Military upstream analysis titanium alloy companies have higher performance growth.
At the current stage, the most prosperous branches of military upstream companies are mainly capacitors, high-temperature alloys and titanium alloys. Judging from the results, it is currently expected that the fastest growing area in the interim report is the upstream area, and the corresponding company valuation is relatively low. Among them, the growth rate of capacitors and titanium alloys is relatively fast. From the perspective of the industry chain that directly benefits from aero engines, superalloys and titanium alloys are expected to benefit from the core.
The current three companies in the direction of superalloys have all announced their results. Among them, Tunan shares exceeded expectations, while the performance of Fushun Special Steel and Gangyan Gaona was in line with expectations. The net profit growth rate of the three companies can reach about 100%. However, compared with titanium alloys, the barriers of superalloys are relatively higher, so the competitive landscape is relatively better. At present, Fushun Special Steel in superalloys accounts for 80% of the industry's market share. The current production capacity is mainly concentrated in Fushun Special Steel and Steel Research Gona. However, due to the relatively large number of titanium alloy companies involved in civilian titanium alloys, the industry concentration is relatively poor.
The titanium alloy branch is another fast-growing direction in the field of military raw materials. The proportion of titanium alloys in the upgrading of my country’s fighter jets will further increase. At present, the proportion of titanium alloys in the second-generation aircraft is about 2-4%. The proportion of alloy will increase to 15%-25%. The performance growth rate of titanium alloy companies is also relatively high. At present, my country's titanium alloy enterprises are regional. From the perspective of regional distribution, titanium alloy production enterprises are mainly concentrated in Shaanxi. There are mainly five titanium alloy enterprises in Shaanxi, and their production output accounts for 68% of the country.
The main titanium alloy business among listed companies currently includes Western Superconductor, Baoti Co., Ltd. and Western Materials. At present, it mainly presents a duopoly structure under the competitive relationship between Western Superconductor and Baoti Co., Ltd.
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