Cathay Pacific Haitong: Titanium alloy continues to penetrate domestic enterprises and actively deploy

The Zhitong Finance App learned that Cathay Pacific Haitong released a research report saying that in the future, with the maturity of 3D printing technology, milling technology, etc., titanium alloy is expected to quickly penetrate into products that require extreme weight reduction and structural strength, such as folding machines, AR/VR headsets, and drones. Titanium alloy continues to penetrate, and the development of milling technology and 3D printing processes is expected to continue to drive the expansion of titanium alloy applications. Powder metallurgy can also be used to prepare high-end nuclear fusion materials, and domestic companies actively break through stuck necks. Related subject: Tiangong International (00826).

Cathay Pacific Haitong's main views are as follows:

Titanium alloy continues to penetrate, and the development of milling technology and 3D printing processes is expected to continue to drive the expansion of titanium alloy applications

Apple's first folding screen product is expected to be released in '26, which will further drive demand for titanium alloys. Due to their high strength, high corrosion resistance and good surface texture, the amount of titanium and titanium alloys used in folding screens is expected to increase significantly. Mainly used in (1) middle frame: The bending resistance of the titanium alloy middle frame is significantly superior to that of aluminum alloy while being lightweight, and can better protect the screen and internal components. (2) Screen liner: It supports the screen to ensure the display effect and touch experience, and guides the screen to bend in a specific arc during folding and unfolding to reduce creases. Using pure titanium liners can significantly reduce airframe weight to balance weight, performance, and processing costs. (3) Others: Since titanium alloy has better toughness and corrosion resistance, it is expected to be used in materials such as folding screen shaft covers in the future. At the same time, 3D printed titanium alloy provides a high degree of design freedom and can manufacture complex hollow or integrated structures that cannot be achieved by CNC. Currently, it is gradually being used in aerospace and medical fields, and has penetrated into high-end consumer electronics products. In the future, with the maturity of 3D printing technology, milling technology, etc., the bank believes that titanium alloy is expected to penetrate rapidly into products that require extreme weight and structural strength, such as folding machines, AR/VR headsets, and drones.

Domestic companies are deeply involved in titanium alloys and are expected to benefit from the explosion of downstream demand

Looking at the midstream segment of titanium alloy, China Tiangong International is deeply involved in high-end titanium alloy wires. Currently, it has supplied many leading international consumer electronics companies and continues to expand production capacity. It is expected to benefit from the increase in demand for folding machines from major customers in the future.

Powder metallurgy can also be used to prepare high-end nuclear fusion materials, and domestic companies actively break through stuck necks

As global demand for sustainable energy grows, commercialization of nuclear fusion continues to advance. Nuclear fusion reactor cladding needs to face a complex extreme environment of extremely high energy neutron irradiation, high temperature, high heat flow, and strong magnetic fields, and the material performance requirements are extremely high. At present, domestic enterprises, represented by Tiangong International, continue to attack the neck and prepare nuclear fusion materials through powder metallurgy technology, including advanced low activation steel (RAFM steel) and high boron steel (304B7) for nuclear power. Core applications include shielding cladding, vacuum chamber sandwich, etc., which are expected to benefit from the explosion of nuclear fusion demand in the future.

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