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 ...

Core Viewpoint - Tian Gong International (00826.HK) reported a decline in overall revenue for the first half of 2025, despite an increase in net profit attributable to equity holders [1] Financial Performance - The company's revenue for the first half of 2025 reached RMB 2.34 billion, a decrease of 7.1% compared to the first half of 2024 [1] - Net profit attributable to equity holders increased by 10.4% to RMB 204 million [1] - Basic earnings per share were RMB 0.075 [1] Industry Context - The domestic demand and market conditions for mold steel and high-speed steel are gradually recovering, yet overall revenue is still on a downward trend due to various factors [1] - Uncertainty in U.S. tariff policies has led to a reduction in exports across various divisions, with clients exhibiting a cautious attitude and a decrease in order volume [1] - The demand for titanium wire in the consumer electronics sector has temporarily declined, primarily due to end customers reducing the use of titanium alloy frames for the next generation of mobile phone frames [1] - Although the company has adjusted its titanium alloy division's product mix towards titanium plates and pipes, the lower added value of these products has resulted in a continued decline in revenue for the titanium alloy division [1]