Bao titanium shares (600456) 2018 annual report comment: bright performance trying to maintain

03/08/2020 0 Comment

Bao titanium shares (600456) 2018 annual report comment: bright performance trying to maintain

Event: In 2018, the company gradually realized revenue34.

1 trillion, plus 18 a year.

6%, realize net profit attributable to mother 1.

400 million, an annual increase of 556.

7%, net profit after deducting non-return to mother 1.

1 trillion, from negative to positive.

In the fourth quarter alone, the company achieved revenue of 8.

3 ‰, the ten-year average of 4.

1%, achieve net profit attributable to mother 0.

44 ‰, an average of 8 in ten years.

4%, net profit after deduction is 0.

2.4 billion, previously increased by 4.


Comment: In 2018, the company’s revenue and net profit growth were mainly due to the steady growth of the aviation, aerospace, aerospace and other markets, the order of the civilian product market has grown significantly, the international market has gradually broken through, and the production and sales of titanium products have increased.

In 2018, the company’s titanium product sales were 1.

47 titanium (titanium material 1 additive), an increase of 9 per year.


According to our calculations, the company’s titanium product purity is 15 per ton.

420,000 yuan / ton, the previous small 2


In 2018, the subsidiary Baotai Huashen (titanium tetrachloride, made of titanium metal) achieved revenue5.

6 ‰, an increase of 30% in ten years, and a net profit of 0.

700 million, a year-on-year increase of 45%.

Industry supply and demand resonance, the company enjoys the bonus industry: upstream supply, under the influence of various factors such as the country’s continued promotion of supply-side structural reforms and environmental protection policies, part of the gradual generation of power generation, emissions of substandard titanium processing enterprises have withdrawn from the market, and the industry’s supply layout is optimized.
Downstream demand, strategic adjustments to transform the structure of the national economy, and industrial transformation and upgrading, the titanium industry has sustainable market development potential in the aviation, aerospace, and high-end equipment manufacturing industries.

We estimate total titanium consumption in 2020 to be 8.

21 samples, three years (2018?
2020) Composite strength 14.

19%, titanium material entered a boom period.

Company: China’s leading company in the titanium processing industry. In 2018, the company’s sponge titanium production capacity was 1 investment / year, titanium ingot production capacity was 3 per year / year, and titanium production capacity was 2 per year.

As industry supply and demand resonate, the company enjoys dividends.

Profit forecast and rating: Based on the continued improvement of the titanium industry, we maintain the company’s profit forecast.
In 2020, the 北京桑拿洗浴保健 EPS will be 0.

53 yuan, 0.

81 yuan, plus 0 EPS forecast for 2021.

98 yuan.

Maintain “Buy” rating.

Risk warning: Titanium price growth exceeds expectations, downstream demand is less than expected.