Core Viewpoint - Tian Gong International (00826) has emerged as a representative enterprise in the special steel industry, successfully navigating the "anti-involution" strategy amidst China's economic challenges, focusing on high-quality development through specialization and innovation [1][2]. Industry Overview - The "anti-involution" strategy aims to transition China's economy from a "price red sea" to a "value blue ocean," optimizing resource allocation and enhancing industrial capacity utilization [1]. - The steel industry initiated its first "anti-involution" action in May 2023, leading to a recovery in the steel industry's PPI index, which rose to 99.5% by September, an increase of 3.9 percentage points year-on-year [1]. Company Development - Tian Gong International is recognized as a key case study in the "specialized, refined, distinctive, and innovative" development path, highlighted during the first China Special Steel and New Materials Summit [2]. - The company has established a comprehensive powder metallurgy technology platform, advancing from product upgrades to additive manufacturing materials and critical material development [4]. Product and Market Expansion - In the field of tool steel, Tian Gong International is the only domestic enterprise producing powder metallurgy tool steel at scale, with sales projected to grow from 83 tons in 2020 to 1,500 tons by 2025, reflecting a compound annual growth rate of 79.2% [5]. - The company has secured a significant partnership with Heng Er Da, committing to purchase at least 100 tons of cutting tool materials annually for five years, indicating a breakthrough in the domestic market [5]. Technological Advancements - Tian Gong International's powder metallurgy technology allows for a material yield rate of over 80%, significantly enhancing product performance compared to traditional steel production methods [5]. - The company is strategically entering the titanium alloy 3D printing powder market, aiming to capture growth opportunities in the rapidly expanding global 3D printing market, projected to grow from $27.5 billion in 2024 to $150.2 billion by 2032 [6]. Strategic Collaborations - A strategic partnership with Ningbo Saiweida aims to innovate in high-end die materials and additive manufacturing technologies, further enhancing Tian Gong International's position in the advanced manufacturing sector [6]. - The company is also focusing on developing critical materials for high-end equipment manufacturing and frontier technologies, including high-nitrogen alloy materials for humanoid robots and nuclear fusion applications [7]. Future Outlook - Tian Gong International is transitioning from a traditional special steel enterprise to a high-end materials company, which is expected to enhance its market valuation as the steel industry accelerates its "anti-involution" efforts [8]. - Recent reports indicate that high-end materials will become a significant profit driver for the company, with a target price of HKD 4.38, representing a potential 55% upside from recent closing prices [8].
粉末钢日前获央视报道，高端新材料商业化加速的天工国际（00826）成钢铁行业“反内卷”标杆