证券日报网12月11日讯天龙股份在12月10日回答调研者提问时表示，公司为客户开发的定制化的IGBT 功能承载模块（不含芯片），是应用于新能源汽车PCU动力控制单元核心部件之一，间接供货给本田新 一代混动类新能源汽车，目前已在批量生产，同时供应本田国内市场与海外市场。今年第三季度，公司 还获得了国际头部客户下一代IGBT功能承载模块海外平台件，除了现有客户，11月份还获得了国际头 部客户英飞凌首个IGBT相关项目定点。 （文章来源：证券日报） ...

Core Viewpoint - Tianlong Co., Ltd. is focusing on precision plastic manufacturing, particularly in the automotive electronics and lightweight structural components sectors, and has been given a "Buy" rating in a recent research report [1][4]. Investment Highlights - The company specializes in precision plastic manufacturing with capabilities in precision molds, injection molding, stamping, and assembly, primarily serving the automotive and electrical appliance sectors [2]. - In the automotive parts sector, the focus is on precision electronic components and lightweight structural parts, with plans to develop large functional plastic components and integrated electronic products for new energy vehicles [2]. - The company has completed construction of its production base in Thailand, with most equipment expected to be operational by the end of July, and aims to secure more overseas orders [2]. Strategic Collaborations - The company has invested in Wuhan Feien Microelectronics, which specializes in MEMS sensor development and manufacturing, and is expanding into humanoid robotics, aligning with the trend of lightweight materials in robotics [3]. - The company’s core advantages in precision molds and automated assembly, combined with established customer resources in the automotive and electrical sectors, position it well to enter the robotics market [3]. Profit Forecast - Revenue projections for the company are estimated at 1.587 billion, 1.920 billion, and 2.158 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.69, 0.82, and 0.97 yuan [4]. - The current stock price corresponds to PE ratios of 32.6, 27.2, and 23.0 for the years 2025, 2026, and 2027, indicating a favorable investment outlook [4].

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].