Huachuang Securities | Tieliu Co. (603926): In-Depth — Automotive Clutch Leader with Robotics as a New Growth Engine
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Huachuang Securities initiates coverage of Tieliu Co. (603926) with a Strong Buy rating and a target price of CNY 23.4. A leader in automotive clutches, the company has built three pillars through organic growth and M&A: automotive transmission systems (its core base, with nationally leading clutch capacity), smart commercial-vehicle parts supply chain services with scale-driven consolidation advantages, and high-precision components where the new-energy transition is showing initial results. Acquisitions of Germany's Geiger and Hubei Sanhuan extended the company from a single clutch line into precision machining and commercial-vehicle aftermarket services, and Geiger's improving operations are contributing profit recovery. Leveraging precision manufacturing know-how, research partnerships and a dedicated subsidiary, Tieliu is entering high-growth robotics segments such as high-precision reducers and dual robot arms, making robotics a new growth engine with R&D and industrialization platforms in place. The broker forecasts revenue of CNY 2.7 billion, 3.1 billion and 3.6 billion for 2026-2028, with earnings growing across the period as new-energy volumes ramp and robotics commercialization opens further upside.
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