注册制新股纵览：金天钛业：聚焦高端钛合金，军品+商飞带动可期

Investment Rating - The report assigns an AHP score of 2.34 to Jintai Titanium, placing it at the 38.3% percentile of the total score, indicating a lower-middle level [3][9] - Considering liquidity premium, the AHP score increases to 2.59, placing it at the 44.1% percentile, indicating a middle-upper level [3][9] Core Views - Jintai Titanium is a leading supplier of high-end titanium alloy materials, primarily used in military, aerospace, and shipbuilding industries [2][11] - The company has a competitive advantage due to its military qualifications, technical expertise, and established customer relationships with major defense contractors [2][11] - Aerospace titanium demand is expected to grow significantly, driven by military aircraft upgrades and commercial aircraft production [1][15] - The company has achieved breakthroughs in high-strength titanium alloys and is expanding into commercial engine and aircraft applications [1][16] Financial Performance - Jintai Titanium's revenue and net profit are smaller compared to peers, but it has higher gross margins and R&D expenditure ratios [4][19] - From 2021 to 2023, the company achieved a revenue CAGR of 18.29% and a net profit CAGR of 24.49%, outperforming peers [4][19] - The company's gross margin for 2024 H1 was 39.12%, higher than the industry average [23][25] Market Position - Jintai Titanium holds a 7.90% market share in China's aerospace titanium materials market [11] - The company has developed over 20 titanium alloy products, with TC18 and TB17 being key materials for military aircraft [13] - It has participated in the formulation of 16 national standards and holds 66 patents, including 43 invention patents [13] Industry Outlook - China's aerospace titanium demand is projected to grow from 1.44 million tons in 2019 to 3.31 million tons in 2023, with a CAGR of 23.24% [1][15] - Over the next 10 years (2024-2033), aerospace titanium demand is expected to reach 1.0346 million tons [1][15] IPO and Fundraising - Jintai Titanium plans to issue up to 92.5 million new shares on the STAR Market [26] - The funds raised will be used for advanced titanium alloy projects and working capital, aiming to increase annual production capacity by 2,800 tons of titanium alloy rods and 200 tons of titanium alloy billets [26][27]