报告发布方：中金企信国际咨询 1）探索起步阶段（20世纪50至60年代）：特种中间合金行业是伴随着世界钛合金工业逐步发展而来的。钛合金是以钛元素为基体，加入其他金属元素形成 的合金材料，其在20世纪30年代问世后，在全球引发了研发热潮。1954年，美国成功研制出首个实用化的钛合金--TC4，这种钛合金凭借出色的轻质性、高 强度、可塑性、高韧性和耐蚀性等优点，在航空发动机、机体结构件等尖端领域展现了广阔的应用前景，推动了钛合金的工业化，TC4至今仍是钛合金应用 占比最大的牌号。 TC4钛合金的名义成分为Ti-6Al-4V，即向钛基体中添加约6wt%的铝和4wt%的钒。铝是一种低熔点轻量金属，可显著降低合金材料的密度，并有助于钛合金 熔化，而钒的熔点约1910℃，如果加入钒单质，则需更高的热量和更繁琐的条件控制，增加钛合金锭熔炼的复杂性，也难以得到均匀、稳定的合金熔体。此 外，钒单质在空气中易氧化，形成的氧化物会成为钛合金的杂质，导致钛合金产生氧化物夹杂等冶金缺陷，影响钛合金的力学、耐腐蚀等性能。在此背景 下，将钒和铝先通过一定工艺加工为中间合金，使钒、铝元素以最优的方式加入钛合金中，成为中间合金行业发展的起源。 ...

Investment Rating - The report maintains an "Outperform" rating for the company [1]. Core Views - The company reported H1 2025 results that met expectations, with revenue of 320 million yuan, down 22.4% year-on-year, and a net profit of 40 million yuan, down 49.7% year-on-year. Q2 2025 revenue was 180 million yuan, down 10.9% year-on-year but up 38.5% quarter-on-quarter, indicating a sequential improvement in performance [4][7]. - The company is expected to benefit from growth in three key sectors: aviation, marine equipment, and civil aviation, with new product launches and market expansions driving future revenue [7]. Financial Data and Profit Forecast - Revenue projections for 2025E are set at 950 million yuan, with a year-on-year growth rate of 17.5%. The net profit forecast for 2025E is 170 million yuan, reflecting an 11.8% increase year-on-year [6]. - The company’s gross margin for H1 2025 was 34.32%, a decrease of 4.8 percentage points compared to H1 2024, primarily due to product mix adjustments. The net profit margin was 12.76%, down 6.94 percentage points year-on-year [7]. - The company is projected to achieve net profits of 170 million yuan in 2025, 237 million yuan in 2026, and 333 million yuan in 2027, with corresponding price-to-earnings ratios of 64, 46, and 33 times [7].

Core Insights - A-share mid-year report shows revenue and net profit growth remains positive, but the proportion of loss-making stocks is still high [2][10] - The overseas revenue share of A-shares reached a record high of 13.4% in 2025, indicating a trend towards internationalization [10] - The pet food industry is experiencing a trend towards "micro-innovation" and "precision nutrition," with a focus on premium products [3][16] A-share Market Analysis - A-share revenue growth peaked in Q1 2021 at 44.8% and has been on a downward trend for 14 consecutive quarters, with a slight recovery in 2025 [10] - The proportion of loss-making companies in A-shares reached 29.4% in Q2 2025, the highest since 2008 [10] - The profitability of the main board is under pressure, while the Sci-Tech Innovation Board is showing signs of recovery [10] Pet Food Industry Insights - The 27th Asia Pet Expo in 2025 saw a record number of exhibitors but a decline in the number of participating brands, indicating increased industry concentration [12][3] - Major brands like Guibao Pet and Zhongchong Co. are focusing on product upgrades and expanding their market presence [3][12] - The trend of "small dog economy" is rising, with leading brands increasing their focus on dog food products [16] Financial Performance of Key Companies - The report highlights that companies like Boss Electric and Wanhe Electric are maintaining stable profitability despite market challenges [22][24] - The pet food sector is seeing significant product innovation, with brands launching new premium products to cater to evolving consumer preferences [3][16] - The overall cash flow and operating cash return in A-shares have improved, indicating better financial health among companies [13]