证券研究报告 | 公司更新 | 汽车零部件 乘用车座椅获新定点，积极布局低空经济 ——天成自控更新报告 投资要点 ❑ 乘用车座椅：量价齐升，已斩获国内某头部新能车企定点，座椅产业链完整 （1）24 年实现量价齐升：销量同增 64%，ASP 同增 36%。 （2）25 年获得多个座椅总成定点。公司 25M9 获得国内某头部新能源车企乘用 车座椅总成项目的定点，项目预计于 26M6 开始量产，预计项目周期（3 年）内 配套乘用车总量为 54 万辆，据我们测算，项目预计将总计贡献约 17 亿营收。此 外，25M6，子公司郑州天成成为国内知名车企乘用车座椅总成项目定点供应 商，配套乘用车总量 7.56 万辆。 （3）公司具有完整的座椅产业链，并实现核心零部件自制。根据投资者关系活 动记录中披露，目前公司已实现座椅骨架、座椅核心件（滑轨、调角器、调高 泵）、海绵发泡、总装等全产业链的全面覆盖，已自主成功开发包括滑轨、调角 器、调高泵、电机等核心部件，并实现核心零部件自制。 ❑ 飞机座椅：海外子公司已获 EASE 与 FAA 认证，积极布局低空经济 （1）海外子公司已获 EASA、FAA 双重认证，单通道商务舱座椅获多家 ...

Core Insights - In 2024, Tiancheng Control (603085.SH) reported a significant revenue growth of 56.27%, reaching 2.23 billion yuan, driven primarily by a 122.79% increase in passenger vehicle seat revenue, which became the main growth engine for the company [1][2] - Despite a net loss of 16.48 million yuan due to increased R&D investments and currency fluctuations, the company laid a solid foundation for profit improvement in 2025, with Q1 2025 showing a revenue increase of 46.74% and a net profit of 21 million yuan, marking a turnaround [1][2] - The company is positioned as a hidden champion in the domestic automotive seat sector, leveraging a "vertical integration + horizontal collaboration" development model to build a comprehensive industrial layout across various segments [1][3] Passenger Vehicle Business - In 2024, the passenger vehicle seat segment accounted for 50.42% of total revenue, surpassing the engineering and commercial vehicle segments for the first time, with revenue reaching 1.05 billion yuan [2][3] - The growth in this segment is attributed to successful project launches and effective capacity release, supported by multiple new project approvals that ensure ongoing growth [2][3] - The passenger vehicle seat revenue has increased nearly tenfold from 2018, reflecting the company's ability to capitalize on opportunities in the new energy vehicle market [3] Engineering and Aviation Business - The engineering machinery and commercial vehicle seat segments generated 718 million yuan in revenue, a 5.89% increase, benefiting from industry recovery and improved client acquisition [4] - The aviation seat segment also showed promise, with a 52.89% revenue growth as the aviation industry gradually recovers, supported by new orders from various airlines [4] - The company is focusing on product development tailored to international markets, enhancing its export market share [4] Future Strategy - The company is expanding its production base for passenger vehicle seats in various locations, including Wuhan and Chuzhou, and is investing in local partnerships to better serve regional clients [5] - International expansion is a priority, with plans to establish subsidiaries and production bases in Southeast Asia to support domestic clients' international strategies [5] - The company is entering the emerging low-altitude economy sector, particularly in eVTOL (electric vertical takeoff and landing) aircraft, leveraging its R&D capabilities and certification experience [5] Market Position - Tiancheng Control has established strong partnerships with major automotive manufacturers, enhancing its market presence and reputation [6] - The company aims to continue its growth trajectory by adhering to its mission of providing comfortable and safe seating solutions through technological innovation [6]