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 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 ocean," 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 is recognized as a key case study in the "specialized, refined, distinctive, and innovative" development path, highlighted during the first China Special Steel and New Materials Summit [2]. - The company has established a comprehensive powder metallurgy technology platform, advancing from product upgrades to additive manufacturing materials and critical material development [4]. Product and Market Expansion - In the field of tool steel, Tian Gong International is the only domestic enterprise producing powder metallurgy tool steel at scale, 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]. - The company has secured a significant partnership with Heng Er Da, committing to purchase at least 100 tons of cutting tool materials annually for five years, indicating a breakthrough in the domestic market [5]. Technological Advancements - Tian Gong International's powder metallurgy technology allows for a material yield rate of over 80%, significantly enhancing product performance compared to traditional steel production methods [5]. - The company is strategically entering the titanium alloy 3D printing powder market, aiming to capture growth opportunities in the rapidly expanding global 3D printing market, projected to grow from $27.5 billion in 2024 to $150.2 billion by 2032 [6]. Strategic Collaborations - A strategic partnership with Ningbo Saiweida aims to innovate in high-end die materials and additive manufacturing technologies, further enhancing Tian Gong International's position in the advanced manufacturing sector [6]. - The company is also focusing on developing critical materials for high-end equipment manufacturing and frontier technologies, including high-nitrogen alloy materials for humanoid robots and nuclear fusion applications [7]. Future Outlook - Tian Gong International is transitioning from a traditional special steel enterprise to a high-end materials company, which is expected to enhance its market valuation as the steel industry accelerates its "anti-involution" efforts [8]. - Recent reports indicate that high-end materials will become a significant profit driver for the company, with a target price of HKD 4.38, representing a potential 55% upside from recent closing prices [8].

Group 1 - The core viewpoint of the articles highlights the recovery of China's steel industry, with the PPI index for the steel sector reaching 99.5% in September, an increase of 3.9 percentage points compared to the previous month [1] - The PPI index has shown a significant upward trend since May, coinciding with the industry's first initiative to address "involution" competition [1] - Several steel companies are adopting transformation and upgrading strategies, focusing on differentiated development to maintain the overall interests of the industry chain [3] Group 2 - Wang Wenjin, Executive Chairman of the China Special Steel Enterprises Association, emphasizes the need for a new growth path to resolve the issue of involution, advocating for a specialized and innovative development approach [5] - The first China Special Steel and New Materials Specialized and Innovative Summit recently released a report promoting differentiated development routes for related enterprises, aiming for intelligent and high-end transformation [5] - The production of "hand-tear steel," which is the world's thinnest steel at 0.015 mm thick, has recently achieved full-scale production, with a daily output of approximately 3 tons [7] Group 3 - The "hand-tear steel" is being integrated into various applications, including soft-pack materials for new energy vehicle batteries and components in consumer electronics, enhancing battery capacity and extending device lifespan [9] - The introduction of "hand-tear steel" has significantly improved the durability of foldable screens, increasing their lifespan from 40,000-50,000 folds to potentially 80,000-100,000 folds [11] - The production process of "hand-tear steel" is complex, requiring precise control and collaboration among multiple operators to achieve the desired thickness and quality [13] Group 4 - The articles also discuss the emergence of the world's smallest steel, with particles measuring only 500 microns in diameter, which can be used in advanced applications such as new energy vehicle casting equipment [16] - Powder metallurgy products have a significantly longer lifespan compared to traditional methods, with potential usage life extending from 6,000 to 20,000 molds, and possibly up to 50,000 or 80,000 molds in the future [18] - The annual production capacity of powder metallurgy at Tiangong International has reached 8,000 tons, with applications spanning from complex tools to high-end components for humanoid robots and fusion reactors [20]

Group 1: Industry Overview - In September 2023, China's steel industry PPI (Producer Price Index) continued to rise, reaching 99.5%, an increase of 3.9 percentage points compared to the previous month [1] - The PPI data has shown a significant upward trend since May 2023, coinciding with the industry's first initiative to address "involution" competition [1] Group 2: Company Strategies - Several steel companies are adopting transformation and differentiation strategies to maintain the overall interests of the industry chain [3] - The China Special Steel Enterprises Association emphasizes the need for a new development path to solve the issue of involution, advocating for a focus on specialized and innovative growth [5] Group 3: Product Innovations - At the first China Special Steel and New Materials Summit, a report was released to promote differentiated development routes for enterprises, focusing on intelligent and high-end transformation [6] - The world's thinnest steel, measuring only 0.015 mm thick, has recently achieved mass production, with a daily output of approximately 3 tons [8] - The production process of this "hand-torn steel" is complex, requiring precise control to achieve the desired thickness without damaging the surface [11][13] Group 4: Application and Performance - "Hand-torn steel" is being integrated into various applications, including soft-pack materials for new energy vehicle batteries and components in consumer electronics, enhancing battery capacity and extending device lifespan [11] - The introduction of "hand-torn steel" has significantly improved the durability of foldable screens, increasing their lifespan from 40,000-50,000 folds to potentially 80,000-100,000 folds [11] - Powder steel, with particles as small as 500 microns, is being utilized in advanced applications, including high-tech products and precision tools, with a lifespan improvement from 6,000 to potentially 50,000 mold cycles [15][17]

Group 1 - Heng Er Da (300946.SZ) signed a strategic cooperation framework agreement with Tian Gong International (00826) to collaborate on the application of powder high-speed steel and high-nitrogen steel in planetary roller screw manufacturing [1][2] - Tian Gong International is the only global manufacturer of a full range of powder products, with its powder steel certified by the North American Die Casting Association (NADCA), breaking a 30-year monopoly held by European and American companies [1] - Heng Er Da will purchase no less than 100 tons of cutting tool materials annually from Tian Gong International for five years starting in 2026, totaling at least 600 tons [1] Group 2 - Tian Gong International's self-developed high-nitrogen alloy TPMDC02A was delivered to Jiangsu Runfu Power in early July for mass production of planetary roller screws, making it the first domestic company to apply high-nitrogen steel in this area [2] - The collaboration aims to enhance the precision and yield of Heng Er Da's rolling components, addressing the issues of low processing efficiency and high costs in domestic screw manufacturing [2] - This partnership marks a commercial milestone for Tian Gong International's powder steel and high-nitrogen steel technologies, highlighting its strategic positioning in the humanoid robot and high-end equipment sectors [2]