CROSBY Research – Precision Tsugami (China) (1651 HK/BUY): A soild set of 1H26 results with the emergence of new growth driver

17 November 2025

During the review period, Precision Tsugami (China) (PTC) recorded a sustained increase in orders from key downstream industries, particularly the automobile parts and components sector. This translated into a robust 1H26, with sales and NP increased by 26.2% and 47.7% YoY to Rmb2.5bn and Rmb502.3m respectively. Benefitting from PTC’s disciplined cost reduction initiatives and ongoing efficiency enhancement, GPM expanded by 2.5ppt to 34.6% in 1H26.