Baotai (600456): Performance growth and growth are optimistic about subsequent development

Baotai (600456): Performance growth and growth are optimistic about subsequent development

Event: In the first half of 2019, the company gradually realized revenue19.

700 million, previously increased by 24.

4%, realizing net profit attributable to mother 1.

1 ‰, rising 225 per year.

0%, net profit after deduction is 1

10,000 yuan, an increase of 299 in ten years.


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

15 ppm, a ten-year average of 7.

8%, achieve net profit attributable to mother 0.

810,000 yuan, up 91.

7%, net profit after deduction is 0.

7.4 billion, previously increased by 110.


  Comments: The main reason for the company’s net profit growth in 2019 is due to the steady rise of the aviation, aerospace, aerospace and other fields, the order of the civilian product market has grown significantly, the international market has broken through, and the production and sales of titanium products have increased.

In the first half of 2019, the company’s titanium product sales were 10,170 tons, an annual increase of 69.

3%; the company’s titanium products operating income is 15.

60,000 yuan, an increase of 49 in ten years.

The gross profit margin was 7% from the same period last year.

12% increase by 1.

36 single to 23.


Benefiting 佛山夜网论坛 from the rise in titanium prices, the subsidiary Baotai Huashen (titanium tetrachloride, titanium metal) in the first half of 2019 achieved revenue3.

1 trillion, net profit 0.

350,000 yuan, an annual increase of 40%.

  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part of the gradual generation of power generation, emissions of substandard titanium processing enterprises have withdrawn from the market, and the industry’s supply layout is optimized.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 深圳桑拿网 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.

  Earnings forecast and rating: Based on the continued improvement of the titanium industry, the company’s orders have increased significantly. We raise the company’s earnings forecast. 2019?
In 2021, the EPS will be 0.

60 yuan, 0.

87, 1.

19 yuan.
Maintain “Buy” rating.

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