Tianlong Co., Ltd. Acquires Suzhou Haomibo: Strategic Layout and Valuation Impact Analysis

According to public information, Tianlong Co., Ltd. (603266.SS) plans to acquire 54.87% equity of Suzhou Haomibo Technology Co., Ltd. for

, with the following specific structure [0]:

• Equity Transfer
  : RMB 132 million
• Capital Increase Investment
  : RMB 100 million
• Acquisition Ratio
  : 54.87% (Controlling Stake)

Suzhou Haomibo focuses on the development of

and other sensors, as well as multi-sensor fusion technology. Its main business covers [0]:

• R&D and production of 4D imaging millimeter-wave radar
• Multi-sensor fusion algorithms
• Intelligent driving perception solutions

---

: As a traditional auto parts supplier, Tianlong Co., Ltd. mainly produces injection molded parts and molds, belonging to the mid-stream manufacturing link of the automotive industry chain [0].

: Through this acquisition, the company strategically enters the field:

• Industrial Chain Position Upgrade
  : Extend from traditional component supply to core perception component integration
• Technology Content Leap
  : Transform from manufacturing-driven to technology-driven
• Customer Level Upgrade
  : Expected to enter the higher-end intelligent vehicle supply chain

:

• All-Weather Operation
  : Compared to LiDAR, millimeter-wave radar performs more stably in harsh weather conditions like rain, snow, and fog [1]
• Cost Advantage
  : Significantly lower cost than LiDAR (about 1/5 to 1/10 of LiDAR)
• Speed Measurement Capability
  : Directly measure target speed with high data fusion efficiency
• 4D Imaging Technology
  : Add height dimension to traditional distance, azimuth, and elevation to achieve point cloud imaging

:

• ADAS Penetration Rate Increase
  : With the popularity of L2+/L3 autonomous driving, the number of radars per vehicle increases
• Multi-Sensor Fusion Trend
  : The fusion scheme of camera + millimeter-wave radar + LiDAR becomes mainstream
• Replace Traditional Radar
  : 4D imaging radar is gradually replacing traditional millimeter-wave radar

Collaboration Dimension	Expected Effect
Customer Resources	Leverage Tianlong’s existing OEM customer resources to accelerate Haomibo’s product introduction
Manufacturing Capability	Tianlong’s precision manufacturing experience can improve Haomibo’s product yield
Supply Chain	Share supply chain system to reduce procurement costs
Financial Support	Provide funding for Haomibo’s R&D investment

---

(as of December 31, 2025) [0]:

Indicator	Value	Evaluation
Stock Price	RMB 22.76	-
Market Capitalization	RMB 4.53 billion	-
P/E (TTM)	41.04x	High
P/B	2.88x	Reasonable
ROE	7.16%	Low
Net Profit Margin	8.27%	Medium Level

:

• Valuation of 54.87% equity of Suzhou Haomibo:
  RMB 232 million
• Corresponding valuation for 100% equity:
  ~RMB 423 million

(Industry Approximate Cases) [1]:

• Arbe Robotics (NASDAQ-listed 4D radar company): Market capitalization fluctuates greatly
• Domestic unlisted radar companies: Valuations generally range from RMB 300 million to 800 million

:

• Acquiring 54.87% equity for RMB 232 million is in the
  reasonable range
• The consideration reflects the premium potential of 4D radar technology

:

• Technology Attribute Upgrade
  : The market may reprice the company from traditional parts (PE:15-20x) to intelligent driving targets (PE:30-50x)
• Revenue Growth Expectation
  : If Haomibo achieves rapid growth, it will boost overall revenue growth
• Valuation Premium
  : The intelligent driving track enjoys a valuation premium

:

• Profit Dilution
  : Haomibo may be in the R&D investment phase, which may lower the net profit margin in the short term
• Integration Risk
  : Business synergy takes time and has uncertainty
• Goodwill Risk
  : If Haomibo’s performance fails to meet expectations, goodwill impairment may occur

:

Scenario	Assumptions	Impact on Valuation
Optimistic	Haomibo’s annual revenue grows by 50%+, successfully entering the mainstream OEM supply chain	PE valuation rises to 50-60x, market capitalization is expected to double
Neutral	Haomibo grows steadily with an annual growth rate of 20-30%	PE remains in the range of 35-45x
Pessimistic	Unsmooth integration and fierce market competition	PE may fall back to 25-30x

:

• Desay SV (002920): PE ~35-40x
• Huayang Group (002906): PE ~30-35x
• Jingwei Hengrun (688326): PE ~40-50x

Tianlong’s current PE of 41x is at the

. If the 4D radar business is successfully implemented, there is room for valuation upside.

