【招银国际】Key takeaways from post-results meeting-260630（4页）.pdf

1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 MN 30 Jun 2026 CMB International Global Markets|Equity Research|Company Report Tsugami China(1651 HK)Tsugami China(1651 HK)-Key takeaways from post-results meeting Key t

2、akeaways from post-results meeting NOT RATED Tsugami China released a strong set of FY25/26(Mar year-end)results after market close on 29 Jun,with net profit surging 40%YoY to RMB1.09bn.The Company held an analyst meeting on 30 Jun.Key takeaways:(1)Strong order intake was seen in Apr-Jun 2026 with c

3、apacity currently running at above designed capacity of 15k units;(2)The Companys precision lathes are now applied in optical module components production,which will serve as a new growth driver over the coming 1-2 years;(3)Explosive growth for machines for universal quick disconnects(UQDs)in liquid

4、 cooling is expected in FY26/27E.FY25/26(Mar year-end)results highlights.Revenue grew 22%YoY to RMB5.18bn(Precision lathes:+20%YoY to RMB4.3bn;Precision machining centres:+58%YoY to RMB386mn;Precision grinding machines:+9%to RMB227mn;Components:+30%YoY to RMB232mn).Gross margin expanded 1.9ppt YoY t

5、o 34.9%.On the back of stringent expense control,net profit grew 40%YoY to RMB1.09bn.Operating cash inflow surged 2x YoY to RMB1.06bn.Tsugami China proposed a final dividend of HK$0.9/shr.This,together with the interim dividend of HK$0.6/shr,implies 44%full-year payout ratio.Penetrating into optical

6、 module applications.Tsugami China revealed that its precision lathes can now be applied in the production of transmitter optical sub-assembly(TOSA)and receiver optical sub-assembly(ROSA)for optical modules,with ultimate demand from NVIDIA(GB300).Tsugami China sees good demand visibility over the co