On July 9, Tsugami China rose 5.06% in regular trading, trading at HK$68.45/share, with turnover of HK$92.42 million.

On the news front, Daiwa raised its target price on Tsugami China to HK$80 from prior levels and reiterated a Buy rating, identifying the company as a key beneficiary of AI infrastructure investment in the machine tool space. The upgrade reflects growing confidence in the company's exposure to high-growth end markets.

The catalyst follows Tsugami China's recently released full-year results, which showed revenue of approximately RMB 5.184 billion, up 21.6% year-over-year, and net profit of RMB 1.094 billion, up 39.9% year-over-year — both record highs. AI liquid cooling and semiconductor segments emerged as the primary growth drivers, with the AI-related downstream segment generating RMB 2.21 billion in revenue, surging over 60% year-over-year and accounting for 46% of total sales. Analysts note that first-quarter liquid cooling orders already matched the prior full-year level, with further acceleration expected as next-generation AI server cabinets enter mass production in the second half.

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