Group 1 - The overall pre-announcement rate for the North Exchange is low at 43.9%, indicating that the performance of companies listed on this exchange is under pressure compared to other sectors [3][10][13] - In Q4 2025, the North Exchange's revenue grew by 2.9% year-on-year, but the net profit decreased by 47.5%, significantly lagging behind the overall A-share market [10][12][18] - The performance of large enterprises is recovering, while small and medium-sized enterprises are facing significant pressure, as indicated by the PMI data [18][20] Group 2 - The technology sector is expected to remain a key focus, with AI and semiconductor industries showing strong growth potential, benefiting companies like Hengtong Optics and Parallel Technology [3][34] - High-end manufacturing is also highlighted, with opportunities in robotics and aerospace, particularly for companies involved in exports like Sanyang Technology and Wuxin Tunneling [3][34] - The energy sector is seeing a price recovery in the photovoltaic and lithium battery industries, although profitability remains under pressure due to impairment provisions [3][34] Group 3 - The healthcare sector shows structural differentiation, with demand for high-end instruments and research equipment recovering, benefiting companies like Haineng Technology and New Zhi Biology [3][34] - Companies with performance exceeding expectations include Wuxin Tunneling and Jilin Carbon Valley, while those with high future profit forecasts include Shuguang Digital and Liancheng CNC [3][34] - The report emphasizes the importance of monitoring the performance of companies in the AI and semiconductor sectors, as well as those involved in high-end manufacturing and energy [3][34]

Core Viewpoint - The Beijing Stock Exchange (BSE) has reached a significant milestone with 300 listed companies, marking a 3.7 times increase in company numbers since its inception in November 2021, and a total market capitalization of approximately 900 billion yuan [1][4]. Group 1: Market Growth and Performance - The BSE has shown remarkable growth over four years, with the number of listed companies increasing from 81 to 300 and total market capitalization rising from under 300 billion yuan to around 900 billion yuan [4]. - In 2025, 63% of the 293 companies that reported earnings achieved revenue growth, with three companies experiencing revenue increases exceeding 100% [5]. - The average research and development intensity among the 300 listed companies exceeds 5%, with total fundraising surpassing 60 billion yuan, primarily directed towards R&D and capacity expansion [5]. Group 2: New Listings and Industry Focus - In 2026, 12 new companies were listed on the BSE, with a strong emphasis on high-end equipment, artificial intelligence, new materials, biomedicine, and industrial software [7]. - Over 70% of the new listings are classified as national-level specialized and innovative "little giants," showcasing a focus on cutting-edge technology and niche market leadership [7]. - The first-day stock price increases for new listings predominantly fell within the 100% to 200% range, indicating a robust market response and improved investor confidence [7]. Group 3: Future Outlook and Strategic Recommendations - The increase to 300 listed companies represents not only growth but also a new starting point for the BSE, emphasizing the need for continued reform and optimization of the market ecosystem [9][11]. - Experts suggest that the BSE should enhance its appeal to quality companies and improve market liquidity by potentially introducing an ETF and accelerating the implementation of reform measures [10]. - The BSE aims to differentiate itself by focusing on serving innovative small and medium-sized enterprises, ensuring a sustainable growth trajectory and a supportive market environment [10][11].

Investment Rating - The report assigns an "Accumulate" rating for Tiangong Co., Ltd. (天工股份) [1] Core Viewpoints - Tiangong Co., Ltd. is a specialized manufacturer of titanium and titanium alloy products, focusing on technological innovation to strengthen competitive barriers [15] - The company has established a comprehensive production system from sponge titanium to finished products, ensuring stable and efficient production [55] - The titanium industry is experiencing growth, with high-end applications in various sectors such as chemical, aerospace, and consumer electronics, indicating significant market potential [33][37] Summary by Sections 1. Company Overview - Tiangong Co., Ltd. specializes in the research, production, and sales of titanium and titanium alloy materials, with products widely used in chemical and consumer electronics industries [15] - The company is recognized as a national-level "specialized and innovative" small giant enterprise and a high-tech enterprise, emphasizing technological innovation [15][16] 2. Industry Growth - The titanium processing industry in China has shown resilience, with production increasing from 48,600 tons in 2015 to 159,100 tons in 2023, achieving a compound annual growth rate of 15.97% [34] - The demand for titanium in the chemical sector accounted for 51.23% in 2023, with significant growth potential in 3D printing and biomedical applications [37][39] 3. Product Innovation - The company has developed various titanium materials tailored for consumer electronics, achieving performance superior to domestic and international peers [49][51] - Innovations include advanced melting techniques and production processes that enhance product quality and production efficiency [51][52] 4. Financial Performance - Revenue projections for Tiangong Co., Ltd. are expected to reach 631 million yuan in 2025, with net profits of 140 million yuan, reflecting a strong growth trajectory [1][12] - The company has maintained stable gross and net profit margins, with a gross margin of 30.40% in 2024 [22][24] 5. Funding and Expansion - The company plans to invest 360 million yuan in a new production line for high-end titanium and titanium alloy rods and wires, supporting sustainable strategic development [3][16]

