走稳"专精特新"发展之路的天工国际(00826)，已成特钢行业"反内卷"的代表性企业。 在我国当前经济持续通缩的大背景之下，"反内卷"已成为中国推动经济从"价格红海"向"价值蓝海"跨越 的关键战略。通过整治"内卷式"竞争，不仅可以优化资源配置，提升工业产能利用率，为再通胀创造有 利条件，亦可助力构建新发展格局，推动经济实现高质量的良性发展。 自2025年3月《政府工作报告》中首次将"综合整治'内卷式'竞争"纳入年度关键任务以来，各行各业逐 渐掀起了"反内卷"热潮，钢铁行业亦不例外，于今年5月首次开展了整治"内卷式"竞争行动。 仅短短数月，"反内卷"在钢铁行业已有成效，炼钢行业PPI指数自5月份逐渐回暖，至9月份时该指数已 升至99.5%，相较上月同期提高3.9个百分点。 而"反内卷"于钢铁行业"立竿见影"的背后，得益于产业内企业通过转型升级、高端化发展等模式走出了 差异化道路。在10月16日至17日举行的首届中国特钢及新材料专精特新峰会上，中国特钢企业协会执行 会长王文金强调，走"专精特新"发展之路，已是行业应对挑战、把握机遇，实现高质量发展的必由之路 和制胜法宝。 在此次峰会上，中国特钢企业协会发布了《"专 ...

走稳"专精特新"发展之路的天工国际(00826)，已成特钢行业"反内卷"的代表性企业。 例如在工模具钢领域，天工国际是国内唯一规模化生产粉末冶金工模具钢的企业。自2020年以来，天工 国际粉末冶金工模具钢的销量从83吨预计增长至2025年的1500吨，年复合增速79.2%，累计销量预计达 4098吨，平均售价约15万元/吨，平均毛利率高于40%，持续推动工模具钢的高端化转型。 在我国当前经济持续通缩的大背景之下，"反内卷"已成为中国推动经济从"价格红海"向"价值蓝海"跨越 的关键战略。通过整治"内卷式"竞争，不仅可以优化资源配置，提升工业产能利用率，为再通胀创造有 利条件，亦可助力构建新发展格局，推动经济实现高质量的良性发展。 自2025年3月《政府工作报告》中首次将"综合整治'内卷式'竞争"纳入年度关键任务以来，各行各业逐 渐掀起了"反内卷"热潮，钢铁行业亦不例外，于今年5月首次开展了整治"内卷式"竞争行动。 仅短短数月，"反内卷"在钢铁行业已有成效，炼钢行业PPI指数自5月份逐渐回暖，至9月份时该指数已 升至99.5%，相较上月同期提高3.9个百分点。 而"反内卷"于钢铁行业"立竿见影"的背后，得益于产业 ...

天工国际成立于1981年。彼时，公司还是一家濒临破产的村办小厂，纸绳子、铜拉手、塑料瓶盖、电视 天线……为了维持企业运转，天工国际尝试过多种产品。1987年，公司开始研发生产切削刀具，以当时 颇具加工难度的麻花钻作为切入口，很快打开了市场、站稳了脚跟，成为一家刀具企业。 "1992年，公司的刀具产销已颇具规模，考虑到材料成本等综合因素，我们决定自行生产高速工具钢， 打通产业链上下游。"朱泽峰说，这一决定让天工国际的产品自主研发能力大大加强，经过此后30余年 的发展，公司不仅切削刀具产品不断丰富，涵盖了磨制钻、轧制钻、铣制钻、丝锥、车刀等一系列精密 刀具，而且高速工具钢的生产规模也不断攀升，走到了行业前列。 2018年，天工国际意识到粉末冶金钢能够对公司产品性能带来巨大提升，于是投入大量人力、物力、财 力上马当时在国内尚处空白的粉末冶金工模具钢规模化生产线。 用了4年时间，天工国际对其中的核心环节一一攻克，实现了粉末冶金工模具钢从无到有、技术达到世 界一流水平的跨越，公司也成为国内唯一规模化生产粉末冶金工模具钢的企业。 中国特钢企业协会近日消息，天工国际已成功攻克核聚变装置用中子屏蔽新材料的雾化制粉、筛分混匀 ...

