责任编辑：小浪快报 天铁科技所属申万行业为：基础化工-橡胶-其他橡胶制品。所属概念板块包括：高铁、高送转、轨道交 通、专精特新、铁路基建等。 截至9月30日，天铁科技股东户数2.24万，较上期减少11.26%；人均流通股46993股，较上期增加 15.98%。2025年1月-9月，天铁科技实现营业收入12.32亿元，同比减少30.69%；归母净利润-5799.58万 元，同比减少340.02%。 分红方面，天铁科技A股上市后累计派现2.34亿元。近三年，累计派现6729.59万元。 机构持仓方面，截止2025年9月30日，天铁科技十大流通股东中，香港中央结算有限公司位居第六大流 通股东，持股1194.93万股，为新进股东。 11月5日，天铁科技盘中下跌2.04%，截至10:47，报7.20元/股，成交4933.24万元，换手率0.64%，总市 值93.48亿元。 资金流向方面，主力资金净流出258.43万元，特大单买入333.20万元，占比6.75%，卖出364.81万元，占 比7.39%；大单买入902.85万元，占比18.30%，卖出1129.67万元，占比22.90%。 天铁科技今年以来股价涨65.02 ...

Core Viewpoint - Tian Tie Technology is aggressively investing in the solid-state battery sector despite facing significant financial challenges, including high debt levels and operational losses, raising concerns about the sustainability of its business strategy [1][2][3]. Financial Performance - Tian Tie Technology's revenue for the first half of 2025 was 667 million, a year-on-year decline of 34.31%, with a net loss of 68 million, indicating a continued worsening of financial performance [4]. - As of June 2025, the company had only 247 million in cash on hand, while its interest-bearing debt exceeded 2 billion, with approximately half being short-term borrowings [5]. Debt and Financing Issues - The company's debt ratio reached a historical high of 59% by June 2025, following a period of increased borrowing and capital expenditures [6]. - Tian Tie Technology has faced challenges in financing, including a failed capital increase in 2023 when a major shareholder, Wang Meiyu, opted out despite regulatory approval [13]. Investment and Expansion Plans - The company has committed nearly 1 billion to expand its solid-state battery operations, which is expected to further strain its financial resources [8]. - Tian Tie Technology is investing 1.2 billion in a project in Anhui to produce lithium battery chemicals, with production expected to begin in late 2024 [9]. - Additionally, the company plans to invest in a project for modified graphite anode materials, projected to be completed by mid-2026 [10]. Shareholder Actions - Wang Meiyu has been reducing his stake in the company, having sold shares worth approximately 327 million through various transactions [14]. - He has also pledged 49.5 million shares, representing 50.47% of his holdings, raising questions about his confidence in the company's future [14].

Group 1 - Tian Tie Technology's stock price dropped by 5.07% to 8.43 CNY per share, with a trading volume of 182 million CNY and a turnover rate of 1.99%, resulting in a total market capitalization of 10.944 billion CNY [1] - The company, Zhejiang Tian Tie Technology Co., Ltd., was established on December 26, 2003, and went public on January 5, 2017. Its main business involves the research, production, and sales of rubber products for rail engineering [1] - The revenue composition of Tian Tie Technology includes: other products 36.90%, rubber products for rail engineering 27.35%, lithium series products 25.99%, and others (supplementary) 9.76% [1] Group 2 - According to data, the Fu Guo Fund has a significant holding in Tian Tie Technology, with the Fu Guo Zhong Zheng 2000 ETF (563200) holding 10,500 shares, accounting for 0.35% of the fund's net value, making it the largest holding [2] - The Fu Guo Zhong Zheng 2000 ETF was established on September 28, 2023, with a latest scale of 21.4593 million CNY. Year-to-date returns are 39.95%, ranking 1098 out of 4220 in its category; the one-year return is 86.93%, ranking 825 out of 3814; and since inception, the return is 45.81% [2] - The fund manager of Fu Guo Zhong Zheng 2000 ETF is Niu Zhidong, who has a tenure of 10 years and 137 days, managing total assets of 20.131 billion CNY, with the best fund return during his tenure being 122.63% and the worst being -88.81% [2]

Group 1 - Tian Tie Technology experienced a decline of 5.07% on September 18, with a stock price of 8.80 yuan per share, a trading volume of 444 million yuan, a turnover rate of 4.70%, and a total market capitalization of 11.425 billion yuan [1] - Zhejiang Tian Tie Technology Co., Ltd. was established on December 26, 2003, and went public on January 5, 2017. The company specializes in the research, production, and sales of rubber products for rail engineering [1] - The revenue composition of Tian Tie Technology includes: other products 36.90%, rubber products for rail engineering 27.35%, lithium series products 25.99%, and others (supplementary) 9.76% [1] Group 2 - Yuanxin Yongfeng Fund holds a significant position in Tian Tie Technology, with 328,000 shares representing 4.07% of the fund's net value, making it the sixth-largest holding [2] - The Yuanxin Yongfeng High-end Manufacturing Fund (006969) was established on April 4, 2019, with a latest scale of 58.1484 million. It has achieved a year-to-date return of 42.08% and a one-year return of 76.01% [2] - The fund manager, Party Wei, has a tenure of 3 years and 358 days, with a total asset scale of 395 million yuan. The best fund return during his tenure is 37.28%, while the worst is 3.6% [2]

