Investment Rating - The report rates the non-ferrous metals industry as "Positive" for 2024 [4] Core Insights - The non-ferrous metals industry is expected to see profit improvement in 2024, with the characteristic of "resource supremacy" becoming more pronounced. Supply from the mining sector remains rigid, while companies are cautious with capital expenditures amid increasing macroeconomic volatility and export policy restrictions from various countries, leading to enhanced supply constraints. The demand side shows a fragmented demand landscape under the backdrop of de-globalization, with re-industrialization in Europe and the US and economic growth in emerging markets being the main demand drivers. Revenue and net profit for the non-ferrous sector are projected to grow slightly, indicating a gradual improvement in industry prosperity. Resource-based companies, particularly in copper, gold, aluminum, tin, and tungsten, are expected to perform better, with a growing focus on resource scarcity and strategic importance [19][22][26]. Summary by Sections 1. Industry Overview - The non-ferrous metals sector is projected to achieve a revenue of CNY 3.47 trillion in 2024, representing a year-on-year growth of 5.86%, and a net profit of CNY 138.41 billion, reflecting a slight increase of 1.77% [22][26]. 2. Market Dynamics - The report highlights that industrial metals experienced significant price fluctuations due to US trade tariffs in early April, but prices have since rebounded as negotiations exceeded market expectations. Small metals continue to perform well, with tungsten prices reaching new highs amid strengthened domestic export controls [20][21]. 3. Policy Changes - Domestic measures to tighten resource export controls have been noted, alongside international collaborations for mineral investment and development. Key actions include China's crackdown on strategic mineral smuggling, Australia's commitment to establishing strategic reserves for critical minerals, and various agreements between countries to enhance mining cooperation [20][21]. 4. Company Performance - Chinese listed copper companies have shown a significant increase in resource and reserve volumes, with a 27% year-on-year increase in resource volume and a 25% increase in reserves. Notable companies like Zijin Mining and Minmetals Resources have made substantial acquisitions and exploration investments to secure resource safety [22][28][32].

Group 1 - Jiangsu Tiangong Technology Co., Ltd. (Tiangong Co.) has become the first new company listed on the Beijing Stock Exchange in 2025 and the first "H-share A-share" company to list on the exchange [1] - Tiangong Co. focuses on the research, production, and sales of titanium and titanium alloy materials, which are considered strategic materials for both national defense and civilian technology development [1][2] - The company plans to raise funds to build a production line with an annual capacity of 3,000 tons of high-end titanium and titanium alloy rods and wires, increasing its total capacity from 7,000 tons to 10,000 tons [4] Group 2 - The titanium industry is experiencing a shift from rough processing to precision and deep processing, with significant applications in consumer electronics, 3D printing, and other fields [2][3] - In 2023, China's titanium processing material consumption reached 148,400 tons, with over 70% used in the chemical, salt, and aerospace sectors; the consumer electronics sector saw a growth rate of 43.76% year-on-year [3] - Tiangong Co. has developed over 10 types of titanium materials and has gained recognition from globally renowned manufacturers in the consumer electronics sector [3] Group 3 - Tiangong Co. aims to enhance its research and development capabilities and diversify its titanium product offerings to meet market demands [5] - The company emphasizes the importance of technological innovation to strengthen its competitive edge and contribute to the advancement of high-end manufacturing [5] - In 2024, Tiangong Co. plans to invest 34.41 million yuan in R&D, accounting for 4.29% of its total revenue, reflecting its commitment to developing new production capabilities [5]

