航材股份：公司现有高温合金母合金生产设备主要针对科研小批试制

Core Viewpoint - The company acknowledges that its gross margin for high-temperature alloy master alloy business is around 12%, which is lower than the industry average, primarily due to its focus on master alloys rather than finished products [2]. Group 1: Company Insights - The company's main products in the high-temperature alloy casting business include powder, single crystal, directional, equiaxed, and deformed high-temperature alloy master alloys [2]. - The lower gross margin compared to peers is attributed to the company's exclusive provision of high-temperature alloy master alloys, which typically have lower margins than finished components [2]. - The company is currently renting facilities and equipment in Zhenjiang, Jiangsu, for production until its fundraising projects are fully implemented, which has resulted in lower production efficiency [2]. Group 2: Industry Context - The company indicates that the low gross margin is a common issue within the industry, raising questions about the perceived scarcity and technological sophistication of the high-temperature alloy sector [2]. - The company has begun producing new equipment that significantly improves material utilization, leading to a noticeable increase in gross margin [2].