Group 1 - The core viewpoint of the report is that the domestic market for tool steel is stabilizing and recovering, with high-end materials expected to be a future profit explosion point. The target price for Tiangong International is set at HKD 4.38, representing a 44.56% upside potential based on a 2026 PE of 18 times [1] - The sales volume of tool steel decreased by 5.2% year-on-year, but overall revenue increased by 2.3% to CNY 1.16 billion, with a gross margin rise of 0.5 percentage points to 13.8%. The recovery in the domestic tool steel industry, combined with rising raw material prices, offset the short-term pressure from overseas markets [1] - Powder metallurgy materials are identified as a future profit explosion point, with sales of 589 tons in the first half of 2025, a 66.4% increase quarter-on-quarter, and a price of CNY 149,000 per ton, significantly higher than ordinary high-speed steel and tool steel products [1] Group 2 - The company holds an optimistic outlook on the high-end titanium alloy business, anticipating that demand from downstream customers for new models will gradually be released next year. The company has achieved phased results in high-end titanium alloy industry construction in aerospace, healthcare, and nuclear fusion sectors [2]
大行评级丨第一上海：给予天工国际4.38港元目标价，高端材料将成为未来利润爆发点