布局传感器+轻量化，机器人产业协同可期 公司参股武汉飞恩微电子，后者从事MEMS传感器研发制造，技术积淀深厚，主攻汽车压力传感器，并开 拓人形机器人业务线，成功进入手智创新"远游"轮式人形机器人供应链。人形机器人轻量化趋势明 确，"以塑代钢"需求加速释放。公司凭借精密模具、复杂注塑及自动化装配的核心优势，结合在汽车与电 工电器领域积累的头部客户资源，有望切入机器人市场。 华鑫证券有限责任公司傅鸿浩,张涵,林子健,罗笛箫近期对天龙股份（603266）进行研究并发布了研究报告 《公司动态研究报告：深耕塑料精密制造，汽车电子+轻量化双驱动》，首次覆盖天龙股份给予买入评 级。 天龙股份 投资要点 聚焦汽车电子零部件和轻量化结构件 公司深耕塑料精密制造，拥有"精密模具、注塑、冲压、装配"一站式能力，产品主要覆盖汽车和电工电器 两大领域，其中，汽车零部件领域主要涉及汽车电子精密零部件和汽车轻量化结构件。 未来，公司将继续围绕汽车产业进行布局：1)轻量化方面，重点发展汽车功能门板、车灯、热管理电子冷 却风扇等中大型功能类精密塑料零部件，并向部件小总成方向发展，持续提升单车价值；2)汽车电子方 面，重点开发新能源汽车三电及智 ...

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [2][7]. Core Insights - The company focuses on precision plastic manufacturing, primarily in the automotive and electrical appliance sectors, with a strategic emphasis on automotive electronic components and lightweight structural parts [5][6]. - Future developments will target lightweight components such as functional door panels and electronic cooling fans, as well as integrated electronic products for new energy vehicles [5]. - The company has completed construction of its production base in Thailand and aims to secure more overseas orders [5]. - The company has a stake in Wuhan Fei'en Microelectronics, which specializes in MEMS sensor development, indicating a strategic move into the robotics market [6]. - Revenue forecasts for 2025-2027 are projected at 15.87 billion, 19.20 billion, and 21.58 billion yuan, with corresponding EPS of 0.69, 0.82, and 0.97 yuan [7][10]. Summary by Sections Company Overview - The company specializes in precision plastic manufacturing with capabilities in precision molds, injection molding, stamping, and assembly [5]. Market Position - The company is positioned to benefit from trends in lightweight automotive components and the growing demand for automotive electronics, particularly in the context of new energy vehicles [5][6]. Financial Projections - Revenue is expected to grow from 15.87 billion yuan in 2025 to 21.58 billion yuan in 2027, with a compound annual growth rate of approximately 12.3% [10]. - The projected EPS growth reflects a positive outlook, with estimates of 0.69 yuan in 2025 and 0.97 yuan in 2027 [7][10]. Strategic Initiatives - The company is actively pursuing opportunities in the robotics sector through its partnership with Wuhan Fei'en Microelectronics, focusing on lightweight materials and advanced sensor technologies [6].

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for the stock price in the next six months [6]. Core Views - The company is actively embracing lightweight trends in automotive electronics, focusing on high integration products and the potential release of capacity from its Thailand factory [1]. - The company has successfully entered the T-chain for lightweight components, enhancing the value per vehicle through innovative materials and technologies [2]. - The company is strategically positioning itself in the robotics sector, with a focus on collaboration within the humanoid robotics supply chain [3]. Summary by Sections Automotive Electronics - The company has developed precision molds and complex injection molding technologies, successfully creating customized IGBT functional modules that integrate over 160 metal components into traditional plastics, with fully automated production [1]. - The focus is on developing highly integrated electronic products for new energy vehicles and smart connectivity, with existing products like electronic water pumps already serving both domestic and international markets [1]. - The Thailand production base is expected to commence operations in the first half of 2025, which will enhance the company's overseas production capacity [1]. Lightweight Components - The company is advancing lightweight automotive parts, particularly in functional door panels, utilizing advanced injection molding and organo board technology to significantly reduce component weight [2]. - The automotive functional door panels have been successfully applied in mainstream models from Tesla and BYD, entering the supply chains of major domestic and international manufacturers [2]. - Future developments will focus on larger components such as functional door panels, headlight assemblies, and electronic cooling fans, aiming to increase the value per vehicle [2]. Robotics Sector - The company holds a 5.44% stake in Wuhan Fei En Wei Electronics, which specializes in MEMS sensors and is entering the humanoid robotics supply chain [3]. - The collaboration with Handzhi Innovation aims to produce humanoid robots, with a production target of 1,500 units annually, generating an expected annual output value of 300 million yuan [3]. - The entry into the robotics field is anticipated to enhance the company's resource integration within the industry [3]. Financial Forecast - Revenue projections for 2025, 2026, and 2027 are estimated at 1.543 billion, 1.738 billion, and 1.932 billion yuan respectively, with corresponding net profits of 150 million, 176 million, and 200 million yuan [4]. - The report anticipates a significant increase in net profit in 2025, with a growth rate of 35.78% compared to the previous year [4].