Investment Rating - The report gives an "Accumulate" rating for Tiangong Co., Ltd. (天工股份) [1] Core Viewpoints - Tiangong Co., Ltd. is a specialized manufacturer of titanium and titanium alloy products, focusing on technological innovation to strengthen competitive barriers [15][48] - The company has established a comprehensive production system from sponge titanium to finished products, ensuring stable and efficient production [55][56] - The titanium industry is experiencing high-end globalization, with significant growth potential in various sectors such as chemicals, 3D printing, and biomedicine [33][37] Summary by Relevant Sections 1. Company Overview - Tiangong Co., Ltd. specializes in the research, production, and sales of titanium and titanium alloy materials, with a focus on high-end applications in various industries [15][48] - The company has been recognized as a national-level "specialized and innovative" small giant enterprise and a high-tech enterprise [15] 2. Industry Growth and Potential - The titanium industry in China has shown resilience and growth potential, with titanium processing material production increasing from 48,600 tons in 2015 to 159,100 tons in 2023, achieving a compound annual growth rate of 15.97% [34][36] - The demand for titanium in the chemical sector accounted for 51.23% in 2023, indicating strong market potential [39] 3. Product Innovation and Production Efficiency - The company has developed various innovative titanium materials tailored for consumer electronics, achieving superior performance compared to domestic and international peers [49][51] - Tiangong Co., Ltd. has implemented several breakthroughs in production processes, enhancing efficiency and product quality [51][52] 4. Financial Performance and Forecast - The company’s revenue is projected to reach 631 million yuan in 2025, with a net profit of 140 million yuan, reflecting a strong growth trajectory [1][21] - The report anticipates a significant increase in revenue and net profit for the years 2025 to 2027, with corresponding P/E ratios indicating favorable valuation [1][21]

Group 1 - The report highlights a significant increase in demand for high-end titanium materials, particularly driven by Apple's reintroduction of titanium in its flagship products, such as the upcoming iPhone 18 Fold, which is expected to utilize a titanium-aluminum alloy frame [1][9][10] - The titanium alloy's properties, including its strength being nearly twice that of aluminum and 40% lighter than stainless steel, make it ideal for the structural demands of foldable screens, addressing key challenges in weight and durability [1][9][10] - Companies in the North Exchange's titanium alloy supply chain, such as Tiangong Co. and Jintai Co., are identified as core players, with Tiangong being a major supplier for international electronics giants and Jintai leading in high-end sponge titanium production for aerospace and defense applications [1][18][19] Group 2 - The North Exchange's chemical new materials sector experienced a decline of 1.66% this week, with only battery materials showing an increase of 6.52%, while other sub-sectors faced losses [2][24][25] - Notable individual stock performances included Beiterui (+9.83%), Jilin Carbon Valley (+6.30%), and Tiangong Co. (+3.50%), indicating some resilience within the sector despite overall declines [2][28][31] - The report provides insights into the price trends of various chemical products, including a significant rise in Brent crude oil prices and fluctuations in polyurethane and rubber prices, which may impact the broader chemical materials market [2][32]

证券代码：920068 证券简称：天工股份 公告编号：2026-002 本次保荐代表人的更换不影响申万宏源承销保荐对公司的持续督导工作。公 司董事会对朱凤军先生在担任公司保荐代表人期间所做的工作表示衷心感谢！ 江苏天工科技股份有限公司 关于更换持续督导保荐代表人的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 江苏天工科技股份有限公司（以下简称"公司"）于 2026 年 3 月 10 日收到公 司保荐机构申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐"） 出具的《申万宏源证券承销保荐有限责任公司关于更换江苏天工科技股份有限公 司公开发行股票并在北交所上市项目持续督导保荐代表人的函》。 申万宏源承销保荐原指定保荐代表人朱凤军先生、施山旭先生为公司向不特 定合格投资者公开发行股票并在北京证券交易所上市项目保荐代表人，负责保荐 工作及持续督导工作，持续督导期至 2028 年 12 月 31 日，截至目前，持续督导期 限尚未届满。 原持续督导保荐代表人朱凤军先生因工作变动，不继续担任该项目持 ...

