Core Viewpoint - Tantalum, a high-tech metal, is experiencing a demand surge driven by emerging industries such as AI, with significant growth potential in its primary applications: tantalum capacitors, high-temperature alloys, and semiconductor chips [1][3][4]. Group 1: Demand Growth - The demand for tantalum is shifting, with traditional tantalum capacitors' share decreasing from 60%-80% to an expected 33% by 2024, while absolute demand remains stable [3]. - Tantalum consumption is projected to grow at a compound annual growth rate (CAGR) of 14% from 2020 to 2024, reaching over 2,500 tons by 2024, and further increasing to 3,546 tons by 2030 at a minimum CAGR of 6% [3]. - The AI sector is expected to significantly boost the demand for tantalum capacitors, particularly in high-end consumer electronics [4][8]. Group 2: Key Applications - Tantalum capacitors are the largest application area, widely used in smartphones, laptops, and aerospace due to their high reliability and performance [3]. - High-temperature alloys are becoming the second-largest application for tantalum, with an expected consumption of approximately 475 tons by 2024, accounting for 19% of global tantalum consumption [4]. - The semiconductor industry is rapidly emerging as the third-largest application for tantalum, with tantalum target materials projected to consume 425 tons by 2024, representing 17% of global consumption [5]. Group 3: Supply Challenges - The supply of tantalum is under pressure due to geopolitical issues, particularly in the Democratic Republic of the Congo, which accounts for about 41.9% of global tantalum production [8]. - The company, Dongfang Tantalum, sources most of its tantalum ore from Africa, South America, and Australia, highlighting the importance of stable supply chains [8]. - Dongfang Tantalum holds a 50% market share in domestic tantalum powder and approximately 20% globally, with a similar share in tantalum wire [9].

| | 形高温合金制品，控股子公司西安高纳属于铸造高温合金制品。 | | --- | --- | | | 三、全资子公司辽宁高纳主要业务都有哪些？ | | | 答：辽宁高纳主要业务为盘环件的加工。 | | | 四、公司燃气轮机业务发展如何？ | | | 答：公司在燃气轮机领域深耕多年，亦有产品应用于燃气轮机领域，并 | | | 持续加强燃气轮机领域产品研发。公司建有"北京市燃气轮机用高温合 | | | 金工程技术研究中心"，为公司的长期创新发展提供了强有力的后盾。 | | | 五、公司"十五五"战略规划进展如何？ | | | 答：公司已召开"十五五"战略规划编制启动会，系统部署未来五年发 | | | 展规划编制工作，目前"十五五"战略规划正在编制中，公司将以此为 | | | 契机，持续强化技术创新、优化产业布局、完善生态协同，在服务国家 | | | 战略中加快推进高质量发展，为我国高端装备制造业升级和关键领域材 | | | 料自主可控贡献力量。 | | | 六、公司控股子公司青岛新力通产能如何？ | | | 答：公司控股子公司青岛新力通为开拓海外市场，满足国际化发展和开 | | | 拓中东市场的战略需要，已在 ...

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Core Viewpoint - Fushun Special Steel's stock price has experienced fluctuations, with a recent decline of 2.12% and a year-to-date drop of 4.36%, indicating potential challenges in the market [1][2]. Financial Performance - For the period from January to September 2025, Fushun Special Steel reported a revenue of 5.755 billion yuan, a year-on-year decrease of 10.56%, and a net profit attributable to shareholders of -549 million yuan, reflecting a significant decline of 274.01% [2]. - The company has cumulatively distributed 290 million yuan in dividends since its A-share listing, with 146 million yuan distributed over the past three years [3]. Shareholder Structure - As of September 30, 2025, Fushun Special Steel had 94,000 shareholders, a decrease of 2.18% from the previous period, with an average of 20,983 circulating shares per shareholder, an increase of 2.23% [2]. - The top ten circulating shareholders include various ETFs, with notable changes in holdings, such as an increase in shares held by the Fortune CSI Military Industry Leader ETF and a decrease in shares held by the Hong Kong Central Clearing Limited [3]. Market Activity - The stock's trading activity shows a net outflow of 19.306 million yuan from main funds, with significant selling pressure compared to buying [1]. - Fushun Special Steel has appeared on the trading leaderboard once this year, with a net purchase of 247 million yuan on July 11, accounting for 32.67% of total trading volume on that day [1].

Core Viewpoint - The company has established itself as a significant player in the gas turbine market, both domestically and internationally, with strong partnerships and certifications from major industry players [2]. Group 1: Domestic Market Position - The company has become a key supplier for major domestic entities such as China Shipbuilding Industry Corporation's gas turbine enterprises, Harbin Turbine Factory, and Dongfang Turbine Factory [2]. - The company is also involved in supplying products to the aviation engine group's gas turbine sector [2]. Group 2: International Market Achievements - The company has received certifications for its high-temperature alloy products from leading global firms including Siemens Energy, GE Energy, Baker Hughes, and Caterpillar [2]. - Some of the company's products have already entered mass production and supply stages [2]. Group 3: Research and Development Capabilities - The company possesses advantages in advanced materials research and has collaborated with the Institute of Metal Research, Chinese Academy of Sciences, on the trial production of high-temperature alloy grades for gas turbines [2]. - Strategic cooperation agreements have been signed with several subordinate main engine factories of China Shipbuilding Industry Corporation, positioning the company as a primary supplier of high-temperature alloy products for their research models [2].

