Behind Tianming Technology (920270)'s Consecutive 30% Daily Limit-Ups: Resonance of Capital Impetus and Growth Expectations

Tianming Technology (920270) performed strongly on January 15, 2026, with a daily gain of 11.56%, marking consecutive 30% daily limit-ups over two trading days. It closed at RMB 23.16, with a turnover of RMB 331 million and a turnover rate of 17.12%[0][1]. The stock’s strong performance is mainly driven by three factors: continuous inflows of margin trading funds, heavy buying by institutional funds on the Dragon and Tiger List, and growth expectations for the off-road vehicle modification market[1][3]. Although the company’s net profit in the first three quarters of 2025 fell 27.08% year-on-year, multiple brokerages still gave buy ratings, and the market remains optimistic about its products adapted for Tesla Cybertruck and the 30% CAGR of the automotive modification industry[4][6]. In the short term, investors need to be wary of profit-taking pressure after consecutive limit-ups; the medium-term trend requires attention to volume changes and full-year performance verification.

Tianming Technology’s recent strong performance stems from the resonance of multiple factors. First is the support from continuous capital inflows: According to data from Securities Star, the net margin trading purchase on January 14, 2026, was RMB 4.0122 million, with the margin trading balance reaching RMB 21.4545 million, and cumulative net purchases of RMB 6.9873 million over the past three trading days[3]. The continuous rise in the margin trading balance indicates that leveraged funds are actively entering the market, and investors are bullish. Strong capital support provides direct upward momentum for the stock price.

Second is the active participation of institutional funds. Data from the Dragon and Tiger List on January 15 shows that the top five buying securities firms purchased a total of RMB 48.5437 million, including CITIC Securities Hangzhou Wensan Road with RMB 12.8260 million, GF Securities Shenzhen Dongbin Road with RMB 12.5180 million, and Ping An Securities Xiamen International Financial Center with RMB 9.1733 million[1][2]. The concentrated buying by well-known hot money securities firms reflects high recognition of the stock by major market players, and this capital structure provides strong support for the stock price.

Third is the support from industry-level growth expectations. At the Beijing Stock Exchange (BSE) performance briefing, the company’s Chairman Zhang Song stated that according to data from the All-China Federation of Industry and Commerce, the automotive modification market scale was approximately RMB 85.2 billion in 2021, and it is expected to exceed RMB 400 billion by 2027, with a CAGR of about 30%[4]. This industry development prospect provides a clear growth logic for the company and supports the market’s optimism about its long-term value.

From a technical perspective, Tianming Technology shows typical short-term strong performance characteristics. On January 15, the stock price broke through the 5-day moving average, with a deviation rate of 11.12%, performing prominently among 586 A-shares that broke through the 5-day moving average[5]. The short-term moving averages are in a bullish arrangement, with a 5-day gain of 14.26% and a 10-day gain of 17.21%, indicating that continuous capital inflows are driving up the stock price[1].

From a volume perspective, the turnover on January 15 reached RMB 331 million, with a turnover rate of 17.12%, indicating high market participation and active capital turnover. The increase in volume coupled with the stock price rise shows that the upward trend is recognized by the market. However, the accumulated profit-taking positions after consecutive limit-ups also mean that there may be profit-taking pressure in the short term.

From a price range perspective, the stock’s 52-week price range is RMB 11.27-27.74, and the current price of RMB 23.16 is close to the upper edge of the range[1]. If it can effectively break through the previous high of RMB 25.68 (December 31, 2025), it is expected to open up new upward space; otherwise, it may face a technical correction.

On the fundamental side, the company features “short-term pressure, long-term prospects”. Financial data shows that in the first three quarters of 2025, the company achieved operating revenue of RMB 160 million, a year-on-year decrease of 12.20%; net profit attributable to parent company shareholders was RMB 35.0046 million, a year-on-year decrease of 27.08%[1]. The performance decline is mainly affected by intensified market competition and fluctuations in downstream customer demand.

However, the market is optimistic about the company’s future development. According to forecasts from Huayuan Securities, the company’s net profit attributable to parent company shareholders is expected to grow from RMB 63 million to RMB 101 million from 2024 to 2026, with the corresponding PE ratio dropping from 27.8x to 17.3x[6]. The company has established long-term cooperative relationships with well-known automakers such as Great Wall Motors, Dongfeng Motor, and Jiangling Motors, and has completed the R&D of electric pedal samples adapted for Tesla Cybertruck, which is now in the sample submission stage[6]. The progress of new product R&D and customer expansion capabilities will become key engines for the company’s future growth.

As a BSE-listed company, Tianming Technology’s strong performance is closely related to the increase in overall market activity of the BSE. The BSE has received increased attention recently, with relatively improved liquidity, providing a better trading environment for small-cap growth stocks. However, investors should also note that the BSE’s liquidity is still weaker than that of the main board, and stock price fluctuations may be more volatile[1].

