该行预测，天工股份已获得北交所审核通过，预期天工股份完成上市后，其3000吨钛材项目将加速推进，公司钛合金板块的发展或将提速。而随着公司泰国基地、钛项目的落地，公司未来成长空间将进一步打开。维持公司“增持”评级。Jingu Financial News | GTJA released a research report stating that TIANGONG INT'L (00826) Titanium Alloy Sector is developing steadily. It is expected that after the successful issuance at BSE, the Titanium Alloy increment will continue to be released. The demand for tool steel has slightly recovered, but the upward trend still needs confirmation. The company's overall performance is expected to gradually improve.
The report indicates that driven by the flourishing development of domestic New energy Fund vehicles, domestic demand for tool steel has significantly recovered. In the first half of 2024, TIANGONG INT'L's domestic revenue from tool steel is expected to reach 0.54 billion yuan, an increase of 44.1% year-on-year. However, overseas demand for tool steel remains weak, with the company's overseas revenue from tool steel decreasing by 16.8% year-on-year in the first half of 2024. The demand brought by New energy Fund vehicles continues to rise, and it is expected that the company's tool steel sector will maintain stability.
The report continues, benefiting from the improvement in domestic and overseas demand, the company’s High-speed Steel sector revenue increased by 14.2% year-on-year in the first half of the year, while revenue from cutting tools increased by 3.6% year-on-year. The overall performance of the company’s tool steel sector has recovered.
The report forecasts that TIANGONG INT'L has obtained approval from BSE, expecting that after TIANGONG INT'L completes its listing, its 3000-ton titanium project will accelerate, and the development of the company's Titanium Alloy sector may speed up. With the establishment of the company's Thailand base and titanium project, the future growth space will further expand. The company maintains a 'Shareholding' rating.