Core Viewpoint - Tian Gong International has successfully developed new neutron shielding materials for nuclear fusion devices, marking a significant advancement in its powder metallurgy capabilities [1] Group 1: Company Development and Transformation - Tian Gong International was established in 1981 and initially struggled as a small village factory, producing various low-demand products [2] - The company shifted focus to cutting tools in 1987, achieving market stability and expanding into high-speed tool steel production by 1992 [2] - Over 30 years, the company has diversified its product offerings in cutting tools and has become a leader in high-speed tool steel production [2] - In 2018, the company recognized the potential of powder metallurgy steel and invested heavily in establishing a large-scale production line, becoming the only domestic producer of powder metallurgy tool steel [2] Group 2: Innovations in Powder Metallurgy - The application of powder metallurgy steel has expanded beyond the company's own cutting tools, addressing performance issues in large die-casting molds through innovative collaborations [3] - Tian Gong International's powder metallurgy steel offers improved microstructure uniformity and superior performance compared to traditional materials [3] Group 3: Titanium Alloy Business - Tian Gong International's subsidiary, Tian Gong Co., successfully listed on the Beijing Stock Exchange, enhancing its capital market presence [4] - The titanium alloy business focuses on high-end applications, transitioning from rough processing to precision and deep processing, with products extending into various emerging markets [4] - The company has achieved significant milestones in titanium ingot production, enhancing its capabilities in high-end titanium and titanium alloy materials [4] Group 4: Research and Development Focus - The company emphasizes research and development as a key driver for advancing into high-end markets, with increasing R&D expenditures and collaborations with research institutions [6] - Tian Gong International has engaged with various universities and research institutes to strengthen its technological advantages and achieve significant breakthroughs [6] - The company is actively pursuing opportunities in the domestic market for precision tools, aiming to capture a larger share of the substantial market potential [6]

● 本报记者 孟培嘉 中国特钢企业协会近日消息，天工国际已成功攻克核聚变装置用中子屏蔽新材料的雾化制粉、筛分混匀 和热等静压等核心技术，粉末核钢顺利实现小批量试验件生产。"此次突破，标志着我们在粉末钢领域 的技术与生产能力迈上新的台阶。"天工国际总裁、天工股份董事长朱泽峰近日接受中国证券报记者采 访时表示。 从切削刀具起家，到产业链一路向上延伸至生产工模具钢、攻克粉末冶金，再到发展钛合金业务，一路 走来，科技创新引领、瞄准高端领域是天工国际不断转型升级的驱动力。 不断转型升级 深耕钛合金业务 今年5月，天工国际子公司天工股份成功上市，成为北交所开市以来首个港股红筹架构上市公司分拆子 公司至北交所成功上市的案例。 天工股份是天工国际又一核心业务钛合金业务的经营主体，同样秉持着天工国际走高端、多元产品的理 念，是国家级专精特新"小巨人"企业、高新技术企业。 天工国际成立于1981年。彼时，公司还是一家濒临破产的村办小厂，纸绳子、铜拉手、塑料瓶盖、电视 天线……为了维持企业运转，天工国际尝试过多种产品。1987年，公司开始研发生产切削刀具，以当时 颇具加工难度的麻花钻作为切入口，很快打开了市场、站稳了脚跟，成为一家 ...

Investment Rating - The report assigns a "Buy" rating to the company [3][5]. Core Views - The company is a global leader in the specialty steel segment, with four synergistic business lines: tool steel, high-speed steel, cutting tools, and titanium alloys [3][20]. - The company has successfully broken the overseas monopoly in powder metallurgy and is positioned to benefit from the growing demand in high-end manufacturing sectors such as robotics and aerospace [19][65]. - The company has a strong focus on R&D, with significant investments aimed at enhancing its competitive edge in high-end materials [35][39]. Summary by Sections Global Specialty Steel Leader - Established in 1981, the company has evolved from cutting tools to high-speed steel, mold steel, and titanium alloys, achieving vertical integration in the high-speed steel cutting tool industry [20][21]. - The company launched China's first large-scale powder metallurgy production line in 2019, becoming the only domestic enterprise capable of large-scale production in this field [20][21]. Powder Metallurgy - The company is tapping into a vast domestic replacement market for powder metallurgy, with applications in aerospace and automotive sectors [2][19]. - Current production capacity for powder metallurgy has reached 5,000 tons, with plans to expand to 10,000 tons [2][66]. - The company has developed a new high-nitrogen steel patent, which is expected to penetrate high-end markets such as aerospace and robotics [2][19]. Titanium Alloys - The company is entering the 3C (computer, communication, consumer electronics) market, leveraging the lightweight and high-strength properties of titanium alloys [2][19]. - Production capacity for titanium alloys has reached 7,000 tons, with plans for an IPO to further expand operations [2][19]. Financial Forecast - The company is projected to generate revenues of 5.1 billion, 5.6 billion, and 6.0 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 464 million, 533 million, and 577 million yuan [3][30]. - The expected price-to-earnings ratios for these years are 11.18, 9.73, and 8.99, indicating strong growth potential [3][30]. Market Perception - The market tends to view the company through the lens of traditional steel manufacturing, overlooking its differentiated competitive advantages in specialty steel [17][18]. - The company is expected to benefit from the structural growth in the specialty steel sector, which is less sensitive to macroeconomic fluctuations compared to traditional steel [18][19].