Core Viewpoint - The company is actively engaged in the gas turbine market and has achieved certifications from major international firms, indicating a strong position in the industry [1] Group 1 - The company has been continuously developing its gas turbine market business [1] - The company has obtained certification for its high-temperature alloy products from Siemens Energy, GE Energy, Baker Hughes, and Caterpillar [1] - Some of the company's products have already entered mass production and supply [1]

Core Viewpoint - The company has established itself as a key player in the gas turbine market, both domestically and internationally, with significant partnerships and certifications from major industry players [1] Domestic Market - The company has become an important supplier for China Shipbuilding Industry Corporation's gas turbine enterprises, including Harbin Turbine Factory and Dongfang Turbine Factory [1] - The company has also supplied products to the aviation engine group's gas turbine sector [1] International Market - The company's high-temperature alloys and related products have received certifications from major companies such as Siemens Energy, GE Energy, Baker Hughes, and Caterpillar [1] - Some of the company's products have already entered mass production and supply [1] Research and Development - The company possesses advantages in advanced materials research and has collaborated with the Institute of Metal Research, Chinese Academy of Sciences, on trial production of high-temperature alloy grades for gas turbines [1] - Strategic cooperation agreements have been signed with several subordinate main engine factories of China Shipbuilding Industry Corporation, positioning the company as a primary supplier of high-temperature alloy products for their research models [1]

Group 1 - The company has been actively engaged in the gas turbine market and has established partnerships with several international firms [2] - The company has received certification for its high-temperature alloy products from major companies such as Siemens Energy, GE Energy, Baker Hughes, and Caterpillar [2] - Some of the company's products have already entered mass production and supply [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 3.989 billion yuan for the first three quarters of 2025, representing a year-over-year increase of 23.3%. The net profit attributable to the parent company was 650 million yuan, up 7.62% year-over-year. The net profit excluding non-recurring items was 589 million yuan, reflecting a year-over-year increase of 10.39% [2][4]. - In Q3 2025, the company achieved a revenue of 1.266 billion yuan, which is a year-over-year increase of 4.23% but a quarter-over-quarter decrease of 23.22%. The net profit attributable to the parent company was 104 million yuan, down 59.44% year-over-year and down 72.48% quarter-over-quarter. The net profit excluding non-recurring items was 95 million yuan, down 57.05% year-over-year and down 72.96% quarter-over-quarter [2][4]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a revenue of 39.89 billion yuan, with a year-over-year growth of 23.3%. The net profit attributable to the parent company was 6.5 billion yuan, showing a year-over-year increase of 7.62%. The net profit excluding non-recurring items was 5.89 billion yuan, up 10.39% year-over-year. In Q3 2025, the revenue was 12.66 billion yuan, a year-over-year increase of 4.23% but a quarter-over-quarter decrease of 23.22%. The net profit attributable to the parent company was 1.04 billion yuan, down 59.44% year-over-year and down 72.48% quarter-over-quarter [2][4]. Operational Insights - The company is actively expanding production and inventory to ensure product delivery, with a contract liability balance of 240 million yuan at the end of Q3, an increase of 67.97% from the beginning of the period. The balance of construction in progress was 333 million yuan, up 43.39%, and inventory stood at 4.311 billion yuan, an increase of 11.68% from the beginning of the period [2][4]. Strategic Developments - The company plans to establish Hefei Juyuan, a joint venture focused on high-performance superconducting wire research and industrialization, with an investment of 16.15 million yuan, representing a 23.1% stake. This initiative aims to strengthen the company's leading position in the superconducting wire sector [2][4].

Core Insights - The gas turbine sector is experiencing significant growth, driven by substantial orders and a favorable market environment, with companies like Triangular Defense and Weichai Power seeing stock surges [1][3] - The global energy crisis is propelling gas turbines into a central role in the energy landscape due to their quick startup, high efficiency, and low carbon emissions [2][3] Market Dynamics - Demand for gas turbines is surging, particularly in North America, where new orders increased by 187% year-on-year in Q1 2025, with major manufacturers like GE and Siemens facing order backlogs extending to 2028 [3][6] - The price of heavy-duty gas turbines has risen by 15%-20% compared to 2023, with lead times extending from 18 months to as long as 5-7 years for some components [3][6] Domestic Industry Advancements - Chinese manufacturers are rapidly catching up in gas turbine technology, with significant advancements in the domestic production of high-temperature components and the successful ignition of hydrogen turbines [4][5] - Companies like Aero Engine Corporation of China and others are securing substantial contracts with international giants, marking a shift from reliance on imports to actively competing in the global market [6] Future Trends - The push for carbon neutrality is making hydrogen gas turbines a focal point of competition, with projections indicating a market size exceeding 50 billion yuan by 2030 [7] - The average thermal efficiency of gas turbines is currently over 45%, with goals to reach 50% in the future, which will further drive demand [7] Investment Opportunities - Key investment areas include core components, complete turbine manufacturers, and services related to low-carbon technologies, with companies like Yingliu and Dongfang Electric positioned favorably [8] - The gas turbine market is expected to exceed 300 billion yuan by 2030, with companies holding core technologies and strong international ties likely to see significant performance growth [9]