Tianrun Industry (002283) Limit-Up Analysis: Market Performance Driven by Robot Concept and Capacity Expansion

Tianrun Industry’s current limit-up is the result of multiple positive factors combined. From a thematic investment perspective, the robot concept continues to receive market attention. In an institutional research session in August 2025, the company clearly stated that robotics is a key direction for exploring new business segments in the future. It has experience in industrial robot processing and applications, and has shown strong interest in the processing of humanoid robot components [1]. This strategic positioning has allowed the company to successfully ride the popular wave of the robotics track.

From a capital operation perspective, the company’s share repurchase program of 25 to 50 million yuan demonstrates the management’s confidence in the company’s long-term development. The repurchased shares will be used for equity incentives or employee stock ownership, which helps align the interests of core talents [1]. From a capacity expansion perspective, as the largest domestic manufacturer of crankshafts and fractured connecting rods for medium and heavy commercial vehicles, the company’s revenue from high-horsepower crankshafts and connecting rods each reaches about 100 million yuan. After capacity expansion, the production capacity is expected to increase by nearly 50%, which will further consolidate its market position and bring economies of scale [1].

In the first three quarters of 2025, the company achieved operating revenue of 2.9 billion yuan, a year-on-year increase of 4.85%; net profit attributable to shareholders was 280 million yuan, a year-on-year increase of 4.22%, and non-recurring net profit was 263 million yuan, a year-on-year increase of 3.42% [0]. In the third quarter alone, main operating revenue reached 956 million yuan, a year-on-year increase of 10.31%, indicating that the performance growth rate is recovering [2]. The company’s main business covers engine and marine crankshafts, connecting rods, air suspension, etc., and is deeply integrated into the heavy-duty truck industry chain, benefiting from the recovery of the heavy-duty truck industry’s prosperity. In the revenue structure, engine and marine crankshafts account for the highest proportion, reaching about 1.207 billion yuan, while the connecting rod business accounts for about 435.4 million yuan [3].

However, it should be noted that the company’s ROE is 4.66%, which is lower than the average level of 7.214% for the auto parts sector, and its profitability needs to be further improved [5]. The debt ratio remains at a healthy level of 26.75%, with a relatively stable financial structure.

From the perspective of capital flow, main capital saw a net inflow of 4.6233 million yuan on January 21, accounting for 2.71%, indicating a positive attitude from institutional investors; hot money saw a net outflow of 5.196 million yuan, showing characteristics of short-term speculation; retail capital saw a net inflow of 0.57 million yuan, with high overall market participation [1]. On January 20, the net inflow of retail capital was more obvious, reaching 8.0175 million yuan [2].

In terms of sectors, the heavy-duty truck concept rose 1.31% on the day [4], the robot concept rose 0.66%, and the intelligent manufacturing concept rose 0.58%. Multiple related concept sectors strengthened in tandem, providing a favorable market environment for Tianrun Industry’s limit-up.

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Tianrun Industry’s limit-up reflects market expectations for auto parts companies to transform into emerging fields. The company’s strategic layout extending from a traditional fuel vehicle parts supplier to the robotics field is in line with the current general trend of manufacturing upgrading. The precision manufacturing capabilities of core components such as crankshafts and connecting rods have laid a technical foundation for the company to enter the robot component processing field, and this capability transfer is reasonable to a certain extent.

At the same time, the recovery of the heavy-duty truck industry and the robot concept form a dual driving force. After previous adjustments, the performance growth rate of the heavy-duty truck industry rebounded significantly in the third quarter, providing support for the company’s traditional business; while the robot concept provides the company with room for imagination in valuation improvement. This model of “stable performance from traditional businesses, valuation improvement from emerging businesses” is exactly the investment logic favored by the current market.

From the perspective of industry structure, as a leading enterprise in the segmented field, Tianrun Industry’s limit-up may drive increased attention to the entire auto parts sector. In particular, parts companies that also have the robot concept may benefit from valuation linkage effects. From the perspective of capital structure, the continuous net inflow of main capital and net outflow of hot money suggest that this rise may be led by institutional position-building rather than pure hot money speculation, with relatively strong sustainability.

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: The company’s current price-to-earnings ratio is in the upper-mid range of the industry, and attention should be paid to the risk of a pullback after overheated short-term sentiment [1]. The issue of the company’s low ROE deserves attention; its return on net assets of 4.66% is lower than the sector average, and there is a certain divergence between profitability and valuation level.

: The robot business is still in the exploratory stage. The company has clearly stated that it is “interested” in the processing of humanoid robot components, but there are no clear project implementations or product plans, resulting in great uncertainty [1]. Investors need to distinguish between thematic investment and actual performance contributions.

: Profit-taking may occur after the limit-up, and close attention should be paid to volume coordination. If the turnover rate drops sharply or a heavy-volume negative candlestick appears in subsequent trading days, the risk of a short-term pullback should be watched out for.

: The nearly 50% increase in production capacity of high-horsepower crankshafts and connecting rods will gradually release performance in the future, and the improvement in capacity utilization is expected to drive gross margin growth.

: The prosperity of the heavy-duty truck industry continues to recover. Factors such as the transition to National IV standards and the increase in the penetration rate of new energy heavy-duty trucks are expected to support industry growth, and the company, as a core supplier, will directly benefit.

: If substantial progress is made in the robot business, the market may re-evaluate the company’s value, bringing opportunities for valuation restoration.

Short-term (1-2 weeks): ★★☆☆☆ (High risk, profit-taking needs to be digested after the limit-up)
Mid-term (1-3 months): ★★★☆☆ (Supported by capacity release and industry recovery)
Long-term (more than 6 months): ★★★☆☆ (Progress in robot transformation is the key variable)

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Dimension	Key Information
Limit-Up Time	Hit the limit-up at 9:36 on January 22, 2026
Limit-Up Drivers	Robot Concept (+), Share Repurchase (+), Capacity Expansion (+), Heavy-Duty Truck Recovery (+)
Capital Flow	Main capital net inflow of 4.6233 million yuan (January 21)
Fundamentals	First three quarters revenue: 2.9 billion yuan (+4.85%), net profit: 280 million yuan (+4.22%)
Industry Position	The largest domestic manufacturer of crankshafts and fractured connecting rods for medium and heavy commercial vehicles
Short-Term Resistance	6.50-6.80 yuan (dense area of previous highs)
Short-Term Support	6.00-6.20 yuan (near the 20-day moving average)
Main Risks	High valuation, low ROE, uncertainty in robot business, profit-taking pressure
Subsequent Scenarios	Continue to strengthen (40%), Consolidation (45%), Pullback correction (15%)

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: This report is based on public information analysis and does not constitute investment advice. The robot business is still in the exploratory stage. Investors should view concept speculation rationally and pay attention to changes in trading volume and actual improvements in fundamentals.