On the evening of October 16, Apple's first foldable smartphone, the iPhone Duo, officially opened for pre-orders. Shortly after sales began, the most popular models quickly sold out; shipping dates for orders placed on the official website were pushed back to early 2027, and pre-order volumes on major e-commerce platforms rapidly surpassed one million, with market enthusiasm far exceeding industry expectations. Third-party research firm Counterpoint predicts that shipments of this model could reach up to 6 million units in 2026, capturing a quarter of the global foldable smartphone market right from its launch. With Apple's entry into the market, foldable smartphones have officially moved beyond the niche, early-adopter phase dominated by Android devices and entered a phase of mass adoption led by top-tier brands. This has also directly driven a new round of expansion in the upstream structural materials sector, with titanium alloys emerging as the biggest beneficiary.
Upgrades to foldable screens have driven a significant increase in titanium usage per device. Foldable models impose dual, stringent requirements for lightweight construction and structural strength, leading to a continuous expansion in the application of titanium alloys-from the frames of traditional smartphones to core load-bearing components such as hinge covers. The frame length of a folded smartphone is significantly longer than that of a conventional smartphone when unfolded. Combined with the additional titanium used in the hinge cover, the titanium alloy consumption per unit far exceeds that of conventional smartphones. According to estimates by China International Capital Corporation (CICC), the market size for Apple's 3D-printed titanium materials and related processing services alone is projected to reach 3.2 billion yuan by 2027 and is expected to grow to 7.5 billion yuan by 2030. Driven by increased material consumption per unit and the widespread adoption of new manufacturing processes, demand for titanium alloy raw materials in the consumer electronics sector is entering a phase of rapid growth.
With an In-Depth Presence Across the Entire Industry Chain, Tiangong International Firmly Seizes Opportunities in the Apple Supply Chain
Leveraging its subsidiary Tiangong Co., Ltd., Tiangong International has secured a strong foothold in the consumer electronics titanium alloy sector. The company holds nearly half of the market share for titanium frames in the iPhone Pro series and serves as a core supplier in the titanium alloy segment of Apple's supply chain. Research reports from multiple securities firms indicate that the company has focused on high-end titanium alloy wire, with its products already integrated into the supply chains of several major international consumer electronics manufacturers. As production capacity continues to expand, the company is poised to fully benefit from the growth in orders driven by the increasing volume of foldable screen devices.
Unlike peers that focus solely on profile processing, Tiangong International has established a closed-loop, full-industry-chain ecosystem spanning from titanium raw materials to 3D-printing powders. Building on its titanium alloy wire business, the company has established a plasma atomization powder production line through its equity stake in Tiangong Titanium Crystal, forming a complete production chain encompassing titanium sponge, titanium ingots, titanium wire, and titanium powder. 3D-printed titanium powder represents a segment of the industry chain characterized by high entry barriers and high value-added, with profit margins significantly higher than those of ordinary profiles. Currently, TiGong Titanium Crystal is planning a second-generation plasma beam atomization powder production capacity of 3,000 metric tons per year; the first phase of the project, with a capacity of 1,000 metric tons, has already begun construction, and the pace of capacity expansion perfectly aligns with the implementation progress of 3D printing processes in the consumer electronics sector.
The company's growth potential has already been validated by institutional analysts. A May 2026 research report by UBS predicts: From 2025 to 2028, the company's titanium alloy business revenue is expected to grow at a compound annual growth rate (CAGR) of 42%, with the gross margin remaining stable at over 35%; by 2028, the titanium alloy business's contribution to the group's revenue and gross profit will rise to 23% and 32%, respectively, marking its official transition from a supporting business to the group's core growth engine.
Share buybacks boost confidence, and the company enters a window of value revaluation
As industry sentiment continues to improve, the company's management is taking concrete actions to reinforce confidence in long-term development. Following consecutive buybacks on October 13 and 14, Tiangong International conducted another share repurchase on October 16. The three repurchases totaled 3 million shares, which are scheduled to be canceled-a move that fully demonstrates management's confidence in the company's fundamentals and long-term growth potential.
From the phenomenal pre-sales of the iPhone Duo foldable phone to the surge in demand for titanium materials driven by the expansion of the foldable display industry, and further to the competitive advantage of its fully integrated industrial chain, Tiangong International is positioned at the intersection of lightweight upgrades in consumer electronics and innovations in new materials and processes. With the continued expansion of the foldable display market and the large-scale mass production of 3D-printed structural components, this company-which has specialized in high-end new materials for over 40 years-is poised to experience a dual recovery in both earnings and valuation.
E-mail: garychen3215@hotmail.com
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Contact: Mr. Gary Chen
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