Investment Rating - The report assigns a "Hold" rating for the company, marking its first coverage with a current price of 19.52 yuan [6]. Core Insights - The company is focused on expanding its production capacity while awaiting a recovery in demand for titanium and titanium alloy products, which are increasingly used in consumer electronics [4]. - The company has a concentrated ownership structure, with the largest shareholder, Jiangsu Tiangong Investment Management Co., Ltd., holding 67.63% of the shares [6]. - The report highlights the significant reliance on a single major customer, Changzhou Soloman, which accounted for 27.88%, 83.45%, and 71.72% of revenue from 2022 to 2024, indicating a high customer dependency risk [6][41]. Company Overview - Jiangsu Tiangong Technology Co., Ltd. was established in January 2010 and is headquartered in Zhenjiang, Jiangsu Province. The company primarily engages in the research, production, and sales of titanium and titanium alloy materials, with its main products being wire, plate, and pipe [12]. - The company has two subsidiaries, holding 55% of Jiangsu Tiangong Soloman Alloy Materials Co., Ltd. and 60% of Jiangsu Tiangong Titanium Crystal New Materials Co., Ltd. [13]. Titanium Industry Analysis - The titanium industry is characterized by a supply chain that includes titanium ore processing into sponge titanium, which is then cast into ingots and processed into various titanium products for applications in chemical, aerospace, and consumer electronics sectors [20]. - The report emphasizes the growing penetration of titanium and titanium alloys in consumer electronics due to their high strength, corrosion resistance, and unique surface texture, with applications expanding from mobile phone casings to cameras and laptops [21]. Financial Forecast - The company is projected to achieve total revenues of 678.27 million yuan, 1,007.10 million yuan, and 1,156.22 million yuan from 2025 to 2027, with growth rates of -15.35%, 48.48%, and 14.81% respectively [5]. - The net profit attributable to shareholders is expected to be 104.59 million yuan, 184.80 million yuan, and 252.86 million yuan for the same period, with growth rates of -39.34%, 76.68%, and 36.83% respectively [5]. Business Analysis - The company's production capacity for titanium and titanium alloy materials is expected to remain stable at 7,000 tons from 2023 to 2024, with production and sales figures showing a positive trend [39]. - Revenue from titanium and titanium alloy products accounted for approximately 94.78% to 95.62% of total revenue from 2022 to 2025, indicating a strong focus on this segment [38]. Management Team - The core management team is primarily composed of individuals born in the 1980s and 1990s, with a strong educational background and extensive industry experience [16].
天工股份（920068）：静待需求回暖，积极扩充产能