Company Overview - Tianzhun Technology Co., Ltd. is located in Suzhou, Jiangsu Province, and was established on August 20, 2009. The company went public on July 22, 2019. Its main business involves the research, development, production, and sales of industrial vision equipment [1] - The revenue composition of Tianzhun Technology includes: 40.34% from vision process equipment, 37.87% from vision measurement equipment, 10.93% from intelligent driving solutions, and 10.85% from vision inspection equipment [1] Stock Performance - On September 4, Tianzhun Technology's stock fell by 5.11%, closing at 53.89 CNY per share, with a trading volume of 251 million CNY and a turnover rate of 2.32%. The total market capitalization is 10.462 billion CNY [1] Shareholder Information - Among the top ten circulating shareholders of Tianzhun Technology, one fund from Bosera Fund ranks as a significant holder. The Bosera SSE STAR Market Artificial Intelligence ETF (023520) entered the top ten shareholders in the second quarter, holding 968,200 shares, which accounts for 0.5% of the circulating shares. The estimated floating loss today is approximately 2.8078 million CNY [2] - The Bosera SSE STAR Market Artificial Intelligence ETF (023520) was established on March 11, 2025, with a latest scale of 523.336 million CNY and a cumulative return of 22.24% since inception [2] Fund Management - The fund manager of Bosera SSE STAR Market Artificial Intelligence ETF (023520) is Li Qingyang, who has been in the position for 1 year and 216 days. The total asset scale of the fund is 5.997 billion CNY, with the best fund return during his tenure being 121.2% and the worst being 22.06% [3]

Group 1 - The core viewpoint of the news is that Tianzhun Technology's stock has experienced a decline of 5.11%, with a current price of 53.89 yuan per share and a total market capitalization of 10.462 billion yuan [1] - Tianzhun Technology, established on August 20, 2009, and listed on July 22, 2019, specializes in the research, development, production, and sales of industrial vision equipment [1] - The company's main business revenue composition includes: 40.34% from visual process equipment, 37.87% from visual measurement equipment, 10.93% from intelligent driving solutions, and 10.85% from visual inspection equipment [1] Group 2 - From the perspective of fund holdings, only one fund under Furong Fund has a significant position in Tianzhun Technology, specifically the Furong Fuxin Mixed A fund, which holds 842 shares [2] - The Furong Fuxin Mixed A fund has a net asset value proportion of 3.58% in Tianzhun Technology, ranking as the seventh largest holding in the fund [2] - The fund manager, Jiang Fan, has been in position for 1 year and 76 days, with the fund's total asset scale at 19.4021 million yuan [2]

