证券日报网讯12月16日，百达精工（603331）在互动平台回答投资者提问时表示，公司的粉末冶金技术 已经运用于机器人零部件的生产。 ...

这场聚焦技术突破的交流，不仅为航空航天材料创新划定了新方向，更让天工国际在商业航天材料领域 的核心竞争力再次凸显。作为全球工模具钢领军企业，天工国际近年来以粉末冶金技术为锚点，持续打 通"技术研发-产品落地-产业协同"的链路，在商业航天材料国产化进程中扮演着愈发关键的角色。 一、破局之"点"：一次技术研讨背后的战略深意 天工国际与中国航发北京航空材料研究院的这次研讨会，其意义远超一般技术交流。它标志着天工国际 正从提供基础材料，向参与定义商业航天未来装备的"核心材料规则"这一更高维度跃迁。 传统冶金技术在某些超高性能需求面前已显现瓶颈，而粉末冶金技术则被双方一致认为是破局的关键。 该技术能从根本上解决传统工艺中材料成分偏析、组织不均的痼疾，从而制备出强度、韧性和可靠性实 现跃升的尖端材料。 研讨聚焦的"航空高端齿轮轴承钢等核心部件材料"，正是航空发动机、可重复使用火箭涡轮泵等系统中 核心部件应对承力大、工况严苛等难题的核心课题。这些材料直接决定了核心部件的寿命与可靠性，也 直接决定了整个航天装备的服役周期与经济性。 因此，这次合作具有双重战略属性。对天工国际而言，这是对其多年深耕粉末冶金领域技术实力的"国 家 ...

二、纵横之"面"：天工国际的商业航天战略图谱 如果将这次技术研讨视为一个锐利的"突破点"，那么它背后展开的，则是天工国际为进军商业航天精心 绘制的"战略面"。这家以工模具钢闻名全球的企业，正以"材料"为轴心，通过纵向深化与横向拓展的方 式，构建起支撑商业航天的立体能力版图。 近日，中国航发北京航空材料研究院"钢与稀贵金属研究所"的专家团队到访天工国际，围绕粉末冶金技 术在航空航天高端装备领域的应用展开深入研讨。 这场聚焦技术突破的交流，不仅为航空航天材料创新划定了新方向，更让天工国际在商业航天材料领域 的核心竞争力再次凸显。作为全球工模具钢领军企业，天工国际近年来以粉末冶金技术为锚点，持续打 通"技术研发-产品落地-产业协同"的链路，在商业航天材料国产化进程中扮演着愈发关键的角色。 一、破局之"点"：一次技术研讨背后的战略深意 天工国际与中国航发北京航空材料研究院的这次研讨会，其意义远超一般技术交流。它标志着天工国际 正从提供基础材料，向参与定义商业航天未来装备的"核心材料规则"这一更高维度跃迁。 传统冶金技术在某些超高性能需求面前已显现瓶颈，而粉末冶金技术则被双方一致认为是破局的关键。 该技术能从根本上解决 ...

近日，中国航发北京航空材料研究院"钢与稀贵金属研究所"专家一行到访天工国际，围绕粉末冶金技术在航空高端装备领域的应用展开深入交流。天工国 际管理层及技术研发团队参加座谈，共同探讨特种钢材料的前沿方向与合作空间。 来源：微信公众号.天工国际 交流中，双方一致认为，粉末冶金技术在解决传统冶金过程中偏析控制难、性能一致性不足等问题方面具有显著潜力，对提升高端装备材料的强度、韧性 与可靠性具有重要意义。 此次研讨进一步加强了天工国际与中国航发北京航空材料研究院"钢与稀贵金属研究所"在特种钢领域的技术互动，为双方在超高强度粉末钢、关键结构材 料等方向的联合攻关奠定了良好基础。未来，天工国际将继续发挥自身在粉末冶金与特种钢材料领域的研发优势，与行业顶尖科研机构携手推动关键材料 国产化进程，为我国航空航天等高端制造装备提供更坚实的材料支撑。 来访专家首先参观了天工国际粉末冶金产线，对公司在粉末制备、组织均匀性控制、材料成分稳定性以及装备配置等方面的技术能力进行了系统了解。双 方围绕粉末冶金技术路线的关键优势与现实瓶颈开展讨论，重点分析了其在航空高端齿轮轴承钢等核心部件材料制备中的应用前景。 ...

