Tianyi Shangjia (688033): The powder metallurgical faucet leader benefits from the rapid development of the rail junction industry

Tianyi Shangjia (688033): The powder metallurgical faucet leader benefits from the rapid development of the rail junction industry

The company is a leading domestic supplier of powder metallurgical brake pads for high-speed rail EMUs. The company mainly develops, produces and sells powder metallurgical brake pads and locomotives for high-speed rail EMUs, urban rail vehicle brake pads, and brake shoe products.

At present, the powder metallurgy brake pads independently developed by the company mainly reduce the braking system of high-speed rail EMUs with speeds of 160km / h, 200-250km / h and 300-350km / h, which have good wear resistance, insulation and friction performance, And no abnormal wear on the brake disc.

In the end, the company seized the strategic potential of the “Fuxing” Chinese standard EMU and continuously strengthened its leading position in powder metallurgical brakes for high-speed EMUs; in the long run, the company will increase research and development efforts and product development efforts in the field of new composite materials.Fully expand the application fields of high-speed rail, subway, civil aviation, and high-end automobiles, and strive to become the world’s leading manufacturer of modern transportation material products.

The domestic rail transit industry has maintained stable development for a long time, high-speed rail and urban rail transit have developed rapidly, and the demand for brake pads for rail transit vehicles has maintained rapid growth.

From 2014 to 2018, the increase in domestic railway fixed asset investment has remained above 8,000 for five consecutive years, of which the rapid development of high-speed rail continued to the end of 2018, and the proportion of high-speed rail in the operating mileage of railways increased to 22%.

Urban rail transit maintained a high-speed development momentum. In 2018, a total of 5,470 urban rail transit construction investments were completed.

2 ‰, an increase of 14 in ten years.


The number of railway passenger cars has basically remained stable. The “Fuxing” 160 km / h power-concentrated electric vehicle unit will gradually replace the existing 25T-type railway passenger cars, and the replacement space is broad.

The rapid development of high-speed rail and urban rails and the demand for railway passenger 淡水桑拿网 trains have driven the demand for brake pads for rail vehicles to maintain rapid growth.

The company is in a leading position in powder metallurgical brake technology and industrialization capabilities. It is the manufacturer with the largest number of official certifications for EMU brakes issued by the CRCC and the largest volume in the industry. The market share in 2016-2018 is maintained.Around 22%.

Currently, the company’s main products are powder metallurgical brake pads, with a combined gross profit margin of 74.

32%, 73.

12% and 75.

11%, maintained at a high level.

In the future, the scale-up operation of the “Fuxing” Chinese standard EMU will become the main driving factor for the company’s performance. In addition, the composite brake pads suitable for urban rail transit vehicles and brake shoe business will also be rapidly implemented through the Tianjin Tianyi production linePromotion.

We expect the company’s net profit attributable to the parent to be 2 in 2019-2021.

91, 3.

66, 4.

42 ppm, with annual growth of 11%, 26%, and 21%, respectively, and the corresponding 19 to 21 years of EPS are 0.

65, 0.

81, 0.

98 yuan, corresponding to the current expected PE is 41, 33, 27 times, respectively, covering for the first time, given an “overweight” rating.