Core Viewpoint - Tianzhun Technology's stock has experienced fluctuations, with a year-to-date increase of 29.90% but a recent decline of 7.32% over the past five trading days [1] Financial Performance - As of June 30, 2025, Tianzhun Technology reported a revenue of 597 million yuan, representing a year-on-year growth of 10.32% [2] - The company recorded a net profit attributable to shareholders of -14.19 million yuan, which is a 45.92% increase compared to the previous period [2] Stock and Market Activity - Tianzhun Technology's stock price was 55.60 yuan per share, with a market capitalization of 10.794 billion yuan [1] - The stock saw a net outflow of 6.9074 million yuan in principal funds, with significant selling pressure [1] Shareholder Information - The number of shareholders increased by 7.37% to 11,000 as of June 30, 2025, while the average number of circulating shares per person decreased by 6.87% to 17,586 shares [2] - Major shareholders include various funds, with notable increases in holdings from several institutional investors [3]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [7]. Core Views - The company is positioned as a core supplier of global visual equipment, focusing on machine vision technology and artificial intelligence to drive industrial transformation. It has established itself in various sectors including consumer electronics, new energy vehicles, photovoltaics, PCB, and semiconductors. The Chinese machine vision market is projected to reach 39.54 billion yuan by 2025, with a compound annual growth rate (CAGR) of 21.2% from 2025 to 2027 [14][22]. Financial Data and Profit Forecast - Total revenue is forecasted to be 1.609 billion yuan in 2024, with a growth rate of -2.4%. For 2025, revenue is expected to increase to 1.788 billion yuan, reflecting a growth rate of 11.1%. By 2027, revenue is projected to reach 2.499 billion yuan, with a growth rate of 14.1% [2]. - The net profit attributable to the parent company is expected to be 125 million yuan in 2024, with a significant decline of 42.1%. However, it is projected to recover to 153 million yuan in 2025, growing by 22.3%, and further increase to 254 million yuan by 2027, with a growth rate of 23.1% [2]. - Earnings per share (EPS) are forecasted to be 0.65 yuan in 2024, -0.07 yuan in 2025, and expected to rise to 1.31 yuan by 2027 [2]. Business Segments Overview - The company has diversified its business into several segments: 1. **Visual Measurement Equipment**: Expected revenue growth of 10%, 20%, and 15% from 2025 to 2027, driven by stable contributions from consumer electronics and battery sectors [8]. 2. **Visual Inspection Equipment**: Anticipated revenue decline of 10% in 2025, followed by recovery with growth rates of 20% and 15% in subsequent years, as new products are launched [8]. 3. **Visual Process Equipment**: Revenue growth is expected to be robust at 30%, 20%, and 10% from 2025 to 2027, particularly in the PCB sector [8]. 4. **Intelligent Driving Solutions**: This segment is projected to see significant growth, with revenue increases of 50% for both 2025 and 2026, and 20% in 2027, fueled by high demand in autonomous vehicles and logistics [8]. Market Position and Strategic Partnerships - The company has become a partner of NVIDIA's Jetson Thor platform, which is expected to enhance the value of its humanoid robot controllers significantly. The partnership is anticipated to lead to increased orders in humanoid robotics and improvements in product performance [7][54]. - The company has established a strong foothold in the intelligent driving sector, collaborating with major players in the industry and developing a comprehensive product line that includes domain controllers and AI edge computing platforms [31][34]. Valuation Metrics - The current stock price corresponds to a price-to-earnings (PE) ratio of 75, 56, and 45 for the years 2025 to 2027, respectively. This is below the average PE ratios of comparable companies, which are 96, 68, and 51 for the same periods [7].

Core Insights - The humanoid robot industry is transitioning from technology breakthroughs to commercial applications, with significant interest in business collaborations and order volumes [6] - Companies are focusing on developing humanoid robots and their core components, with expectations of substantial growth in related business by 2025 [1][2] Group 1: Company Developments - Tianzhun Technology is currently providing brain controllers for humanoid robots and has received multiple bulk orders from clients this year [7] - Efort is developing humanoid robot prototypes and optimizing their designs, with plans to release new models in 2025 [4] - Boke Co. has achieved a transition from small batch orders to bulk orders in the humanoid robot sector, expecting over 100% year-on-year growth in related business by the first half of 2025 [6] Group 2: Industry Trends - The humanoid robot market is anticipated to see significant commercial activity by 2025, with a focus on specific application scenarios [2] - Companies like Ruishun Technology are building technical reserves in AI and motion control, although they have not yet engaged directly in humanoid robot business [3] - The industry is characterized by a strong manufacturing base and diverse application scenarios in China, which are conducive to the development of humanoid robots [3] Group 3: Technological Innovations - Boke Co. is concentrating on motion control solutions for both bipedal and wheeled humanoid robots, with core products including frameless torque motors and hollow actuators [2] - Tianzhun Technology integrates NVIDIA tools and models to create comprehensive solutions for humanoid robots, enhancing their competitive edge [7] - Companies are exploring various visual perception technologies, such as depth cameras and LiDAR, to enhance humanoid robot capabilities [7]

