公司公布1H25 业绩：收入23.43 亿元，同比-7.3%；归母净利润2.04 亿元，同比+6.8%，公司业绩符合 我们预期。 1）产品销量略有下滑：高速钢/模具钢/切削工具/钛合金销量同比-10.4%/-5.2%/-20.4%/+65.2%至0.7 万 吨/6.8 万吨/0.95 亿件/0.5 万吨，主要是美国高额关税导致海外客户订单下滑。2）主营产品盈利出现分 化：高速钢/模具钢：国内产业景气回升叠加原材料价格上涨，支撑产品价格及盈利能力有所提升。高 速钢吨价格/毛利率同比+0.9%/+1.5ppt 至 54090 元/15.6%，模具钢吨价格/毛利率同比+3.0%/+0.5ppt 至 17039 元/13.8%。切削工具：由于原料成本处于高位叠加市场价格竞争激烈，毛利率同比-4.6ppt 至 28.5%。 钛合金：由于3C 订单产品结构调整，吨价格/毛利同比-45.1%/-14.8ppt 至76716 元/24.2%。3）1H25 汇 兑损益上升至1.3 亿元，主要是欧元兑人民币大幅升值，导致整个期间以欧元计值的贸易应收款项产生 汇兑收益。 机构：中金公司 研究员：张树玮/陈彦 1H25 业绩符合我们 ...

Core Viewpoint - CICC reports that Tiangong International (00826) is expected to ramp up alloy material production by 2026, with a projected net profit of 538 million yuan for 2026, and the current stock price corresponds to 17.0x/11.4x P/E for 2025/2026. The valuation has been switched to 2026 due to limited contribution from alloy materials in 2025, maintaining an outperform rating with a target price increase of 20% to HKD 3.01, implying a 20.8% upside potential for 2026 at 13.8x P/E [1] Group 1 - 1H25 performance met expectations with revenue of 2.343 billion yuan and net profit of 204 million yuan, reflecting a year-on-year increase of 6.8% [2] - Product sales showed slight decline: high-speed steel, tool steel, cutting tools, and titanium alloy sales were 7,000 tons, 68,000 tons, 95 million pieces, and 5,000 tons respectively [2] - Main product profitability showed divergence: high-speed steel and tool steel benefited from domestic industry recovery and rising raw material prices, with high-speed steel price and gross margin increasing by 0.9% and 1.5 percentage points to 54,090 yuan and 15.6% respectively; tool steel price and gross margin increased by 3.0% and 0.5 percentage points to 17,039 yuan and 13.8% respectively [2] Group 2 - The company is accelerating its high-end transformation strategy, expected to yield results by 2026, particularly in titanium alloy business, which is projected to significantly increase profit contributions [3] - The company has enhanced its melting technology for titanium alloys and is capable of producing various grades, with expectations of increased profitability driven by recovering demand in consumer electronics [3] - Powder metallurgy products are anticipated to continue ramping up, with the company being a leading domestic supplier with a manufacturing capacity of 8,000-10,000 tons of alloy powder, exploring new applications in various industries [3]

在高速钢业务中观察到与模具钢相似的情况，高速钢的整体毛利率由2024年上半年的14.1%上升至2025 年上半年的15.6%。 回顾期内，公司附属公司天工股份的股份成功于2025年5月13日，登陆北京证券交易所，成为北交所首 家红筹港股分拆其附属公司至A股上市的企业，战投长期锁定，显示资本市场看好天工股份高端材料与 消费电子渗透力，标志着集团资本运营迈出重要一步。 天工国际(00826)发布截至2025年6月30日止六个月业绩，营业额23.425亿元(人民币，下同)，同比下降 7.1%;公司股权持有人应占溢利2.04亿元，同比增长10.4%;每股基本盈利0.075元，拟派中期股息每股 0.0262元。 模具钢的毛利率由2024年上半年的13.3%上升至2025年上半年的13.8%。有关主要原因为国内产业景气 回升，使采购成本顺利转嫁至客户。原材料成本上升加上采购成本的顺利转嫁，提升了毛利率的增长。 ...

在高速钢业务中观察到与模具钢相似的情况，高速钢的整体毛利率由2024年上半年的14.1%上升至2025 年上半年的15.6%。 回顾期内，公司附属公司天工股份的股份成功于2025年5月13日，登陆北京证券交易所，成为北交所首 家红筹港股分拆其附属公司至A股上市的企业，战投长期锁定，显示资本市场看好天工股份高端材料与 消费电子渗透力，标志着集团资本运营迈出重要一步。 模具钢的毛利率由2024年上半年的13.3%上升至2025年上半年的13.8%。有关主要原因为国内产业景气 回升，使采购成本顺利转嫁至客户。原材料成本上升加上采购成本的顺利转嫁，提升了毛利率的增长。 智通财经APP讯，天工国际(00826)发布截至2025年6月30日止六个月业绩，营业额23.425亿元(人民币， 下同)，同比下降7.1%;公司股权持有人应占溢利2.04亿元，同比增长10.4%;每股基本盈利0.075元，拟派 中期股息每股0.0262元。 ...

