Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [9][13]. Core Views - The company is positioned as a leader in high-end titanium alloy technology, focusing on the production of titanium and titanium alloy bars, forgings, and components primarily for high-end equipment in aerospace, marine, and military sectors. The company aims to expand its product offerings into downstream components, particularly in the shipbuilding and military sectors [9][11][29]. - The company is expected to achieve revenue of 808 million yuan in 2024, reflecting a year-on-year growth of 0.91%, and a net profit attributable to shareholders of 152 million yuan, with a year-on-year increase of 3.04% [9][11]. Summary by Sections 1. High-End Titanium Alloy Sector - The company specializes in high-end titanium and titanium alloy materials, being a key R&D and production base in China. It has transitioned from its original business model to focus on high-performance titanium products since 2006 [19][20]. - The company has established partnerships with major military groups, supplying various titanium alloy products for military aircraft and engines, contributing significantly to national defense upgrades [21][29]. 2. Titanium Alloy Performance and Market Demand - Titanium alloys are characterized by low thermal conductivity, excellent high and low-temperature resistance, and strong corrosion resistance, making them suitable for aerospace and marine applications. The demand for titanium alloys in the aerospace sector is expected to remain robust due to increasing equipment penetration rates and reliability requirements [10][39]. 3. Competitive Advantages - The company has developed proprietary technologies for over 20 grades of titanium alloys, achieving breakthroughs in high-strength and high-toughness materials. It is a core supplier for high-end equipment and is expanding its presence in the civil aviation and marine markets [11][29]. - The company is accelerating capacity release, with new projects expected to add 2,800 tons of titanium alloy bar capacity and 200 tons of forgings [11][29]. 4. Financial Performance and Forecast - The company’s revenue has shown steady growth, increasing from 462 million yuan in 2020 to an expected 808 million yuan in 2024, with a compound annual growth rate of 15.04%. The net profit attributable to shareholders is projected to grow significantly during the same period [34][35]. - The report forecasts net profits of 170 million yuan, 240 million yuan, and 330 million yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 59, 42, and 30 times [13][12]. 5. Market Recognition and Growth Potential - The market has not fully recognized the company's potential in the marine and civil aviation sectors. The company’s established presence in the aerospace sector is expected to support future growth as new military aircraft and engines are introduced [14][29]. 6. Catalysts for Stock Performance - Potential catalysts for stock performance include unexpected increases in downstream equipment demand and accelerated certification processes for large aircraft [15].

上 市 公 司 有色金属 2025 年 07 月 23 日 金天钛业 (688750) —— 材料强国之高端制造系列报告之七：高端钛合金新 锐，航空深海合力铸就高成长 报告原因：首次覆盖 增持（首次评级） | 市场数据： | 2025 年 07 月 22 日 | | --- | --- | | 收盘价（元） | 21.77 | | 一年内最高/最低（元） | 37.01/17.41 | | 市净率 | 4.1 | | 股息率%（分红/股价） | 0.39 | | 流通 A 股市值（百万元） | 1,812 | | 上证指数/深证成指 | 3,581.86/11,099.83 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 5.30 | | 资产负债率% | 26.37 | | 总股本/流通 A 股（百万） | 463/83 | | 流通 B 股/H 股（百万） | -/- | -50% 0% 50% 金天钛业 沪深300指数 (收益率) 相关研究 本研究报告仅通过邮件提供给 中庚基金 使用。 ...