Group 1: Economic Overview - In February 2026, the manufacturing PMI decreased by 0.3 percentage points to 49.0%, primarily influenced by the Spring Festival [2][7] - The non-manufacturing business activity index was 49.5%, showing a slight increase of 0.1 percentage points, indicating overall improvement in non-manufacturing sectors [2][9] - The composite PMI output index was 49.5%, reflecting a slowdown in business activities compared to the previous month [2][7] Group 2: Credit Risk in the Bond Market - In 2025, the number of new bond defaults was 13, the second-lowest level since 2018, indicating a gradual alleviation of overall credit risk in the market [3][12] - The insurance industry faced its first bond default with Tianan Insurance and Tianan Life, highlighting significant structural risks within the sector [3][13] - Real estate companies, particularly private enterprises, were the most affected by credit defaults, with Guangdong, Beijing, and Shanghai leading in default cases [3][12] Group 3: Company-Specific Insights - Development Technology (920029.BJ) is expected to achieve a 20% increase in net profit for 2025, driven by its expansion in Brazil and investments in new energy [3][16] - Tiangong Co. (920068.BJ) anticipates a 143% increase in net profit in Q4 2025, benefiting from a resurgence in demand in the consumer electronics sector [3][20] - Kangnong Seed (920403.BJ) expects a 16% increase in net profit for 2025, supported by strong sales of its hybrid corn variety in key agricultural regions [3][25]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company is expected to achieve a year-on-year increase of 143% in net profit attributable to shareholders in Q4 2025, driven by a new wave of demand in the consumer electronics sector [5][7] - The company's revenue for 2025 is projected to decline by 21.25% year-on-year, primarily due to a temporary decrease in demand from downstream customers in the consumer electronics field [7] - The company is actively expanding its titanium alloy powder business, which is expected to open up significant growth opportunities in aerospace and medical applications [7] Financial Summary - **Revenue Forecasts (in million RMB)**: - 2023: 1,035 - 2024: 801 - 2025E: 631 - 2026E: 936 - 2027E: 1,245 - **Net Profit Forecasts (in million RMB)**: - 2023: 170 - 2024: 172 - 2025E: 140 - 2026E: 205 - 2027E: 308 - **Earnings Per Share (in RMB)**: - 2023: 0.26 - 2024: 0.26 - 2025E: 0.21 - 2026E: 0.31 - 2027E: 0.47 - **Return on Equity (ROE)**: - 2023: 19.97% - 2024: 16.80% - 2025E: 9.73% - 2026E: 12.50% - 2027E: 15.79% [6][8] Market Performance - The company is positioned to benefit significantly from the potential shift of iPhone 18 Fold to a titanium alloy frame, which is expected to drive industry shipment volumes in 2026 [7] - The use of titanium and titanium alloys in portable electronic products is anticipated to increase, with major manufacturers like Apple and Samsung adopting these materials for their products [7]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company reported a revenue of 631 million yuan for 2025, a year-on-year decrease of 21.25%, and a net profit attributable to the parent company of 140 million yuan, down 18.83% year-on-year. The company expects a significant improvement in profitability in Q4 2025, leading to an upward revision of profit forecasts for 2025, while maintaining forecasts for 2026 and 2027 [1] - The company is a pioneer in titanium alloy materials for consumer electronics, with products being used by leading brands in high-end models. The demand for titanium and titanium alloys is expected to recover as the consumer electronics market stabilizes [1] - The 3D printing industry is entering a rapid expansion phase, with the company strategically investing in titanium powder materials for 3D printing applications, aiming for an annual production capacity of 1,000 tons [2] Financial Summary - The company’s revenue and profit are projected to recover in the coming years, with expected revenues of 988 million yuan in 2026 and 1,125 million yuan in 2027, reflecting a year-on-year growth of 56.6% and 13.9% respectively [4] - The net profit attributable to the parent company is forecasted to be 214 million yuan in 2026 and 269 million yuan in 2027, indicating a significant recovery from the 140 million yuan expected in 2025 [4] - The company’s earnings per share (EPS) are projected to increase from 0.21 yuan in 2025 to 0.33 yuan in 2026 and 0.41 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 98.9, 64.7, and 51.4 respectively [4][7]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Insights - The company reported a revenue of 631 million yuan for 2025, a year-on-year decrease of 21.25%, and a net profit attributable to the parent company of 140 million yuan, down 18.83% year-on-year. The company expects a significant improvement in profitability in Q4 2025, leading to an upward revision of profit forecasts for 2025, while maintaining forecasts for 2026 and 2027 [1][2] - The company is a pioneer in titanium alloy materials for consumer electronics, with products being used by leading brands in high-end models. The demand for titanium and titanium alloys is expected to recover as the consumer electronics market stabilizes [1] - The 3D printing industry is entering a rapid expansion phase, with a 52.5% year-on-year increase in domestic 3D printing equipment production in 2025. The company is strategically investing in titanium powder materials for 3D printing applications, aiming for an annual production capacity of 1,000 tons [2] Financial Summary - For 2025, the company expects revenues of 631 million yuan, with a projected recovery to 988 million yuan in 2026 and 1,125 million yuan in 2027, reflecting year-on-year growth rates of 56.6% and 13.9% respectively [4][7] - The net profit attributable to the parent company is forecasted to be 140 million yuan in 2025, increasing to 214 million yuan in 2026 and 269 million yuan in 2027, with corresponding EPS of 0.21, 0.33, and 0.41 yuan [4][7] - The company's gross margin is expected to improve from 27.6% in 2025 to 30.2% in 2026 and 32.8% in 2027, indicating a positive trend in profitability [4][7]