北交所信息更新 汽车消费政策出台推动改装件行业发展，2025Q1-3 营收 1.60 亿元 ——北交所信息更新 2025 年 11 月 03 日 投资评级：买入（维持） | 日期 | 2025/11/3 | | --- | --- | | 当前股价(元) | 18.32 | | 一年最高最低(元) | 27.74/10.12 | | 总市值(亿元) | 19.17 | | 流通市值(亿元) | 14.86 | | 总股本(亿股) | 1.05 | | 流通股本(亿股) | 0.81 | | 近 3 个月换手率(%) | 203.79 | 北交所研究团队 诸海滨（分析师） | zhuhaibin@kysec.cn | | --- | | 证书编号：S0790522080007 | 2025Q1-3 营收 1.60 亿元归母净利润为 3500 万元，维持"买入"评级 天铭科技公布三季报，2025Q1-3 实现营业收入 1.60 亿元，同比下降 12.20%；归 母净利润为 3500 万元，同比下滑 27.08%，扣非净利润降幅达 28.87%。考虑到 天铭科技毛利率整体承压及中美贸易摩擦，我们下调盈利预测，预计 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company's revenue and profit improved quarter-on-quarter in Q2 2025, with new products like robotic drive joints expected to create a second growth curve [5][8] - The domestic modified vehicle market is projected to reach a total scale of 160 billion RMB in 2025, with a nearly 100% annual growth rate for customized modifications [8] - The company has established strategic partnerships with major domestic automotive manufacturers, enhancing its market presence [8] Financial Performance Summary - In H1 2025, the company achieved revenue of 101 million RMB and a net profit attributable to shareholders of 22.33 million RMB, with a year-on-year increase in operating cash flow of 64.36% [8] - Q2 2025 revenue was 59 million RMB, reflecting a quarter-on-quarter increase of 41%, while net profit rose by 38.48% [8] - Revenue forecasts for 2025-2027 are 314 million RMB, 391 million RMB, and corresponding net profits of 80 million RMB and 101 million RMB, indicating strong growth potential [7][8] Product and Market Development - The company is launching high-pressure winch products suitable for new energy vehicles in the domestic market and expanding its electric winch and electric pedal products in overseas markets [8] - New products such as robotic drive joints and electric pedal drive joints are expected to significantly contribute to future growth [8] - The company has completed multiple rounds of small-batch trials and tests for its new products, achieving key performance targets [8]