Market Performance - The Sci-Tech Innovation Board (STAR Market) index fell by 0.86%, closing at 994.80 points, with a total trading volume of 3.163 billion shares and a turnover of 111.999 billion yuan, resulting in a weighted average turnover rate of 1.78% [1] - Among the tradable stocks on the STAR Market, 284 stocks closed higher, with 7 stocks rising over 10%, including Qianyan Biology and Kaiweite, which hit the daily limit [1] - The distribution of turnover rates shows that 3 stocks had turnover rates exceeding 20%, 12 stocks between 10% and 20%, 66 stocks between 5% and 10%, 112 stocks between 3% and 5%, 278 stocks between 1% and 3%, and 117 stocks with turnover rates below 1% [1] High Turnover Stocks - The stock with the highest turnover rate was Shengke Nano, which closed up by 1.34% with a turnover rate of 40.88% and a trading volume of 384 million yuan [1] - Xinyu Ren also saw a rise of 1.62% with a turnover rate of 30.86% and a trading volume of 551 million yuan [1] - Other notable stocks with high turnover rates include Naike Equipment, Jintian Titanium Industry, and Kaiweite, with turnover rates of 20.68%, 19.24%, and 17.96% respectively [1] Sector Analysis - In terms of sector performance, among stocks with turnover rates exceeding 5%, the electronics and pharmaceutical industries had the most stocks, each with 23 stocks listed [2] - The stocks with the highest net inflow of funds included Kexing Pharmaceutical, Weixin Bio, and Yingshi Innovation, with net inflows of 97.8036 million yuan, 90.8112 million yuan, and 78.2145 million yuan respectively [2] - Conversely, the stocks with the highest net outflows included Yuanjie Technology, Huafeng Technology, and Huqiang Technology, with net outflows of 68.8015 million yuan, 65.4406 million yuan, and 61.7524 million yuan respectively [2] Recent Trading Data - Recent trading data shows that 55 stocks received net purchases from leveraged funds, with notable increases in financing balances for Tailin Micro, Liyuanheng, and Juxin Technology, which increased by 132 million yuan, 104 million yuan, and 94.717 million yuan respectively [2] - Stocks with significant decreases in financing balances included Guoda Special Materials, Juhua Materials, and Yingshi Innovation, which decreased by 58.7649 million yuan, 42.0492 million yuan, and 38.6720 million yuan respectively [2] Notable Stocks - Key stocks with significant daily performance include Qianyan Biology, which rose by 20.02%, and Kaiweite, which increased by 19.99% [5] - Other notable performers include Kexing Pharmaceutical, which rose by 15.62%, while stocks like Haitan Ruisheng and Anheng Information saw declines of 6.95% and 6.59% respectively [2][5]

在公司换届工作完成前，公司第一届董事会、监事会全体成员、 董事会各专门委员会成员及高级管理人员将依照相关法律法规和《湖 南湘投金天钛业科技股份有限公司章程》等有关规定，继续履行董事、 监事及高级管理人员的职责和义务。 证券代码：688750 证券简称：金天钛业 公告编号：2025-017 湖南湘投金天钛业科技股份有限公司 关于董事会、监事会延期换届选举的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 湖南湘投金天钛业科技股份有限公司（以下简称公司）第一届董 事会、监事会任期已届满。鉴于公司新一届董事会、监事会换届工作 尚在积极筹备中，为保证公司董事会、监事会相关工作的连续性和稳 定性，公司董事会、监事会将延期换届，董事会各专门委员会、高级 管理人员的任期亦相应顺延。 公司董事会、监事会延期换届不会影响公司的正常运营。公司将 积极推进换届相关工作，尽快完成董事会与监事会的换届选举工作并 及时履行信息披露义务。 特此公告。 湖南湘投金天钛业科技股份有限公司 董事会 2025 年 6 月 28 日 ...

Core Viewpoint - The company announced a cash dividend distribution of 0.084 CNY per share for the fiscal year 2024, totaling 38.85 million CNY to be distributed among shareholders [2][3]. Summary by Sections Dividend Distribution Plan - The profit distribution plan was approved at the annual shareholders' meeting held on April 30, 2025 [2]. - The total share capital before the distribution is 462,500,000 shares [3]. - The cash dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited Shanghai Branch as of the close of trading on the registration date [2][3]. Implementation Details - The cash dividends for unrestricted circulating shares will be distributed through the clearing system of the China Securities Depository and Clearing Corporation [4]. - Shareholders who have completed designated transactions can receive their cash dividends on the distribution date at their designated securities firms [4]. Taxation Information - For individual shareholders holding unrestricted circulating shares for over one year, the cash dividend is exempt from personal income tax, resulting in an actual distribution of 0.084 CNY per share [8]. - For shares held for one year or less, the company will not withhold personal income tax at the time of distribution, but tax will be calculated upon the transfer of shares [8]. - The actual tax burden varies based on the holding period, with a 20% tax for holdings of one month or less, and a 10% tax for holdings between one month and one year [9]. - For qualified foreign institutional investors (QFII), a 10% corporate income tax will be withheld, resulting in a net distribution of 0.0756 CNY per share [10]. - Other corporate shareholders are responsible for their own tax declarations, receiving a gross dividend of 0.084 CNY per share [11].

Core Viewpoint - The company announced a cash dividend distribution of 0.084 CNY per share, totaling 38.85 million CNY, approved at the annual shareholders' meeting on April 30, 2025 [1] Dividend Distribution Plan - The cash dividend of 0.084 CNY per share (including tax) will be distributed based on a total share capital of 462,500,000 shares [1] - The dividend will be distributed to all shareholders registered with China Securities Depository and Clearing Corporation Limited, Shanghai Branch, after the market closes on the registration date [1] Relevant Dates - The announcement includes specific dates for the registration, ex-dividend, and payment of the cash dividend, although these dates are not explicitly listed in the provided text [1] Tax Implications - For individual shareholders holding shares for over one year, the dividend income is exempt from personal income tax, resulting in an effective cash dividend of 0.084 CNY per share [2] - For shares held for less than one year, the company will not withhold personal income tax at the time of distribution, but tax will be calculated and withheld upon the sale of the shares [2] - The actual tax burden varies based on the holding period, with a 20% tax for holdings of one month or less, and a 10% tax for holdings between one month and one year [3] Distribution to Foreign Investors - For Qualified Foreign Institutional Investors (QFII), a 10% corporate income tax will be withheld, resulting in a net cash dividend of 0.0756 CNY per share [3][4] - Hong Kong investors will also receive a net cash dividend of 0.0756 CNY per share after a 10% withholding tax [4] Contact Information - For inquiries regarding the dividend distribution, shareholders can contact the board office at 0736-7318996 [4]