Core Insights - Suzhou Tianzhun Technology Co., Ltd. has obtained a patent for a device and method related to "full basket detection and pre-selection docking of silicon wafers" with the authorization announcement number CN 119297114 B, applied on September 2024 [1] Company Overview - Suzhou Tianzhun Technology Co., Ltd. was established in 2009 and is located in Suzhou, primarily engaged in the manufacturing of instruments and meters [1] - The company has a registered capital of 192.445 million RMB [1] - Tianzhun Technology has invested in 15 enterprises and participated in 68 bidding projects [1] - The company holds 77 trademark registrations and 809 patent records, along with 28 administrative licenses [1]

Group 1 - The report indicates that the market is in a bullish atmosphere, with conditions for a bull market gradually being established due to cyclical improvements in fundamentals and the potential initiation of incremental capital circulation [6][14]. - The previous gold stock combination from August 1 to August 29, 2025, achieved a return of 12.33%, outperforming the Shanghai Composite Index and the CSI 300 Index by 5.23 and 2.87 percentage points, respectively [6][15]. - The report highlights a cumulative increase of 374.99% for the gold stock combination since its inception on March 28, 2017, with the A-share combination rising by 297.73% [6][15]. Group 2 - The recommended investment strategy focuses on breakthroughs in domestic technology chains and advanced manufacturing, emphasizing sectors with high global market share and the "anti-involution" trend [6][14]. - The report suggests that the "iron triangle" stocks, which include Zhuhai Guanyu, Luxi Chemical, and Tianzhun Technology, are key picks due to their strong growth prospects and market positioning [6][17]. - Other recommended stocks include Anfu Technology, Changjiu Logistics, China Shipbuilding, Zhongshan Public Utilities, Alibaba-W (Hong Kong), Greentown China (Hong Kong), and Fourth Paradigm (Hong Kong) [6][17][18]. Group 3 - Zhuhai Guanyu is noted for its high growth in consumer battery sales and technological advantages in steel shell and silicon-carbon batteries, with significant revenue and profit improvements expected [6][17][20]. - Luxi Chemical is benefiting from a recovery in market conditions and improvements in supply-demand dynamics for caprolactam and organosilicon, with ongoing project developments enhancing long-term growth potential [6][17][20]. - Tianzhun Technology is recognized as a partner of NVIDIA's Jetson Thor platform, with growth in humanoid robot controller business and deep collaborations with leading humanoid robot clients [6][17][20].

Group 1 - The core viewpoint of the news is the strategic collaboration among Suzhou High-tech Zone, Suzhou University, and Tianzhun Technology to enhance the integration of basic research, technological breakthroughs, achievement commercialization, and technology finance [1] - Suzhou High-tech Zone is recognized as a significant engine for innovation and development in Suzhou, ranking among the top in the country [1] - Suzhou University has notable research advantages in fields such as nanotechnology, artificial intelligence, and electronic information, producing a number of internationally leading innovative results [1] Group 2 - The collaboration aims to establish an innovative system led by the government, driven by the market, and centered on enterprises, focusing on the photonics and integrated circuit industries [2] - Suzhou High-tech Zone has formed a working group and established a coordination mechanism to enhance collaborative innovation with universities, specifically targeting the photonics and integrated circuit sectors [2] - The initiative includes the creation of a "Five Ones" integration development system, which specifies one industry direction, relies on one innovation platform, appoints one leading talent, supports one conversion fund, and cultivates a batch of benchmark projects [2]

