截至6月30日，金天钛业股东户数1.58万，较上期减少8.33%；人均流通股5283股，较上期增加17.30%。 2025年1月-6月，金天钛业实现营业收入3.18亿元，同比减少22.38%；归母净利润4053.42万元，同比减 少49.71%。 9月3日，金天钛业跌6.46%，成交额1.63亿元。两融数据显示，当日金天钛业获融资买入额1655.70万 元，融资偿还2102.35万元，融资净买入-446.65万元。截至9月3日，金天钛业融资融券余额合计1.41亿 元。 融资方面，金天钛业当日融资买入1655.70万元。当前融资余额1.41亿元，占流通市值的7.72%。 融券方面，金天钛业9月3日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元。 资料显示，湖南湘投金天钛业科技股份有限公司位于湖南省常德经济技术开发区德山街道青山社区乾明 路97号，成立日期2004年4月8日，上市日期2024年11月20日，公司主营业务涉及主要从事高端钛及钛合 金材料的研发、生产和销售的高新技术企业。公司主营产品为钛及钛合金棒材、锻坯及零部件,主要应 用于航空 ...

Group 1 - The core viewpoint of the news is the performance and market position of Jintian Titanium Industry, which experienced a 5.02% drop in stock price, currently at 22.34 CNY per share, with a total market capitalization of 10.332 billion CNY [1] - Jintian Titanium Industry, established on April 8, 2004, is located in Changde Economic and Technological Development Zone, Hunan Province, and specializes in the R&D, production, and sales of high-end titanium and titanium alloy materials [1] - The company's main products include titanium and titanium alloy bars, forgings, and components, primarily used in high-end equipment fields such as aviation, aerospace, naval vessels, and weaponry [1] Group 2 - According to the data, Bosera Fund's Bosera Innovation Economy Mixed A (010994) has entered the top ten circulating shareholders of Jintian Titanium Industry, holding 715,100 shares, which accounts for 0.86% of the circulating shares [2] - The fund has reported a year-to-date return of 39.31% and a one-year return of 70.41%, ranking 1248 out of 8180 and 1190 out of 7967 respectively [2] - The fund manager, Tian Junwei, has a tenure of 10 years and 94 days, with the best fund return during this period being 164.21% [3] Group 3 - Bosera Innovation Economy Mixed A (010994) has Jintian Titanium Industry as its eighth largest holding, with 715,100 shares representing 3.04% of the fund's net value [4] - The estimated floating loss for the fund today is approximately 843,800 CNY [4]

Group 1 - The core business of the company is focused on the research, production, and sales of high-end titanium and titanium alloy materials, primarily used in aerospace, naval, and military equipment [2] - As of June 30, 2025, the company reported a revenue of 318 million yuan, a year-on-year decrease of 22.38%, and a net profit attributable to shareholders of 40.53 million yuan, down 49.71% year-on-year [2] - The company has a total of 15,800 shareholders as of June 30, 2025, which is a decrease of 8.33% from the previous period, with an average of 5,283 circulating shares per shareholder, an increase of 17.30% [2] Group 2 - On September 2, 2025, the company's stock price fell by 2.81%, with a trading volume of 143 million yuan [1] - The financing buy-in amount on September 2 was 13.01 million yuan, while the financing repayment was 11.58 million yuan, resulting in a net financing buy-in of 1.43 million yuan [1] - The total balance of margin trading for the company as of September 2 is 146 million yuan, accounting for 7.45% of the circulating market value [1] Group 3 - The company has cumulatively distributed 38.85 million yuan in dividends since its A-share listing [3] - As of June 30, 2025, the fourth largest circulating shareholder is Bosera Innovation Economy Mixed A, holding 715,100 shares as a new shareholder [3] - Western Capital Event-Driven Stock A has exited the list of the top ten circulating shareholders [3]