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]

Group 1: Company Overview and Business Segments - Antai Technology focuses on advanced powder metallurgy, rapid solidification, additive manufacturing, and other core material preparation technologies, establishing a complete industrial platform from materials to products [1] - The company operates in four main business segments: high-end powder metallurgy materials, advanced functional materials, high-speed tool steel, and energy-saving environmental protection materials [1] - Key applications include aerospace, nuclear power, high-end medical devices, third-generation semiconductors, new energy vehicles, and consumer electronics [1] Group 2: Financial Performance - In Q1 2025, the company reported revenue of CNY 1.782 billion, a year-on-year decrease of 5.76% [2] - Net profit attributable to shareholders was CNY 82.55 million, an increase of 4.95% year-on-year [2] - The company’s total sales, management, and financial expenses amounted to CNY 110 million, accounting for 6.17% of revenue, a decrease of 13.3% year-on-year [2] - Cash and cash equivalents reached CNY 2.552 billion, a 10.90% increase compared to the previous year [2] Group 3: Controlled Nuclear Fusion Sector - Antai Zhongke is the first company in China capable of producing tungsten-copper filters for controlled nuclear fusion, with a complete set of technologies from raw materials to component delivery [3] - The company has successfully applied its products in major projects like EAST, CRAFT, and ITER, contributing to significant milestones in nuclear fusion research [4] - Since 2008, the company has provided over 5,000 tungsten-copper components for various fusion projects, enhancing China's influence in the international nuclear fusion field [4] Group 4: Amorphous Materials and Future Directions - The company has over 20 years of experience in the amorphous materials sector, establishing a competitive advantage through continuous innovation [5] - It is focusing on high-potential applications in power distribution and amorphous motors, with plans to start a new project for producing 10,000 tons of amorphous strip material by 2024 [5] - The amorphous motor market is expected to grow, and the company is working on overcoming industry challenges and establishing standards [6][7] Group 5: Stock Incentive Plan and Performance Goals - The stock incentive plan for 2023-2025 includes performance targets based on net profit growth and return on equity, with a compound annual growth rate of at least 19% for 2023 and 2024, and 25% for 2025 [8] - The company has successfully met its performance targets for 2023 and 2024, aiming to achieve all goals for 2025 to create long-term value for shareholders [8] Group 6: Investor Relations and Compliance - The company conducted investor communications in compliance with information disclosure regulations, ensuring the accuracy and completeness of disclosed information [9]

Investment Rating - The report assigns a "Buy" rating to the company [3][5]. Core Views - The company is a global leader in the specialty steel segment, with four synergistic business lines: tool steel, high-speed steel, cutting tools, and titanium alloys [3][20]. - The company has successfully broken the overseas monopoly in powder metallurgy and is positioned to benefit from the growing demand in high-end manufacturing sectors such as robotics and aerospace [19][65]. - The company has a strong focus on R&D, with significant investments aimed at enhancing its competitive edge in high-end materials [35][39]. Summary by Sections Global Specialty Steel Leader - Established in 1981, the company has evolved from cutting tools to high-speed steel, mold steel, and titanium alloys, achieving vertical integration in the high-speed steel cutting tool industry [20][21]. - The company launched China's first large-scale powder metallurgy production line in 2019, becoming the only domestic enterprise capable of large-scale production in this field [20][21]. Powder Metallurgy - The company is tapping into a vast domestic replacement market for powder metallurgy, with applications in aerospace and automotive sectors [2][19]. - Current production capacity for powder metallurgy has reached 5,000 tons, with plans to expand to 10,000 tons [2][66]. - The company has developed a new high-nitrogen steel patent, which is expected to penetrate high-end markets such as aerospace and robotics [2][19]. Titanium Alloys - The company is entering the 3C (computer, communication, consumer electronics) market, leveraging the lightweight and high-strength properties of titanium alloys [2][19]. - Production capacity for titanium alloys has reached 7,000 tons, with plans for an IPO to further expand operations [2][19]. Financial Forecast - The company is projected to generate revenues of 5.1 billion, 5.6 billion, and 6.0 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 464 million, 533 million, and 577 million yuan [3][30]. - The expected price-to-earnings ratios for these years are 11.18, 9.73, and 8.99, indicating strong growth potential [3][30]. Market Perception - The market tends to view the company through the lens of traditional steel manufacturing, overlooking its differentiated competitive advantages in specialty steel [17][18]. - The company is expected to benefit from the structural growth in the specialty steel sector, which is less sensitive to macroeconomic fluctuations compared to traditional steel [18][19].