Core Viewpoint - Tian Tie Technology's stock has experienced significant fluctuations, with a year-to-date increase of 103.99%, despite recent declines in both stock price and net profit [1][2]. Group 1: Stock Performance - On September 16, Tian Tie Technology's stock fell by 2.09%, trading at 8.90 CNY per share, with a total market capitalization of 11.55 billion CNY [1]. - The stock has seen a trading volume of 1.52 billion CNY, with a turnover rate of 1.60% [1]. - Year-to-date, the stock price has increased by 103.99%, with a 1.60% rise over the last five trading days, 7.62% over the last 20 days, and 20.38% over the last 60 days [1]. Group 2: Financial Performance - As of June 30, the number of shareholders for Tian Tie Technology was 25,200, a decrease of 1.72% from the previous period [2]. - The company reported a revenue of 667 million CNY for the first half of 2025, a year-on-year decrease of 34.31% [2]. - The net profit attributable to the parent company was -68.33 million CNY, reflecting a year-on-year decline of 185.77% [2]. Group 3: Business Overview - Tian Tie Technology, established on December 26, 2003, and listed on January 5, 2017, specializes in the research, production, and sales of rubber products for rail engineering [1]. - The revenue composition includes: other products (36.90%), rail engineering rubber products (27.35%), lithium series products (25.99%), and others (9.76%) [1]. - The company is classified under the basic chemical industry, specifically in rubber and other rubber products, and is involved in sectors such as solid-state batteries, lithium batteries, and financing [1].

Group 1 - Tian Tie Technology's stock increased by 5.55%, reaching 8.75 CNY per share, with a trading volume of 333 million CNY and a turnover rate of 3.70%, resulting in a total market capitalization of 11.36 billion CNY [1] - The company, Zhejiang Tian Tie Technology Co., Ltd., was established on December 26, 2003, and went public on January 5, 2017. Its main business involves the research, production, and sales of rubber products for rail engineering [1] - The revenue composition of Tian Tie Technology includes: other products 36.90%, rubber products for rail engineering 27.35%, lithium series products 25.99%, and others (supplementary) 9.76% [1] Group 2 - According to data from the top ten holdings of funds, one fund under the Fortune Fund has a significant position in Tian Tie Technology. The Fortune CSI 2000 ETF (563200) held 10,500 shares in the second quarter, accounting for 0.35% of the fund's net value, making it the largest holding [2] - The Fortune CSI 2000 ETF (563200) was established on September 28, 2023, with a latest scale of 21.4593 million CNY. Year-to-date returns are 31.92%, ranking 710 out of 4222 in its category; the one-year return is 74.51%, ranking 632 out of 3795; and since inception, the return is 37.44% [2] - The fund manager of the Fortune CSI 2000 ETF is Niu Zhidong, who has a tenure of 10 years and 119 days, managing total assets of 20.131 billion CNY. The best fund return during his tenure is 104.59%, while the worst is -50.13% [2]

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by more than 15% in the next six months [4][18]. Core Viewpoints - The company is accelerating its business transformation and continuously expanding its solid-state battery layout, which is expected to benefit from advancements in cutting-edge technologies [1][2]. - The company reported a revenue of 2.136 billion yuan for 2024, representing a year-on-year growth of 41.69%, and a net profit attributable to shareholders of 15.2042 million yuan, up 102.33% year-on-year [1]. - The company is focusing on enhancing its lithium battery industry chain and product structure, with new production capacities expected to strengthen its strategic layout in the lithium battery sector [9][10]. Financial Summary - The company's projected revenue for 2025 is 2.566 billion yuan, with a year-on-year growth rate of 20.2% [1]. - The net profit attributable to shareholders is expected to reach 79 million yuan in 2025, reflecting a significant increase of 416.9% year-on-year [1]. - The company is expected to achieve a return on equity (ROE) of 2.9% in 2025, improving to 6.9% by 2027 [1]. Business Segmentation - In 2024, the company's rail engineering rubber products business is projected to generate revenue of 4.65 billion yuan, a year-on-year increase of 54.69% [2]. - The lithium compound series products are expected to generate revenue of 3.14 billion yuan, although this represents a decline of 34.34% year-on-year [2]. - The company is actively developing various new damping products to meet market demands and has established a solid foundation for its lithium compound business through its subsidiaries [2][3]. Strategic Partnerships - The company has signed a strategic cooperation framework agreement with Shenzhen Xinjie Energy Technology Co., Ltd. to collaborate on solid-state lithium metal anode materials and new material research [3][8]. - This partnership aims to enhance resource integration and strengthen collaboration in the development of new lithium metal anode materials [8]. Future Outlook - The company is expected to benefit from the long-term demand trends in the rail transit industry and its ongoing efforts to strengthen its lithium battery business, leading to improved performance in the coming years [10]. - The projected net profits for 2025 to 2027 are 79 million yuan, 140 million yuan, and 213 million yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 80, 45, and 30 [10].