钛合金：消费电子 + 增材制造双赛道应用边际演进与产业 机遇 20260123 摘要 天工股份预计 2026 年第一季度末入选北证 50 样本股，公司专注于钛 合金材料的研发和生产，产品广泛应用于航空航天、消费电子和医疗器 械等领域，市场前景广阔。 公司拥有完整的纯净化熔炼技术和 EB 加 VAR 熔炼工艺体系，能够有效 降低杂质、提高材料纯度，且返回料利用率高达 95%以上，处于行业领 先水平，具备显著的成本优势。 天工股份主要产品包括钛板、钛管、钛线材、钛棒材及钛粉材，其中钛 线材是拳头产品，主要供应北美 A 客户和韩国 S 客户等主流消费电子厂 商，是市场最大的消费电子线材供应商。 公司积极布局增材制造领域，采用 PA 法制备钛合金粉末，具有细粉收 得率高（80%-90%）和球形度优异等特点，南通和镇江两地总产能达 1,200 吨，预计未来 3-5 年内将显著增长。 天工股份致力于民航及无人机紧固件研发，已向下游客户供应试样材料， 性能与进口产品一致且成本更具优势，有望在 C929 飞机上实现进口替 代，为后期收入利润提供支撑。 Q&A 请介绍一下江苏天工科技股份有限公司的基本情况及其在钛合金行业的地位 ...

Group 1 - The company collaborates with leading domestic IP platforms to develop AI comic dramas, having over 100,000 hours of copyrighted works, with more than 20 AI comic dramas expected to be completed and launched by the end of the year [1] - The deep-sea and aerospace sectors are creating new demand for titanium alloys, with analysts optimistic about a team from Peking University proposing design strategies to reduce production costs, benefiting related production enterprises [1]

Core Viewpoint - The company, Tiangong Co., Ltd., is expanding its application of titanium alloys across various industries, including consumer electronics and aerospace, emphasizing innovation and technology development as its core strategy [2][3][4]. Group 1: Company Overview - Tiangong Co., Ltd. successfully listed on the Beijing Stock Exchange in May 2025, marking a significant milestone as the first Hong Kong red-chip structure company to spin off a subsidiary for listing on the exchange [2]. - The company has been focused on the titanium and titanium alloy sector since 2010, with a comprehensive approach covering research, production, and sales [3]. - Key products include titanium alloy wire, plates, and pipes, which are widely used in critical fields such as consumer electronics and energy chemistry [3]. Group 2: Market Expansion and Innovation - The company has made significant strides in the consumer electronics sector, launching a titanium alloy wire smartphone in Q4 2022, with the first Apple phone using Tiangong's titanium alloy materials released in September 2023 [3][4]. - Titanium alloys are recognized for their superior properties, including lightweight, high stability, wear resistance, heat resistance, and excellent corrosion resistance, making them suitable for diverse industry needs [3]. Group 3: Future Outlook - The company anticipates that by 2030, titanium alloys will be widely adopted in the smartphone industry, leading to sustained growth in demand for titanium materials [4]. - Tiangong Co., Ltd. is committed to long-term technological development, focusing on high-end titanium materials that meet future demands in electronics and low-carbon industries [5]. Group 4: Capital and Strategic Development - The IPO raised funds aimed at constructing 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 [6]. - The company plans to utilize the raised capital for technological innovation and expanding the application of titanium materials across various industries [6]. - Tiangong Co., Ltd. is also pursuing horizontal mergers to enter new markets, including the establishment of a new company focused on powder new materials and additive manufacturing [7]. Group 5: Corporate Responsibility and Market Position - The choice to list on the Beijing Stock Exchange aligns with the company's specialized and innovative attributes, which match the exchange's focus on supporting specialized enterprises [7]. - The company emphasizes its responsibility to investors and society, aiming to strengthen its market position and product structure rather than solely pursuing market capitalization [7].