Investment Rating - The report maintains a positive outlook on the automotive industry, indicating an "Overweight" rating for the sector, suggesting it will outperform the overall market [4][16]. Core Insights - The report highlights the strong performance of Tianzhun Technology, Fuyao Glass, and Xingyu Co., emphasizing their competitive advantages and growth potential in the automotive sector [3][4][6][7]. - Tianzhun Technology is expected to benefit significantly from the release of NVIDIA's Orin chip, enhancing its position in the Jetson platform and leading to a potential valuation increase [3][5]. - Fuyao Glass has revised its annual profit guidance upwards, projecting a profit of 10 billion yuan for 2025, supported by a 17% year-on-year revenue growth in the first half of 2025 [4][6]. - Xingyu Co. reported a 28.3% year-on-year revenue increase in Q1 2025, with expectations for continued strong performance in subsequent quarters [4][7]. - Top Group is anticipated to rebound due to expected improvements in Tesla's performance and the upcoming launch of its third-generation humanoid robot [4][9]. - Leap Motor has shown significant improvement, achieving profitability in the first half of 2025, with a focus on high-margin products and strategic partnerships [4][10]. Summary by Company Tianzhun Technology - Anticipated to gain a competitive edge with the release of NVIDIA's Orin chip, enhancing its capabilities in the Jetson platform [3][5]. - The report suggests a clear trend of computational power inflation, with expectations of reaching hundreds of TeraFLOPS [5]. Fuyao Glass - Achieved a revenue of 21.447 billion yuan in H1 2025, a 17% increase year-on-year, with a projected profit of 10 billion yuan for the full year [4][6]. - The growth is attributed to increased market share and the rising demand for high-value glass applications in the automotive sector [6]. Xingyu Co. - Reported a revenue of 3.09 billion yuan in Q1 2025, marking a 28.3% increase year-on-year, with strong performance expected to continue [4][7]. - The company is well-positioned in the global market, benefiting from competitors' struggles [7]. Top Group - Experienced a significant stock price drop due to underperformance from Tesla, but is expected to recover with upcoming product launches [4][9]. - The anticipated release of Tesla's third-generation humanoid robot is seen as a major catalyst for growth [9]. Leap Motor - Achieved profitability in H1 2025, with a focus on high-end product lines and strategic partnerships contributing to revenue growth [4][10]. - The D series is expected to differentiate itself in the market, leading to increased sales and profitability [10].

Group 1 - The global server market is entering a new growth cycle starting in 2024, driven by the increasing demand for AI computing power, with an expected CAGR of 18.8% from 2024 to 2029 [2] - The PCB industry is recovering from a phase of adjustment due to weak consumer electronics and inventory cycles, with emerging demands from AI servers and high-performance infrastructure expected to drive growth from 2024 [2][3] - Domestic PCB manufacturers are actively expanding production and increasing capital expenditures, focusing on high-end products such as HDI and multi-layer boards [2][3] Group 2 - The global PCB equipment market is projected to reach 51 billion yuan in 2024, with a year-on-year growth of 9.0%, and a CAGR of 4.9% from 2020 to 2024 [3] - The demand for PCB equipment is significantly boosted by AI computing infrastructure, with the market expected to grow to 77.5 billion yuan by 2029, reflecting a CAGR of 8.7% from 2024 to 2029 [3] - Drilling, exposure, and testing equipment represent the highest value segments in the PCB equipment market, accounting for 20.75%, 16.99%, and 15.00% respectively in 2024 [3] Group 3 - The drilling equipment segment is expected to benefit from increased demand for high-end HDI, with both mechanical and laser drilling seeing growth due to the rising complexity of HDI designs [3] - The exposure equipment market is currently dominated by foreign brands, with low domestic penetration, particularly in LDI technology which is more suited for HDI [4] - The demand for plating equipment is increasing due to the higher number of plating cycles required for advanced HDI, alongside quality control pressures [5] Group 4 - Major equipment manufacturers are showing a clear upward trend, with expectations for accelerated performance in the future [6] - Key players in the drilling segment include Dazhu CNC (301200), while the exposure segment is led by Xinqi Micro (688630) and Tianzhun Technology (688003) [7] - The plating segment is highlighted by Dongwei Technology (688700), with Keg Precision (301338) noted for its role in the solder paste printing segment [7]