Core Viewpoint - CICC reports that from 2026, Tiangong International (00826) is expected to continue increasing its high-end materials production, facilitating the company's transition from a leader in tool steel to a high-end new materials supplier. The firm has adjusted the company's valuation to 2026, maintaining an outperform rating and raising the target price by 76% to HKD 5.29, corresponding to an 18.4x P/E for 2026, implying a 50% upside potential. The current stock price corresponds to a 12.3x P/E for 2026 and a 9.5x P/E for 2027 [1]. Group 1 - Revenue and net profit are projected to grow year-on-year in 2025, with revenue expected to increase by 11.1% to CNY 5.366 billion and net profit expected to rise by 15.5% to CNY 414 million. The firm has raised revenue forecasts for 2025 and 2026 by 2.8% and 3.5% to CNY 5.366 billion and CNY 6.639 billion, respectively, and introduced a revenue forecast of CNY 7.376 billion for 2027. Net profit forecasts for 2025 and 2026 have been raised by 13.3% and 29.6% to CNY 414 million and CNY 697 million, respectively, with a new net profit forecast of CNY 894 million for 2027 [2]. Group 2 - The 3C titanium material business has significant growth potential and is expected to become a key profit growth engine for the company. Since Apple first used aerospace-grade titanium alloy frames in its iPhone series, the penetration of titanium alloys in consumer electronics has been steadily increasing, indicating a strong demand outlook. The company currently has the capability to produce various titanium alloy grades using green "return materials" and supplies frame and mid-frame materials to several well-known consumer electronics manufacturers, establishing itself as a leading supplier in the domestic 3C titanium material market. The company is also strategically developing titanium alloy powder production lines to solidify its long-term competitive advantage in 3C titanium materials, with expected sales growth rates of 183% and 24% for high-end 3C titanium materials in 2026 and 2027, respectively [3]. Group 3 - The powder metallurgy platform technology is entering a harvest period, with three major application scenarios expected to create a second growth curve. The company is focusing on specialized materials for nuclear fusion core components, such as high-boron stainless steel and RAFM low-activity steel, with the former already achieving small-scale trial production. The company is likely to benefit from the global wave of nuclear fusion experimental facility construction. Additionally, the integrated die-casting molds in powder metallurgy can significantly extend mold lifespan, allowing the company to penetrate the new energy vehicle supply chain. The products have differentiated advantages and are expected to continue increasing in volume. The company has also overcome challenges in nitrogen content control for high-nitrogen alloy materials using unique domestic smelting technology, with high-nitrogen steel already applied in high-end bearings, planetary roller screws, and marine fields, indicating further growth potential [4].

Core Viewpoint - The report from CICC indicates that Tian Gong International (00826) is transitioning from a leader in tool steel to a high-end new materials supplier, with significant growth expected starting in 2026, leading to a target price increase of 76% to HKD 5.29, reflecting a 50% upside potential [1] Group 1: Financial Projections - Revenue for 2025 is projected to grow by 11.1% year-on-year to CNY 5.366 billion, with net profit expected to increase by 15.5% to CNY 414 million [2] - Adjustments to revenue forecasts for 2025 and 2026 have been made, increasing by 2.8% and 3.5% respectively, leading to revised figures of CNY 5.366 billion and CNY 6.639 billion [2] - Net profit estimates for 2025 and 2026 have been raised by 13.3% and 29.6% respectively, resulting in new projections of CNY 414 million and CNY 697 million [2] Group 2: Business Growth Drivers - The 3C titanium material business is expected to become a significant profit growth engine, with demand projected to rise sharply due to increased adoption in consumer electronics, particularly after Apple's use of titanium alloy in iPhone series [3] - The company has developed capabilities to produce various titanium alloy grades using recycled materials, positioning itself as a leading supplier in the domestic 3C titanium market [3] - Anticipated sales growth for high-end 3C titanium materials is forecasted at 183% and 24% year-on-year for 2026 and 2027 respectively [3] Group 3: Powder Metallurgy Technology - The company is entering a harvest phase with its powder metallurgy platform technology, targeting three major application scenarios to create a second growth curve [4] - Development of specialized materials for nuclear fusion core components is underway, with small-scale trial production already achieved, potentially benefiting from global nuclear fusion projects [4] - The integration of powder metallurgy with die-casting technology is expected to enhance the lifespan of molds, allowing the company to penetrate the electric vehicle supply chain [4]

2025 年营业收入同比+11.1%至53.66 亿元，归母净利润同比增长15.5%至4.14 亿元。 关注要点 3C钛材业务前景广阔，有望成为公司重要盈利增长引擎。自苹果公司在IPhone系列首次采用航空级钛合 金边框以来，钛合金在消费电子领域渗透率持续上升，需求前景广阔。公司目前已具备使用绿色"返回 料"生产 TA1/TA10 等多种钛合金牌号的能力，为国内外多家知名消费电子生产商供应边框、中框材 料，是国内3C钛材龙头供应商。公司前瞻布局钛合金粉末产线，为其在3C钛材长期竞争优势夯实基 础。伴随消费电子对钛合金需求回升，我们预期26/27 年3C高端钛材销量同比增速分别为183%/24%。 粉末冶金平台化技术进入收获期，我们预测三大应用场景打造第二成长曲线：1）布局核聚变核心部件 专用材料高硼不锈钢和RAFM低活性钢，前者已实现小批量试产，公司或将长期受益于全球核聚变实验 装置建设浪潮。2）粉末冶金一体化压铸模具可显著延长模具使用寿命，公司有望借此切入新能源汽车 供应链；产品具备差异化优势，未来或持续放量。3）公司采用国内独有冶炼技术攻克高氮合金材料的 氮含量控制等难题；高氮钢已经实现高端轴承、行星滚柱 ...

格隆汇2月12日｜中金公司发研报指，天工国际(0826.HK)2H25出口回暖，26/27年3C钛材及粉末冶金产 品的高增长，上调25/26年收入分别2.8%/3.5%至53.66/66.39亿元，上调25/26年净利润分别13.3%/29.6% 至4.14/6.97亿元。考虑到26年起公司高端材料或将持续放量，推动公司从工模具钢龙头向高端新材料供 应商转型，该行维持公司跑赢行业评级，上调目标价76%至5.29港元，对应26年18.4xP/E，隐含50%上 行空间。 中金表示，3C钛材业务前景广阔，有望成为公司重要盈利增长引擎。自苹果公司在iPhone系列首次采用 航空级钛合金边框以来，钛合金在消费电子领域渗透率持续上升，需求前景广阔。公司目前已具备使用 绿色"返回料"生产TA1/TA10等多种钛合金牌号的能力，为国内外多家知名消费电子生产商供应边框、 中框材料，是国内3C钛材龙头供应商。公司前瞻布局钛合金粉末产线，为其在3C钛材长期竞争优势夯 实基础。伴随消费电子对钛合金需求回升，该行预期26/27年3C高端钛材销量同比增速分别为 183%/24%。 此外，粉末冶金平台化技术进入收获期，中金预测三大应用场景 ...