of automotive modification components, particularly for off-road vehicles like SUVs and pickups [2][3]. Key Financial Highlights - For the fiscal year 2024, Tianming Technology reported revenue of 250 million, representing a year-on-year growth of 12% [3]. - Net profit attributable to shareholders increased by 7%, while the net profit excluding non-recurring items grew by 15% [3]. - The company has maintained a steady growth trajectory since its listing nearly three years ago [3]. Market Dynamics - The company has shifted its market focus from primarily overseas to a more balanced approach, with overseas sales currently accounting for approximately 70% of total revenue [6]. - North America and Europe represent over 50% of the overseas market share [6]. - The company is expanding its customer base in the domestic market, establishing long-term partnerships with major automotive manufacturers like Great Wall Motors and Dongfeng Motors [2]. Product and Market Strategy - Tianming Technology is actively developing new products and increasing its investment in technology research and development [4]. - The company is the first supplier of electric footboards to domestic OEMs, with a significant market share in this segment [8][19]. - The electric footboard and electric pedal products are positioned as high-end offerings, with a focus on quality and performance [9][10]. Challenges and Risks - The company faces challenges related to increased tariffs, particularly in the North American market, which could impact pricing and customer relationships [5][7]. - The impact of tariffs has led to a period of adjustment for both the company and its customers, with ongoing discussions about how to manage these costs [5][6]. - The gross margin has seen a decline of approximately 8.75% due to pricing pressures in the domestic market [10]. Future Outlook - The company anticipates continued growth in 2025, primarily driven by the introduction of new products and expansion into new markets [27]. - There is a cautious optimism regarding the overall market environment, with expectations of stable demand despite external pressures [21][27]. - The company is also exploring opportunities related to the Belt and Road Initiative, although it acknowledges limited familiarity with this market [26]. Additional Insights - The company has experienced a shift in its customer base, with the largest customer now accounting for over 40% of revenue, indicating a successful transition to new partnerships [17]. - The automotive modification market is described as large but fragmented, with significant potential for growth in the off-road vehicle segment [18][20]. - The company is committed to maintaining a high level of product quality and competitive pricing, which is crucial for sustaining its market position [20]. This summary encapsulates the key points discussed during the conference call, highlighting the company's performance, market strategies, challenges, and future outlook.