天工国际 20251120 摘要 钛合金需求激增：公司与苹果签订约 4,000 吨钛合金订单，较 2025 年 增长 4 倍，预计 2026 年钛合金总销量达 5,000-6,000 吨，受益于手机 厂商如苹果、三星、小米、华为等新机型对钛合金的大量使用。 钛合金业务盈利预测：预计 2026 年钛合金业务营收达 10 亿元，受益 于海绵钛价格下降至每吨 4 万元，公司未调整供货价格，净利润率预计 达 45%，对应净利润约 4.5 亿元。 粉末钢业务增长强劲：2025 年粉末钢销售目标 1,500 吨已基本确定， 2026 年目标 3,000 吨，增量主要来自核聚变相关项目，如贝斯堆硼钢 和去活化钢招标 1,100 吨，核聚变市场前景广阔。 公司整体盈利能力稳健：2025 年主业扣除钛合金后利润预计 3.5-4 亿 元，同比增长 10%-15%，加上钛合金业务 3 亿元，总体盈利有望达 7 亿多元，收购 3D 打印钛粉企业将进一步增加营收和利润。 核聚变材料商业应用前景：核聚变商业堆中材料将成为耗材，需定期更 换，为材料企业带来持续需求和市场价值增长，公司在核聚变领域粉末 技术应用前景广阔，与科研院所合作顺利， ...

Core Viewpoint - Tian Gong International (00826) has seen a stock price increase of over 6%, currently trading at 3.13 HKD with a transaction volume of 142 million HKD, driven by strategic developments in nuclear fusion energy and titanium alloy applications [1] Group 1: Industry Developments - The Central Committee of the Communist Party of China has proposed forward-looking layouts for future industries, emphasizing nuclear fusion energy as a new economic growth point [1] - The market for nuclear fusion materials is expected to be broad, with significant strategic importance for companies involved in this sector [1] Group 2: Company Developments - Tian Gong International specializes in titanium alloy wire and is expanding into the 3D printing titanium alloy powder market, indicating a strategic move into high-demand areas [1] - The company has signed a long-term supply agreement with Heng Er Da, committing to supply at least 100 tons of specialized powder high-speed steel materials annually for five years, totaling no less than 600 tons [1] - The company is optimistic about the prospects of its high-end titanium alloy business, anticipating increased demand from downstream customers and progress in sectors such as aerospace, healthcare, and nuclear fusion [1]

Group 1 - Tian Gong International (00826) saw a significant increase in stock price, rising over 8% and currently trading at 2.66 HKD with a transaction volume of 116 million HKD [1] - China Fusion Energy Company, established with a registered capital of 15 billion RMB and only two months old, made its debut at the 25th China International Industry Fair, showcasing its technology and business layout [1] - The company aims for commercial fusion energy by 2050, following the typical nuclear energy development path from experimental to demonstration to commercial reactors, with R&D activities in Shanghai and Chengdu [1] Group 2 - Industrial analysts at Industrial Securities believe that Tian Gong International is well-positioned in the scarce core materials sector, with significant growth potential in titanium alloys, fusion materials, and humanoid robots [2] - Materials are identified as a major technical bottleneck in the development of fusion reactors, with RAFM steel and high-boron steel being primary candidates for reactor structures, requiring 4,000 to 7,000 tons of RAFM steel and 400 to 1,000 tons of high-boron steel per reactor [2] - The company leverages its powder metallurgy advantages to significantly enhance beneficial alloy element composition while achieving a dispersion of nano-scale strengthening phases, which may greatly improve the key performance of fusion reactor materials in the future [2]