SMM1, 21 March: recently, Baoji Titanium Industry Co., Ltd. announced an increase in its 2018 annual results, which shows that the company expects to achieve a net profit of 150 million yuan to 170 million yuan belonging to shareholders of listed companies in 2018. It rose 598% from a year earlier to 691%. The net profit attributable to shareholders of listed companies, excluding non-recurrent profits and losses, is expected to be 130 million to 150 million yuan in 2018, an increase of 1455 to 1664 percent over the same period last year.
Baoti shares: the first share of China Titanium Industry
Baoji Titanium Co., Ltd. was established on July 21, 1999, by Baoji Group Co., Ltd. (former Baoji Nonferrous Metals processing Plant) as the main sponsor. As the first stock of China Titanium Industry, it was successfully listed on the Shanghai Stock Exchange on April 12, 2002.
The total assets of the company is more than 6 billion, and the total number of registered employees is 2784 as of December 25, 2017. Ten production systems of "sponge titanium, fusion casting, forging, plate, strip, seamless pipe, welded pipe, bar and wire, casting and raw material treatment" have been established, forming a production capacity of 30000 tons of titanium ingots and 20000 tons of titanium processing materials. The company's main equipment was imported from 15 countries, including the United States, Japan, Germany, Austria, and so on. 2400W electron beam cold bed furnace, 15t/10t vacuum consumable arc furnace, 10,000 tons free forging press, 2500t fast forging machine, high speed wire and rod production line, titanium strip production line (MB22- TI 20 high cold rolling mill), The 3.3-meter wide and thick plate production line represents the international advanced level of the same industry. This also makes China the fourth country after the United States, Japan and Russia to have a complete titanium industry chain.
The company's leading titanium processing materials and titanium belts have been appraised as "Chinese famous brand products" and "Shaanxi famous brand products". The company has been listed in the Customs "AA Import and Export Enterprises", the quality and Credit Grade A Enterprises of the State Administration of quality Supervision and Administration, and the "Export famous Brand Enterprises" in Shaanxi Province, and has been appraised as "Class A / excellent supplier" by many enterprises, such as aviation, aerospace and so on. "outstanding contribution supplier", Bao Ti is recognized as "Chinese well-known trademark". China's first soft landing satellite successfully returned to the ground, successfully launched a carrier rocket into the Pacific Ocean for the first time, and successfully launched the Shenzhou series of spaceships and the "Chang'e" lunar exploration satellite. After being honed, Bao Ti shares have become the cradle and banner of China's titanium industry.
Improvement of supply and demand pattern of Civil Titanium Materials
Guojin Securities believes that at present, the pattern of civil titanium is constantly improving. In the supply pattern, the environmental protection inspector "two break three clear" causes 95% of the titanium enterprises in Baoji City, Shaanxi Province to stop production, at the same time superimposed the sponge titanium price rise, the supply dividend gathers to the leading; Downstream demand, petrochemical refining titanium material with the large refining and chemical base project investment and ushered in the demand peak. We believe that the company is the only leader in the complete industrial chain of casting-forging-titanium processing in China, which will significantly benefit from the improvement of titanium supply and demand pattern.
In August, environmental inspectors "cut off water, power, raw materials, equipment and venues" and 95% of titanium enterprises in Baoji City, Shaanxi Province, shut down production and closed down, according to the China Nonferrous Metals newspaper. This time, Baoji area as long as eight months of environmental inspectors have a great impact, almost all enterprises stop production, can be called the most stringent in history.
It is reported that the main problem of environmental protection this time is that waste water and dust are not up to standard. The reporter learned that more than 95% of the private titanium enterprises in Baoji have cut off water and power, and some workshops of Baoti Group have also stopped production because they are not up to the standard. Different from the typical heavy pollution industries such as metallurgy and chemical industry, it is considered that the impact of the machining industry on the environment is very slight, but when the environmental protection inspectors come, they will know the strictness of the relevant policies. Even if the discharge is very small, dust and sewage are not allowed to be treated without qualified treatment. As a result, under the strict environmental protection policy, the water and electricity were cut off, resulting in a complete shutdown of production.
The demand for High-end Titanium material in the Future is good for the benefit of the Company
At present, the domestic high-end titanium material is mainly used in the military field, and the aviation titanium material mainly comes from Baoti stock and western superconductor. According to the calculation of Northeast Securities, the company has an annual production capacity of 30,000 tons of titanium ingots and 20,000 tons of titanium materials, which is in a leading position in the domestic market and is an excellent supplier to China Aerospace Science and Technology Group. At the same time, it is also a strategic partner of Boeing in the United States, Airbus in France, Snickma in France, Goodrich in the United States, Bombardier in Canada and Rolls-Royce in the United Kingdom. At present, titanium sales are mainly divided into civilian products, military products and export business. Relatively speaking, the gross profit margin of military business is higher, and the gross profit margin of civilian business is lower. The composition of order structure determines the performance of the company.
In the first half of 2018, the company's product orders and sales increased significantly, achieving titanium sales of 5796.79 tons, an increase of 45.04 percent over the same period last year. In the third quarter of 2018, the net profit was 63 million yuan, an increase of 152% over the same period last year, and the performance was greatly improved. Northeast Securities believes that in the future, with the expansion of the high-end titanium market, the company's order structure is expected to continue to improve, boosting the company's performance.
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