Core Viewpoint - The powder high-speed steel market is expanding due to increasing demand in high-end manufacturing sectors such as aerospace and automotive, with the market size in China projected to reach 3.9 billion yuan in 2024, a year-on-year increase of 4% [1][12]. Industry Overview - Powder high-speed steel is produced using powder metallurgy technology, which offers significant advantages over traditional casting methods, such as uniform distribution of carbide particles, leading to improved strength, toughness, and hardness [2][4]. - The production process involves high-pressure inert gas or water atomization to create fine, uniform steel powder, which is then shaped and sintered [2]. Industry Development History - The powder high-speed steel industry has evolved over decades, with the first generation emerging in the 1960s. The introduction of new technologies in the 1990s significantly reduced impurity levels, leading to the second generation, while the third generation, post-2000, features finer steel powder and further improved properties [6][10]. Industry Chain - The upstream materials for powder high-speed steel include hard alloy steel powder, carbon steel, tungsten, molybdenum, chromium, vanadium, and cobalt. The midstream involves the production of powder high-speed steel, while the downstream applications span mechanical processing, automotive, aerospace, and mold manufacturing [8]. Current Industry Status - Domestic production of powder high-speed steel has increased significantly, with a production volume of 15,600 tons in 2018, projected to grow to 19,500 tons by 2024, reflecting a compound annual growth rate of 3.8% [10][12]. Competitive Landscape - International companies like Sandvik, Erasteel, Toshiba Materials, and Kennametal dominate the high-end market, while domestic leaders like Tiangong International are making strides in mid-to-high-end market segments through technological advancements [14]. Key Companies - Tiangong International, established in 1981, is a leading manufacturer of high-speed steel and cutting tools, with a revenue of 4.832 billion yuan in the 2024 fiscal year, a decrease of 6.42% year-on-year [16]. - HeYe Technology, a subsidiary of Antai Technology, specializes in high-speed tool steel and has a broad market presence across various industrial sectors [18]. Industry Trends - Continuous technological innovation is expected to enhance the performance of powder high-speed steel, with a focus on optimizing alloy compositions and improving sintering processes [20]. - The market is becoming increasingly competitive, necessitating domestic companies to strengthen their technological capabilities and brand positioning [21]. - The industry is also moving towards green transformation, with companies adopting energy-efficient production methods and cleaner technologies to reduce environmental impact [23].

天工国际(00826)早盘再涨超16%，近三个交易日最大累计涨幅超30%。 国盛证券则指出，针对当前国外高端丝杠材料，天工国际现有的粉末材料 TPM330 可直接对标进口产 品。此外，公司在 2024 年已经获得来自北美金属 3D 打印产业领军企业的订单，且已在 2024 年进入前 期供货阶段，验证了公司钛材的市场竞争力。该行预计公司钛合金业务未来有望在航空航天、医疗器械 等领域快速成长。 本文源自：智通财经网 东北证券此前发布研报称，粉末高速钢在硬度、韧性、抗弯强度等综合力学性能上是传统工模具钢的两 倍到五倍，下游覆盖航空航天、汽车制造等领域。在人形机器人领域，行星滚柱丝杠是机器人"关节"的 核心部件。粉末冶金材料兼顾高硬度、耐磨耐冲击且高温稳定等特点，是丝杠的理想材料。 消息面上，今年5月，天工国际控股子公司天工股份与航天精工研究院进行合作洽谈，成功签署《民机 及无人机紧固件用TC4钛合金盘圆丝材联合开发协议》。今年7月，天工国际自主研发的高氮合金材料 TPMDC02A成功通过技术验证并正式交付润孚动力，将用于行星滚柱丝杠的生产制作。此外，该材料 凭借高强、高韧、高耐蚀、高耐磨和抗疲劳等多重优势，已陆续交 ...

Core Viewpoint - Tian Gong International (00826) has seen a significant stock price increase, with a rise of over 16% in the morning session and a cumulative increase of over 30% in the last three trading days [1][2] Group 1: Company Developments - Tian Gong International's subsidiary, Tian Gong Co., successfully signed a joint development agreement for TC4 titanium alloy wire materials for civil aircraft and drones with the Aerospace Precision Institute in May [1] - The company’s self-developed high-nitrogen alloy material, TPMDC02A, passed technical validation and was officially delivered to Runfu Power in July, intended for the production of planetary roller screws [1] - The high-nitrogen alloy material has been delivered for testing in various sectors, including medical devices, high-end tools, and marine engineering, due to its multiple advantages such as high strength, toughness, corrosion resistance, wear resistance, and fatigue resistance [1] Group 2: Market Position and Future Prospects - According to Northeast Securities, powder high-speed steel exhibits mechanical properties that are two to five times superior to traditional tool steels, with applications in aerospace and automotive manufacturing [1] - In the humanoid robotics sector, planetary roller screws are identified as core components of robot "joints," and powder metallurgy materials are deemed ideal due to their high hardness, wear resistance, impact resistance, and thermal stability [1] - Guosheng Securities noted that Tian Gong International's existing powder material, TPM330, can directly compete with imported products in the high-end screw material market [2] - The company has secured orders from a leading North American metal 3D printing enterprise for 2024 and has entered the initial supply phase, validating the market competitiveness of its titanium materials [2] - The titanium alloy business is expected to grow rapidly in the aerospace and medical device sectors [2]