Company Overview - Hunan Xiangtou Jintian Titanium Industry Co., Ltd. is located in Changde Economic and Technological Development Zone, Hunan Province, established on April 8, 2004, and is set to be listed on November 20, 2024 [2] - The company specializes in the research, production, and sales of high-end titanium and titanium alloy materials, primarily serving the aerospace, aviation, naval, and military equipment sectors [2] - The main products include titanium and titanium alloy bars, forgings, and components, with 96.74% of revenue derived from titanium products and 3.26% from other sources [2] Financial Performance - For the period from January to March 2025, the company reported revenue of 133 million yuan, a year-on-year decrease of 34.17%, and a net profit attributable to shareholders of 9.44 million yuan, down 74.04% year-on-year [2] - As of March 31, 2025, the company had a total of 17,200 shareholders, a decrease of 10.90% from the previous period, with an average of 4,504 circulating shares per shareholder, an increase of 12.24% [2] Market Activity - On August 22, the company's stock rose by 0.46%, with a trading volume of 136 million yuan [1] - The financing data for August 22 indicates a financing buy amount of 19.36 million yuan and a financing repayment of 21.68 million yuan, resulting in a net financing outflow of 2.32 million yuan [1] - The total margin trading balance as of August 22 was 151 million yuan, accounting for 7.58% of the circulating market value [1] Shareholder Information - The company has cumulatively distributed 38.85 million yuan in dividends since its A-share listing [3] - As of March 31, 2025, Western Benefit Event-Driven Stock A (671030) was the third-largest circulating shareholder, holding 441,100 shares as a new shareholder [3]

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [9][13]. Core Views - The company is positioned as a leader in high-end titanium alloy technology, focusing on the production of titanium and titanium alloy bars, forgings, and components primarily for high-end equipment in aerospace, marine, and military sectors. The company aims to expand its product offerings into downstream components, particularly in the shipbuilding and military sectors [9][11][29]. - The company is expected to achieve revenue of 808 million yuan in 2024, reflecting a year-on-year growth of 0.91%, and a net profit attributable to shareholders of 152 million yuan, with a year-on-year increase of 3.04% [9][11]. Summary by Sections 1. High-End Titanium Alloy Sector - The company specializes in high-end titanium and titanium alloy materials, being a key R&D and production base in China. It has transitioned from its original business model to focus on high-performance titanium products since 2006 [19][20]. - The company has established partnerships with major military groups, supplying various titanium alloy products for military aircraft and engines, contributing significantly to national defense upgrades [21][29]. 2. Titanium Alloy Performance and Market Demand - Titanium alloys are characterized by low thermal conductivity, excellent high and low-temperature resistance, and strong corrosion resistance, making them suitable for aerospace and marine applications. The demand for titanium alloys in the aerospace sector is expected to remain robust due to increasing equipment penetration rates and reliability requirements [10][39]. 3. Competitive Advantages - The company has developed proprietary technologies for over 20 grades of titanium alloys, achieving breakthroughs in high-strength and high-toughness materials. It is a core supplier for high-end equipment and is expanding its presence in the civil aviation and marine markets [11][29]. - The company is accelerating capacity release, with new projects expected to add 2,800 tons of titanium alloy bar capacity and 200 tons of forgings [11][29]. 4. Financial Performance and Forecast - The company’s revenue has shown steady growth, increasing from 462 million yuan in 2020 to an expected 808 million yuan in 2024, with a compound annual growth rate of 15.04%. The net profit attributable to shareholders is projected to grow significantly during the same period [34][35]. - The report forecasts net profits of 170 million yuan, 240 million yuan, and 330 million yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 59, 42, and 30 times [13][12]. 5. Market Recognition and Growth Potential - The market has not fully recognized the company's potential in the marine and civil aviation sectors. The company’s established presence in the aerospace sector is expected to support future growth as new military aircraft and engines are introduced [14][29]. 6. Catalysts for Stock Performance - Potential catalysts for stock performance include unexpected increases in downstream equipment demand and accelerated certification processes for large aircraft [15].

上 市 公 司 有色金属 2025 年 07 月 23 日 金天钛业 (688750) —— 材料强国之高端制造系列报告之七：高端钛合金新 锐，航空深海合力铸就高成长 报告原因：首次覆盖 增持（首次评级） | 市场数据： | 2025 年 07 月 22 日 | | --- | --- | | 收盘价（元） | 21.77 | | 一年内最高/最低（元） | 37.01/17.41 | | 市净率 | 4.1 | | 股息率%（分红/股价） | 0.39 | | 流通 A 股市值（百万元） | 1,812 | | 上证指数/深证成指 | 3,581.86/11,099.83 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 5.30 | | 资产负债率% | 26.37 | | 总股本/流通 A 股（百万） | 463/83 | | 流通 B 股/H 股（百万） | -/- | -50% 0% 50% 金天钛业 沪深300指数 (收益率) 相关研究 本研究报告仅通过邮件提供给 中庚基金 使用。 ...