Core Viewpoint - Tian Gong International (00826) has seen a significant stock price increase, attributed to its strategic positioning in the emerging nuclear fusion energy sector and advancements in powder metallurgy technology [1] Group 1: Stock Performance - The stock price of Tian Gong International rose nearly 7% during trading, with a current increase of 5.54%, reaching HKD 3.05, and a trading volume of HKD 88.48 million [1] Group 2: Industry Insights - The Central Committee of the Communist Party of China has proposed a forward-looking layout for future industries, emphasizing nuclear fusion energy as a new economic growth point [1] - Powder metallurgy technology is identified as a foundational capability platform for Tian Gong International to enter the strategic new materials and high-end manufacturing sectors, potentially leading to both performance and valuation improvements [1] Group 3: Technological Advancements - Nuclear fusion structural and functional materials require high resistance to temperature and radiation, relying on powder metallurgy systems for production [1] - As global nuclear fusion technology accelerates towards commercialization, the company is positioned to become a core node in the supply chain, with growth potential as the industry expands [1] - The blanket is a core component of the magnetic confinement fusion device Tokamak, necessitating properties such as radiation swelling resistance, high-temperature strength, thermal conductivity, and inherent low activation [1] - RAFM steel is recognized as the most mature and mainstream candidate structural material for blankets, while boron steel is noted for its high neutron absorption capacity and sufficient mechanical properties [1] - The company has successfully developed core technology for a new neutron shielding material, high boron steel (304B7), for nuclear fusion devices and has achieved small batch production [1] - The company is accelerating the application development of advanced low-activation steel (RAFM steel) for nuclear fusion key structural materials [1]

Core Viewpoint - Tian Gong International (00826) has seen a significant stock price increase, attributed to its strategic positioning in the emerging nuclear fusion energy sector and advancements in powder metallurgy technology [1] Group 1: Company Developments - Tian Gong International's stock rose nearly 7% during trading, closing up 5.54% at HKD 3.05, with a trading volume of HKD 88.48 million [1] - The company has successfully developed core technology for a new neutron shielding material, high-boron steel (304B7), for nuclear fusion devices and has begun small-scale production of trial pieces [1] - The company is accelerating the application development of advanced low-activation steel (RAFM steel), which is crucial for nuclear fusion structural materials [1] Group 2: Industry Insights - 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] - Powder metallurgy technology is identified as a foundational capability platform for Tian Gong International to enter the strategic new materials and high-end manufacturing sectors, potentially enhancing both performance and valuation [1] - RAFM steel is recognized as the most mature and mainstream candidate structural material for the core component of magnetic confinement fusion devices, known as tokamaks, due to its excellent radiation swelling resistance, high-temperature strength, thermal conductivity, and inherent low activation properties [1]

Core Insights - The company has over 40 years of experience in the special steel industry and has successfully transformed from a cutting tool manufacturer to a leading international high-end materials enterprise covering four major segments: high-speed steel, tool steel, cutting tools, and titanium alloys [1] - The company exhibits strong profitability and effective cost management, with stable gross and net profit margins, and maintains high R&D investment to support long-term growth [1] - The tool steel segment is a cornerstone for the company, holding the largest global market share in tool steel and high-speed steel, providing stable cash flow and strong risk resistance [1] - The titanium alloy business is positioned to capture emerging demand in high-value sectors, particularly in consumer electronics, which is expected to drive future revenue growth despite short-term demand fluctuations [2] - Powder metallurgy technology is identified as a foundational capability for entering strategic new materials and high-end manufacturing sectors, potentially enhancing both performance and valuation [3] - The company is expected to achieve significant revenue and profit growth in the coming years, with projections of revenues reaching 49.41 billion, 56.99 billion, and 65.45 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 4.31 billion, 6.20 billion, and 8.50 billion yuan [4] Financial Performance - The company is projected to achieve revenue growth rates of 2.2%, 15.3%, and 14.8% for the years 2025, 2026, and 2027 respectively [4] - The expected net profit growth rates are 20.0%, 43.9%, and 37.2% for the same years [4] - The company’s 2026 price-to-earnings (PE) ratio is estimated at 12X, which is below the industry average PE of 37X, indicating potential undervaluation [4]