Company Overview - Tian Gong Co., Ltd. is recognized as a national-level specialized and innovative "little giant" in the titanium alloy sector, primarily engaged in the research, production, and sales of titanium and titanium alloy materials [1][2] - The company processes titanium sponge into various titanium products, including titanium plates, pipes, ingots, and rods, which are widely used in high-tech industries such as consumer electronics, aerospace, marine engineering, chemical energy, biomedical, and 3D printing [1][2] Business Performance - The company has established a deep partnership with Changzhou Soloman, a key player in Apple's supply chain, leading to significant revenue growth [2] - In 2024, sales to Soloman and its affiliates are projected to reach 575 million yuan, a fivefold increase from 2022, with revenue contribution rising from 27.88% to 71.72% [2] - The company is also expanding its product offerings in aerospace and medical applications, having obtained relevant certifications and achieving breakthroughs in high-end applications [2] Industry Insights - The titanium processing industry in China has shown stable growth, with production increasing from 48,600 tons in 2015 to 159,100 tons in 2023, representing a compound annual growth rate (CAGR) of 15.97% [3] - Sales volume in the same period grew from 43,700 tons to 148,400 tons, with a CAGR of 16.51% [3] Financial Performance - The company reported revenues of 383 million yuan, 1.035 billion yuan, and 801 million yuan for the years 2022, 2023, and 2024, with year-on-year growth rates of 35.65%, 170.05%, and -22.59% respectively [3] - Net profit attributable to shareholders was 70 million yuan, 170 million yuan, and 172 million yuan for the same years, with growth rates of 244.00%, 142.57%, and 1.57% respectively [3] IPO and Strategic Investors - Tian Gong Co., Ltd. plans to issue 69 million shares, raising 272 million yuan, with the funds allocated for a project to build a production line for 3,000 tons of high-end titanium and titanium alloy rods and wires [3] - The company has attracted a prestigious group of 12 strategic investors, with 30% of the shares allocated for strategic placement, indicating strong institutional confidence [4] Market Sentiment and Valuation - The company is expected to perform well on its first trading day, with potential price increases based on recent trends in new stock listings [5][6] - The dynamic price-to-earnings ratio at the time of issuance is 14.8 times, significantly lower than the average of 51 times for comparable companies, suggesting a strong valuation advantage [6][7] - The initial offering price of 3.94 yuan is relatively low compared to recent new listings, which may lead to speculative trading [7][8]

Core Viewpoint - The company, Hunan Xiangtou Jintian Titanium Industry Technology Co., Ltd. (referred to as "Jintian Titanium"), reported steady growth in revenue and net profit for the year 2024, focusing on high-end titanium materials to meet market demand in aerospace, marine engineering, and shipbuilding sectors [2][3] Financial Performance - The company achieved an operating income of approximately 808 million yuan, representing a year-on-year increase of 0.91% - The net profit attributable to shareholders was about 152 million yuan, reflecting a year-on-year growth of 3.04% - A cash dividend of 0.84 yuan per 10 shares (including tax) is proposed for all shareholders [2] Research and Development - Jintian Titanium's R&D expenses have been increasing annually, from 27.65 million yuan in 2020 to 52.77 million yuan in 2024, nearly doubling in five years - The company has rapidly increased its intellectual property holdings, with a total of 91 invention patents applied for and 43 granted, along with 36 utility model patents applied for and granted [3] Market Position and Strategy - The company is targeting the high-end titanium market, which is characterized by a significant supply shortage in China, particularly in aerospace and marine engineering sectors - The domestic low-end titanium market suffers from overcapacity, with utilization rates below 60%, leading to low profit margins and insufficient R&D investment in low-end production [2] - Jintian Titanium has established a production capacity of 5,000 tons per year for high-performance titanium and titanium alloy processing materials and is advancing its IPO fundraising project for high-end titanium alloy industrialization [3] Industry Outlook - The demand for high-end titanium materials in aerospace is rapidly increasing, and there is substantial growth potential for titanium usage in shipbuilding compared to foreign markets - The rise of marine equipment and engineering presents significant opportunities for Jintian Titanium in niche markets [3]

4月9日晚间，金天钛业（688750.SH）发布了上市后首份年报。2024年，公司实现营业收入8.08亿元， 同比增长0.91%；归属于上市公司股东的净利润1.52亿元，同比增长3.04%；主营业务毛利率达38.85%， 较2023年提升4.4个百分点。公司拟实施10派0.84元（含税），合计派发现金红利3885万元。 2024年，在钛材行业向中高端加速升级、军工国产替代提速的背景下，金天钛业依托"一体两翼"战略， 以航空航天为基石，向海装、民用航空领域"两翼"延伸，通过业务结构优化、核心技术攻关，展现出良 好的成长韧性。 军工基本盘稳固，"两翼"市场多维突破 金天钛业专注于高端钛及钛合金材料的研发、生产和销售，主要产品为钛及钛合金棒材、锻坯及零部 件，广泛应用在航空、航天、舰船及兵器等领域。 年报显示，公司生产的高端钛合金产品主要面向国内高端装备用航空市场，主要客户包括航空工业、中 国航发、三角防务等。在该领域内，金天钛业市占率排名第三，仅次于西部超导和宝钛股份。 2024年，金天钛业积极对接国家重大型号装备需求，全方位参与航空、航天等领域型号装备配套研制。 值得一提的是，公司研发工作务实高效，尤为注重研究 ...