---

(October-December 2025) [0]:

• Highest Price During Period: RMB25.27
• Lowest Price During Period: RMB19.67
• Fluctuation Range:25.86%
• Current Status:
  Sideways Consolidation

Indicator	Value/Status	Interpretation
Trend	Sideways	Waiting for direction selection
Support Level	RMB21.23	Strong support below
Resistance Level	RMB23.12	Need volume to break above
KDJ	Bullish	Short-term strong
Beta	0.04	Low volatility

: After the acquisition news, the stock price has undergone sufficient consolidation and is currently at a key position for direction selection. If it can break through the resistance level of RMB23.12, it is expected to open up upward space.

---

:

1. Intelligence Penetration Rate Increase
   : Rapid increase in L2+/L3 autonomous driving penetration rate
2. Policy Promotion
   : Countries continue to improve requirements for automotive safety performance
3. Cost Advantage
   : Obvious cost-effectiveness advantage compared to LiDAR
4. Technology Maturity
   : 4D imaging technology gradually matures, and commercialization accelerates

:

• The global automotive radar market is expected to grow at a CAGR of 15-20%
• As an upgraded product, 4D millimeter-wave radar grows faster than the industry average

:

• Arbe Robotics (Israel): Leading in 4D radar chip technology
• Continental (Germany): Traditional Tier 1 supplier
• Bosch (Germany): Leader in the automotive radar field

:

• Companies like Huawei and Jingwei Hengrun are also布局 (laying out) 4D radar
• Suzhou Haomibo needs to establish technical and customer barriers

---

Risk Category	Specific Risk	Impact Level
Technology Risk	4D radar technology route may be disrupted by new technologies (e.g., terahertz)	Medium
Market Risk	Intelligent driving penetration rate falls short of expectations	High
Competition Risk	Strong entry of leading manufacturers, price wars	Medium-High
Integration Risk	Cultural differences, team integration difficulties	Medium
Financial Risk	Large R&D investment, short-term profit pressure	Medium
Goodwill Impairment Risk	Target company’s performance fails to meet expectations	Medium

:

1. Order Landing
   : Whether Haomibo obtains fixed-point orders from mainstream OEMs
2. Technology Breakthrough
   : Whether the performance parameters of 4D radar reach industry-leading levels
3. Financial Data
   : Actual contribution to the company’s revenue and profit after consolidation
4. Customer Expansion
   : Whether it enters the supply chain of leading OEMs
5. Industry Policy
   : Support intensity of autonomous driving-related policies

---

:

1. Correct Transformation Direction
   : 4D millimeter-wave radar conforms to the general trend of automotive electrification and intelligence
2. Reasonable Consideration
   : Acquiring 54.87% equity for RMB232 million is in the reasonable range
3. Considerable Synergy Potential
   : The combination of traditional manufacturing and new technology is expected to produce 1+1>2 effects
4. Room for Valuation Upside
   : Successful transformation is expected to reshape the valuation system

• Mainly Wait-and-See
  : Wait for more order and performance fulfillment signals
• Technical Focus
  : Whether the stock price effectively breaks through the resistance level of RMB23.12
• Catalysts
  : Haomibo obtains fixed-point announcements from mainstream OEMs

• Optimistic Expectation
  : If integration is successful, market capitalization is expected to move toward RMB8-10 billion
• Key Verification Points
  : Haomibo’s performance fulfillment in 2025-2026
• Valuation Reconstruction
  : Successful transformation will support PE valuation to move toward 50x+

---

Tianlong Co., Ltd.'s acquisition of Suzhou Haomibo is a

. Through a strategic investment of RMB232 million, the company has obtained a technical entry point for 4D millimeter-wave radar, a core sensor for intelligent driving.

:

• ✅ Conforms to the general trend of automotive electrification and intelligence
• ✅ Extends from parts manufacturing to core perception technology in the industrial chain
• ✅ Expected to reshape the valuation system from traditional manufacturing to technology stocks

:

• Short-term focus on integration progress and order landing
• Medium-to-long-term optimistic about the penetration increase of 4D radar in intelligent driving
• There is room for valuation upside, but integration and performance fulfillment risks need to be vigilant

: This is an acquisition with . Whether it can truly create value depends on subsequent integration effects and Haomibo’s market competitiveness. Investors are advised to , focusing on order landing and performance fulfillment.

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[0] Jinling API Data - Tianlong Co., Ltd. (603266.SS) Stock Price, Financial Data, Technical Analysis
[1] Yahoo Finance - “China-based State-owned Automaker Selects Hirain and Arbe’s…” (https://uk.finance.yahoo.com/news/china-based-state-owned-automaker-140000984.html)
[2] Forbes - “Terahertz Imaging Is Finally Here - Exploiting The LiDAR…” (https://www.forbes.com/sites/sabbirrangwala/2026/01/01/terahertz-imaging-is-finally-here--exploiting-the-lidar-radar-gap/)