As a provincial-level hidden champion in automotive off-road modification parts, Tianming Technology has a strong market position in niche areas such as winches, electric pedals, and on-board air compressors. The company has a complete product matrix, covering multiple categories such as winches, electric pedals, on-board air compressors, and tailgate hinges[6]. This professional positioning enables it to establish high competitive barriers in niche areas and share the growth dividends of the off-road vehicle market.

It is worth noting that although the company’s performance was under pressure in the first three quarters of 2025, multiple brokerages still gave buy or overweight ratings[1]. Zhu Haibin from Kaiyuan Securities has given buy ratings multiple times since 2025, and Zhao Hao and Wan Xiao from Huayuan Securities gave an overweight rating on August 28, 2025[1]. The divergence between institutional ratings and short-term performance reflects the market’s confidence in the company’s long-term growth, while also implying that short-term performance fluctuations may not affect the company’s long-term investment value.

The company has completed the R&D of electric pedal samples adapted for Tesla Cybertruck, which is now in the sample submission stage[6]. This progress has brought a Tesla concept premium to the company, making it one of the hotspots of recent capital attention. If it can obtain bulk orders from Tesla in the future, it will open up new growth space for the company.

: After consecutive 30% daily limit-ups over two trading days, the stock price has a high deviation rate, and a large number of profit-taking positions have accumulated[5]. If there is a volume surge with stagnant price or a gap-up followed by a decline in the short term, profit-taking pressure may lead to a sharp correction. Investors need to closely monitor the opening performance and volume changes on January 16.

: The current stock price corresponds to a predicted P/E ratio of about 38x based on 2024 performance, which is close to the upper edge of historical valuations[1]. Considering the performance decline in the first three quarters of 2025, the current valuation carries a certain risk of expected overdraft. If full-year performance cannot achieve growth, it may face valuation regression pressure.

: The BSE’s market liquidity is relatively weaker than that of the main board, and stock price fluctuations may be more volatile[1]. In extreme cases, there may be sharp rises and falls caused by insufficient liquidity.

: The net profit in the first three quarters of 2025 fell 27.08% year-on-year, and the full-year performance will be a key verification point[1]. If the full-year performance continues to decline, it may shake the market’s confidence in the company’s long-term growth.

: The automotive modification market has a CAGR of about 30%, and its scale is expected to exceed RMB 400 billion by 2027[4]. The high growth of the industry provides a favorable external environment for the company, which is expected to share industry dividends by virtue of its leading position in the niche area.

: If the electric pedals adapted for Tesla Cybertruck can achieve mass supply, it will bring significant incremental revenue to the company[6]. In addition, deepened cooperation with automakers such as Great Wall Motors and Dongfeng Motor is also expected to contribute stable orders.

: Multiple brokerages have given buy ratings, margin trading funds continue to flow in, and the Dragon and Tiger List shows net buying by institutional funds[1][3]. The professional endorsement from institutions provides a certain margin of safety for the stock price.

: The cumulative dividend rate over the past three years is 79.8%, providing favorable returns to shareholders[1]. The high dividend rate reflects the company’s emphasis on shareholder interests and also provides stable cash returns.

Tianming Technology’s current round of strong performance is the result of the combined effect of three factors: capital, fundamentals, and market sentiment. Continuous net purchases of margin trading funds and large-scale entry of institutional funds on the Dragon and Tiger List provide direct capital support for the stock price; the 30% CAGR of the automotive modification industry and expectations for products adapted for Tesla Cybertruck provide long-term growth logic for the company[3][4][6].

However, investors also need to clearly recognize short-term risk factors. After consecutive limit-ups, the deviation rate is high, and there is a demand for technical correction[5]. The performance was under pressure in the first three quarters of 2025, and the full-year performance will be a key verification point[1]. The BSE’s liquidity is relatively weak, and stock price fluctuations may be more volatile.

From the perspective of sustainability: In the short term (1-3 trading days), it is necessary to be cautious about chasing highs, and pay attention to today’s opening performance and volume changes; in the medium term (1-4 weeks), if it can break through the previous high of RMB 25.68, it is expected to maintain a volatile and strong trend; in the long term (1-3 months), it is necessary to wait for performance realization and confirmation of new product orders[1].

For investors already holding positions, it is recommended to set a floating stop-profit (refer to the RMB 23-26 range), and consider reducing positions if it falls below the 20-day moving average; investors not holding positions can wait for a correction to near the 20-day moving average before considering positioning. Mid-line investors can continue to pay attention to volume changes, progress of new product R&D, and full-year performance.

Key Price Type	Price Range (RMB)	Technical Meaning
First Support Level	21.00	Near the 5-day moving average
Second Support Level	19.50	At the 10-day moving average
Third Support Level	18.00	Upper edge of the recent consolidation platform
First Resistance Level	24.00	Integer level
Second Resistance Level	25.68	Previous high (December 31, 2025)
Third Resistance Level	27.74	52-week high
Stop-Profit Reference	25-26	Close to the previous high
Stop-Loss Reference	20	Near the 20-day moving average

This report is compiled and analyzed based on public information and does not constitute investment advice. Investors should make prudent decisions in combination with their own risk tolerance.