Core Viewpoint - Tian Gong International's subsidiary, Tian Gong Co., has initiated its IPO on the Beijing Stock Exchange, offering 60 million shares at a price of 3.94 RMB per share, leading to a market valuation of 2.548 billion RMB before the exercise of the over-allotment option [1][3][11] Group 1: IPO Details - Tian Gong Co. is issuing 60 million shares, representing 9.28% of the post-issue total share capital, with a potential increase to 69 million shares (10.52%) if the over-allotment option is exercised [1][3] - The IPO is set to open for subscription on April 28, 2025, with a direct pricing method used to determine the share price [3] - The strategic placement of shares is 30%, with 70% allocated for online issuance, reflecting a commitment to retail investors [3][4] Group 2: Financial Performance - Tian Gong Co. has shown significant revenue growth from 283 million RMB in 2021 to 1.035 billion RMB in 2023, with year-on-year growth rates of 55.23%, 35.65%, and 170.05% respectively [6] - The net profit attributable to the parent company also increased from 20.34 million RMB in 2021 to 170 million RMB in 2023, with growth rates of 67.87%, 244%, and 142.57% [6] - For 2024, the projected revenue is 801 million RMB, with a slight increase in net profit to 172 million RMB [6] Group 3: Industry Position and Expansion - The titanium and titanium alloy materials industry in China faces structural overcapacity in low-end products, while high-end products are in short supply [7] - Tian Gong Co. is expanding into high-value sectors such as 3D printing, aerospace fasteners, and medical titanium materials, having achieved significant progress in these areas [7] - The company has received EN9100 certification for aerospace-grade titanium materials and ISO 13485 certification for medical titanium products, enhancing its market credibility [7] Group 4: Future Prospects and Valuation - The funds raised from the IPO will be used to build a production line with an annual capacity of 3,000 tons of high-end titanium and titanium alloy rods and wires, increasing total capacity from 7,000 tons to 10,000 tons [8] - Compared to peers, Tian Gong Co. has a static P/E ratio of 14.98, significantly lower than the average of 50.64 for comparable companies, indicating a potential undervaluation [11]

0:00 南方财经全媒体集团首席记者施诗 记者李依农 上海报道 《全球财经连线》：我们正经历特朗普2.0时期。与其第一任期相较，美国总统特朗普的关税政策更为 激进。这对全球经济，尤其是欧洲影响几何？ Nicolo Salsano：从整体来看，我们确实需要预期全球经济可能会出现一定程度的放缓。毫无疑问，关 税政策将在多个行业和地区产生广泛影响。 但与此同时，我们也认为，全球化的趋势不会因此而减弱。全球供应链已经高度一体化，具备成熟的机 制和稳定的贸易伙伴关系。因此，从中期来看，短期冲击所带来的影响将会在一定程度上被缓解甚至抵 消。 美国总统特朗普的关税政策，持续冲击全球贸易体系，并引发金融市场动荡，给全球经济带来了不小的 压力与不确定性。渣打银行欧洲区行政总裁Nicolo Salsano在接受南方财经记者采访时表示，尽管特朗 普的关税政策可能在短期内拖累全球经济增长，但全球化的大趋势依然不会改变。他指出，全球供应链 高度整合，国际贸易合作机制也已十分成熟，尽管关税壁垒会造成短期波动，但中长期来看，全球贸易 流动依然会作出必要的调整并有所修复，尤其是亚洲内部以及中欧之间的贸易往来，预期将进一步增 强。 Salsa ...

Group 1: Market Overview - The A-share market experienced fluctuations with the North Securities 50 index down by 3.07% and the Sci-Tech 50 index down by 2.11%, while over 3,800 stocks declined, leading to a slight decrease in trading volume to 1.65 trillion yuan [1] - The coal, medical beauty, and electricity sectors showed relative strength, while humanoid robots, broadcasting, storage chips, and wireless earphones faced significant declines [1] - ST stocks continued to perform strongly, with *ST Xintong achieving a new high since January 2018, recording 31涨停 in 35 trading days [1] Group 2: Sector Performance - The coal industry saw a net inflow of over 3.3 billion yuan from major funds, while the banking and public utilities sectors each received over 2 billion yuan [1] - The power sector maintained strong performance, with the index rising for three consecutive days and trading volume exceeding 28.2 billion yuan, marking a new high for the year [2] - The artificial intelligence data center is expected to drive significant growth in electricity demand, with projections indicating that by 2026, global data center electricity consumption will reach between 620 billion and 1.05 trillion kilowatt-hours [2] Group 3: Company-Specific News - Qi Ming Medical, which had been suspended for over 15 months, saw its stock plummet by 66.37% upon resuming trading due to unauthorized fund transfers by former executives [3] - Qi Ming Medical acknowledged the challenges posed by the suspension and has undertaken a systematic restructuring of its organizational framework to enhance governance and internal controls [3] - The company has established a management committee to improve internal supervision and ensure timely market disclosures regarding significant matters [3]

Investment Rating - The report does not explicitly state an investment rating for the general equipment industry or the specific company being analyzed [1]. Core Insights - The company is strategically positioning itself in the civil sector, focusing on electric vehicles, medical equipment, and civil aviation [17]. - In 2024, the production of electric vehicles in China is projected to reach 12.888 million units, reflecting a year-on-year growth of 34.4%, while sales are expected to be 12.866 million units, with a growth of 35.5% [17]. - The company has introduced advanced machining centers tailored for the electric vehicle industry, emphasizing high efficiency and low energy consumption [17]. - The company is also expanding its product offerings in the medical sector, particularly for ergonomic implants, in response to the aging population, which is expected to constitute 22.0% of the total population by 2024 [17]. - The company has launched several high-end equipment models for the aviation sector, including five-axis machining centers designed for efficient processing of aircraft components [18]. Summary by Sections 1. Basic Research Information - The research was conducted on the company Kede CNC, which operates in the general equipment industry, on February 27, 2025 [13]. 2. Detailed Research Institutions - The research involved institutions such as CITIC Securities and Renqiao (Beijing) Asset Management [14]. 3. Research Institution Proportion - The report does not provide specific data on the proportion of research institutions involved [15]. 4. Main Content Information - The company is actively developing products for humanoid robots, leveraging its control algorithms and servo drive technologies to meet the manufacturing needs of this sector [19]. - The company has developed a large thrust linear motor that enhances control precision and acceleration, suitable for manufacturing components like screws used in humanoid robots [19].