本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 每股现金红利0.084元（含税） 相关日期 | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/6/19 | 2025/6/20 | 2025/6/20 | 一、通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 4 月 30日召开的2024年年度股东 大会审议通过。 二、分配方案 证券代码：688750 证券简称：金天钛业 公告编号：2025-016 湖南湘投金天钛业科技股份有限公司 2024年年度权益分派实施公告 截至股权登记日下午上海证券交易所收市后，在中国证券登记结 算有限责任公司上海分公司（以下简称中国结算上海分公司）登记在 册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本462,500,000股为基数， 每股派发现金红利0.084元（含税），共计派发现金红利38,850,000.00 元。 是否涉及差异化分红送转：否 每股分配比例 三、相关日期 ...

证券代码：688750 证券简称：金天钛业 公告编号：2025-015 湖南湘投金天钛业科技股份有限公司 首次公开发行网下配售限售股上市流通公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为首发限售股份；股票认购方式为网下，上 市股数为5,829,694股。 本次股票上市流通总数为5,829,694股。 本次股票上市流通日期为2025 年 5 月 20 日。 一、本次上市流通的限售股类型 根据中国证券监督管理委员会于 2024 年 4 月 24 日出具的《关于 同意湖南湘投金天钛业科技股份有限公司首次公开发行股票注册的批 复》（证监许可〔2024〕641 号），湖南湘投金天钛业科技股份有限公 司（以下简称公司）获准首次向社会公开发行人民币普通股（A 股） 92,500,000 股，并于 2024 年 11 月 20 日在上海证券交易所科创板上市。 公司首次公开发行股票前总股本为 370,000,000 股，首次公开发行股票 后总股本为 462,500,000 股，其中有限售条件流通股 ...

关于湖南湘投金天钛业科技股份有限公司 中泰证券股份有限公司、中航证券有限公司 首次公开发行网下配售限售股上市流通的核查意见 中泰证券股份有限公司（以下简称"中泰证券"或"联席保荐机构"）、中 航证券有限公司（以下简称"中航证券"或"联席保荐机构"）作为湖南湘投金 天钛业科技股份有限公司（以下简称"金天钛业"或"公司"）首次公开发行股 票并在科创板上市持续督导阶段的联席保荐机构，根据《证券发行上市保荐业务 管理办法》《上海证券交易所科创板股票上市规则》《上海证券交易所科创板上 市公司自律监管指引第 1 号——规范运作》等有关法律法规和规范性文件的要求， 对公司首次公开发行网下配售限售股上市流通的事项进行了审慎尽职调查，具体 核查情况如下： 一、本次上市流通的限售股类型 根据中国证券监督管理委员会于 2024 年 4 月 24 日出具的《关于同意湖南湘 投金天钛业科技股份有限公司首次公开发行股票注册的批复》（证监许可〔2024〕 641 号），湖南湘投金天钛业科技股份有限公司获准首次向社会公开发行人民币 普通股（A 股）92,500,000 股，并于 2024 年 11 月 20 日在上海证券交易所科创板 上市。 ...

证券代码：688750 证券简称：金天钛业 公告编号：2025-014 湖南湘投金天钛业科技股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 4 月 30 日 （四） 表决方式是否符合《公司法》及公司章程的规定，大会主持情况等。 本次股东大会由公司董事会召集，董事长李新罗先生主持召开。本次会议采 取现场投票和网络投票相结合的方式表决。公司聘请了湖南启元律师事务所谭闷 然律师、满虹律师对本次股东大会进行见证。符合《中华人民共和国公司法》及 《公司章程》的相关规定。 （五） 公司董事、监事和董事会秘书的出席情况 二、 议案审议情况 （一） 非累积投票议案 1、 议案名称：2024 年年度报告全文及其摘要 审议结果：通过 （二） 股东大会召开的地点：湖南省常德经济技术开发区德山街道青山社区乾 明路 97 号湖南湘投金天钛业科技股份有限公司五楼会议室 （三） 出席会议的普通股股 ...