IPO专题：新股精要—国内高端钛材领先生产企业金天钛业

Investment Rating - The report assigns a positive investment rating to Jintian Titanium Industry, highlighting its position as a leading domestic high-end titanium material manufacturer [3][21]. Core Viewpoints - Jintian Titanium Industry (688750.SH) is a major R&D and production base for high-end titanium alloy bars and forgings in China, primarily supplying the military sector with products used in various new aircraft and transport planes. The company achieved revenue and net profit of 801 million and 147 million CNY in 2023, respectively [2][3]. - The company plans to raise 1.045 billion CNY through its IPO to expand production capacity and optimize technology, which is expected to enhance its market share [3][21]. Summary by Relevant Sections Company Overview - Jintian Titanium Industry is a leading producer of high-end titanium materials, supplying multiple new military equipment in the aerospace sector and actively expanding into civilian applications such as commercial aircraft and shipbuilding materials. The demand for high-end titanium materials in both military and civilian sectors is robust, indicating a broad market outlook [3][6]. Main Business Analysis - The company focuses on R&D, production, and sales of high-end titanium and titanium alloy materials, with over 90% of its products supplied to military clients. The revenue from military products has shown stable growth, with a compound annual growth rate (CAGR) of 18.29% in revenue and 24.49% in net profit from 2021 to 2023 [3][8][10]. - The main products include titanium and titanium alloy bars, forgings, and components, primarily used in aerospace, shipbuilding, and weaponry [3][6]. Industry Development and Competitive Landscape - The titanium alloy industry is strategically significant, with the domestic market undergoing rapid structural upgrades. The demand for titanium materials in the aerospace sector is particularly high, with a significant increase in military and civilian aircraft requirements expected to drive growth [15][16]. - Jintian Titanium holds a market share of approximately 7.90% in the domestic aerospace titanium material market, benefiting from strong partnerships with major military and aerospace manufacturers [20][19]. Comparable Company Valuation - The industry average price-to-earnings (PE) ratio for the "C32 Non-ferrous Metal Smelting and Rolling Processing Industry" is 17.44 times. Jintian Titanium's comparable companies, such as Baotai Co. and Western Superconducting, have higher average PE ratios of 34.76 for 2023, 29.80 for 2024, and 24.11 for 2025 [23][24]. IPO and Fundraising Plans - The company plans to issue 92.5 million shares, representing 20% of the total share capital post-IPO, with the funds aimed at expanding production capacity and optimizing technology [21][22]. The total investment for the projects is estimated at 1.045 billion CNY [21].