未知机构：东北空间科技天工国际天工股份推荐在通主要做高速钢模具钢等新-20250507

Company and Industry Summary Company: Tian Gong International & Tian Gong Co., Ltd. Key Points - Industry Focus: The company primarily operates in the high-speed steel, tool steel, and cutting tool sectors, with applications in automotive, home appliances, electronics, and machine tools [1][1] - Market Outlook: The company is expected to enter a prosperous cycle in 2025, driven by both domestic and overseas market resonance [1][1] - Subsidiary Performance: Tian Gong Co., Ltd. is projected to generate a profit of 180 million in 2024, with 70% of this profit consolidated into the parent company [1][1] - Product Launches: Anticipation of new product releases from major clients in 2025, which is expected to significantly increase domestic sales [1][1] - Export and Domestic Sales: The cutting tools segment has 70% of its sales from exports, primarily to Bosch, TTi, and Stanley, with a 30% increase in domestic sales [1][1] - Unique Product Offering: The company is the sole domestic supplier of powder high-speed steel, with an expected shipment of 1,000 tons in 2024 [1][1] - Pricing Strategy: The price for ordinary steel is projected to be 3,000-4,000 yuan per ton, while conventional castings (aerospace-grade titanium) are also highlighted [1][1] - Valuation: The current market valuation is below 15 times earnings, with stable annual performance growth anticipated [1][1] Financial Projections - Revenue Forecast: Expected revenues for Tian Gong International for 2025, 2026, and 2027 are projected to be 5.1 billion, 5.6 billion, and 6.0 billion respectively [2][2] - Net Profit Forecast: Corresponding net profits for the same years are estimated at 464 million, 533 million, and 577 million, leading to price-to-earnings ratios of 11.18, 9.73, and 8.99 respectively [2][2] - Investment Rating: The company has been given a "buy" rating based on the financial outlook [2][2]