国家级“小巨人” 天工股份（920068）开启申购，低估值 + 高成长构筑打新 “双保险”

智通财经2025-04-28

天工国际(00826)的控股子公司天工股份(920068)于今日启动在北交所上市的新股申购。据北京证券交易所官网显示，于4月28日开启新股申购的天工股份在此次IPO中公开发行6000万股股份，占发行后总股本的 9.28%(超额配售选择权行使前)，每股价格为3.94元，对应上市后市值为25.48亿元。若超额配售选择权获行使，则发行股份数量升至6900万股，占发行后总股本的10.52%，对应上市市值为...

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9.28%(超额配售选择权行使前)，每股价格为3.94元，对应上市后市值为25.48亿元。若超额配售选择权获行使，则发行股份数量升至6900万股，占发行后总股本的10.52%，对应上市市值为25.83亿元。在公开发行的6000万股股份中，网上发行股份数量为4200万股，即占比70%，对应的战略配售比例为30%。天工股份作为北交所4月3日发行新规后首家公开发行公司，战略配售比例仍定为30%，该比例有利于提升二级市场中的打新中签率，这充分体现了北交所及发行人天工股份对二级中小投资者的让利。值得注意的是，本次战略配售机构由中信、国泰、中金三家顶级券商领衔，外加一众知名私募，且最长锁定期达到了18个月之久，足以反映机构对天工股份未来发展的看好。作为消费电子领域钛及钛合金材料行业的领导者，天工股份持续引领钛合金在消费电子市场中的渗透热潮。近几年来，全球知名3C厂商均在自身产品中加速引入了钛合金材料，苹果在2020年便率先于Apple Watch Series 6 Edition中采用钛合金，之后三星、华为等迅速跟进，均推出了配置钛金属表壳的智能手表，华为2024年发布的WATCH 4 Pro便采用了钛合金表壳。不止于智能手表，苹果自2023年开始于15 Pro系列手机中采用钛合金中框，去年9月10日发布的iPhone 16 Pro、iPhone 16 Pro Max中同样采用了钛合金中框，这带动了同行们的纷纷效仿，华为、荣耀、小米、三星等3C厂商自2023年下半年以来均开始陆续在手机产品中引用钛合金材料。随着钛合金材料在各大知名3C厂商的不同产品中的加速渗透，天工股份也迎来了爆发式成长，2021年至2023年，天工股份的营业收入分别为2.83亿元人民币(单位下同)、3.83亿元及10.35亿元，同比增长分别为55.23%、35.65%及170.05%。期内，公司归母净利润分别为2034.3万元、6998.1万元及1.7亿元，同比增长分别为67.87%、244%及142.57%。2024年天工股份的收入为8.01元，主营业务的毛利率同比提升4.64个百分点至31.87%，归母净利润为1.72亿元，同比微增1.57%。目前我国钛及钛合金材料行业存在结构性产能过剩的问题，中低端产品竞争激烈、产品趋同化问题明显，但高端产品产能明显不足、供不应求。基于此行业现状，天工股份在持续深耕消费电子领域的同时，其凭借公司在技术、经验、资金、人才等方面的积累的领先优势，已积极加速向3D打印(增材制造)用钛材、航空航天紧固件钛材、医疗用钛材等其他高附加值的高端领域拓展，并已取得明显成效。在增材制造领域，天工股份已拓展了多家国际知名客户。2024年天工股份增材制造领域的客户数量和销售规模同比均实现较大增长，随着未来新客户的拓展以及出货速度的加快，增材制造用钛材业务有望持续带动公司业绩增长。在航空航天方面，天工股份已通过用于航空工业的钛及钛合金材料的生产的EN9100认证，并于2025年3月完成了首个航天级紧固件用钛合金丝材订单的交付，这对天工股份加速打开航空航天领域奠定坚实基础。在医用钛材方面，天工股份的钛合金产品已通过ISO 13485医疗器械质量管理体系认证，标志着其材料在医疗领域的安全性、可靠性获得权威认可。天工股份在招股书中表示，此次上市所募集的全部资金将用于公司年产3000吨高端钛及钛合金棒、丝材生产线项目的建设，建成后公司的产能将从7000吨提升至10000吨。值得注意的是，该投建的新项目将用于制造高端产品，这不仅能有效支撑天工股份向高端化发展的产品战略，亦能奠定公司在高端钛及钛合金领域的领先市场地位，有助于天工股份未来业绩的持续成长。而从估值来看，天工股份有明显的估值优势。对比同行业的西部材料(002149.SZ)、西部超导(688122.SH)、宝钛股份(600456.SH)、金天钛业(688750.SH)的静态市盈率分别为62.25倍、42.89倍、30.28倍、67.15倍，平均静态市盈率为50.64倍。而天工股份上市市值为25.48亿元(超额配售选择权行使前)，其2024年1.70亿元的扣非归母净利润对应的估值仅为14.98倍，大幅低于可对比同行企业的平均估值水平。鉴于天工股份优质基本面与估值之间的显著背离，天工股份的上市或有望为打新者带来超额收益。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; 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