Core Viewpoint - Tian Gong International (00826) has emerged as a representative enterprise in the special steel industry, successfully navigating the "anti-involution" strategy amidst China's economic challenges, focusing on high-quality development through specialization and innovation [1][2]. Industry Overview - The "anti-involution" strategy aims to transition China's economy from a "price red sea" to a "value blue sea," optimizing resource allocation and enhancing industrial capacity utilization [1]. - The steel industry initiated its first "anti-involution" action in May 2023, leading to a recovery in the steel industry's PPI index, which rose to 99.5% by September, an increase of 3.9 percentage points year-on-year [1]. Company Development - Tian Gong International has established itself as a model for the "specialized, refined, distinctive, and innovative" development path, highlighted during the first China Special Steel and New Materials Summit [2]. - The company has accelerated the commercialization of its powder metallurgy technology, achieving significant market recognition for its high-end new materials [2][4]. Technological Advancements - Tian Gong International has built a comprehensive powder metallurgy technology platform, advancing from product upgrades to additive manufacturing materials and critical material development [4]. - The company is the only domestic enterprise capable of large-scale production of powder metallurgy tool steel, with sales projected to grow from 83 tons in 2020 to 1,500 tons by 2025, reflecting a compound annual growth rate of 79.2% [5]. Market Position and Collaborations - The company has secured a significant partnership with Heng Er Da, committing to supply at least 600 tons of specialized materials over five years, marking a breakthrough in its domestic client base [5]. - Tian Gong International is strategically entering the titanium alloy 3D printing powder market, aiming to capture opportunities in the rapidly growing global 3D printing market, projected to grow from $27.5 billion in 2024 to $150.2 billion by 2032 [6]. Future Growth Potential - The company is focusing on developing critical materials for high-end equipment manufacturing and advanced technologies, including high-nitrogen alloy materials for humanoid robots and nuclear fusion applications [7]. - Tian Gong International's trajectory indicates a shift from being merely a special steel enterprise to becoming a high-end materials company, which is expected to enhance its market valuation significantly [8]. - Recent reports suggest that high-end materials will be a key profit driver for the company, with a target price of HKD 4.38, indicating a potential upside of 55% from recent closing prices [8].

Core Insights - TianGong International's CTO Liao Jun and his technical team visited the Southwest Institute of Physics to discuss research and collaboration on nuclear fusion structural materials [1][3] - The Southwest Institute of Physics has been a key player in China's controlled nuclear fusion and plasma physics research since its establishment in 1965, contributing significantly to the ITER project [3] - Dr. Yu Yang, the chief scientist of TianGong International, presented on the development and industrialization of powder metallurgy high-alloy steel, highlighting breakthroughs in purity, uniformity, and toughness that address performance limitations of traditional materials in extreme fusion environments [3][5] Collaboration and Future Directions - Both teams discussed the current state of nuclear fusion structural materials, development bottlenecks, and future needs, agreeing that TianGong's advanced powder metallurgy technology is crucial for overcoming material challenges [5] - A consensus was reached to strengthen joint technical efforts and promote the domestic production and complete import substitution of nuclear fusion structural materials [5] - Plans for a follow-up visit by the Southwest Institute of Physics were established to align research directions with practical needs, laying a solid foundation for future collaboration [5] - TianGong International aims to leverage its innovation and industrialization capabilities to focus on cutting-edge fields such as nuclear fusion, aerospace, and healthcare, contributing to the transition from "catching up" to "leading" in high-end critical materials [5]

Group 1: Industry Overview - The automotive sector is the largest demand area for powder metallurgy products, with an estimated market space of nearly 8 billion yuan in 2024 [2] - The aerospace sector in China is experiencing explosive growth, driven by increasing commercial aircraft deliveries and steady progress in spacecraft launches, which boosts the demand for powder metallurgy products [4][6] Group 2: Market Demand in Aerospace - High-temperature alloy materials produced through powder metallurgy are essential for critical components in aerospace engines, such as turbine discs and compressor discs, due to their excellent high-temperature performance [6] - There is a growing demand for lightweight, high-strength materials in aerospace, with powder metallurgy capable of producing aluminum and titanium alloys that meet these requirements [6] - Porous and permeable powder metallurgy materials are suitable for high-temperature parts, maintaining stable performance under extreme conditions [6] - Powder metallurgy brake pads are widely used in aerospace due to their high strength, wear resistance, and reliable braking performance under high loads and temperatures [6] Group 3: Global Market Landscape - GKN Group is identified as the leading company in the global powder metallurgy market, with significant historical data and technological reserves [7] - Other notable companies include Sumitomo Electric, Bohai Metal, and Sandvik, which are positioned in the first tier of the market, while domestic firms like Dongmu Co. and Antai Technology are in the second tier [7] - The global powder metallurgy market is projected to reach approximately 25.1 billion USD in 2024, with automotive applications being a major growth driver [10][11]