China's major titanium dioxide company profitable in the first half
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China Nuclear’s Titanium Dioxide Profit Increases 21 Times
In the first half of the year, the company realized revenue of 1.634 billion yuan, an increase of 75.07% year-on-year; net profit of 235 million yuan, an increase of 2121.95%. As the second largest titanium dioxide manufacturer in the country, the company has an outstanding advantage in scale. The company now has a total production capacity of 250,000 tons of rutile titanium dioxide, which ranks second in the country; the average gross profit rate is 25.03%, which is a relatively high level in the industry. In the first half of the year, the titanium dioxide industry continued the prosperity of the previous year, and the export reached new heights; at the same time, the price of titanium dioxide also increased further compared with the end of the previous year. The company's operating revenue in 2016 was 2.048 billion yuan, up 25.70% year-on-year; its non-net profit was 93.68 million yuan, an increase of 169.48% year-on-year, and the loss was successfully achieved. Benefited from the overall warming of the industry, the company's sales volume increased significantly in 2016, and inventory was cleared. The production of titanium dioxide was 190,300 tons, an increase of 10.40% year-on-year; sales of titanium dioxide were 260,900 tons, an increase of 30.49% year-on-year; and the ending stock was 11,600 tons, year-on-year. Decrease 58.92%.
Anadar's profit growth is nearly 19 times
The company's operating income for the first half of the year was 560 million yuan, an increase of 46.3% year-on-year; net profit attributable to the mother was 81.18 million yuan, an increase of 18,851% year-on-year. At the same time, the company expects to achieve a net profit range of 1.2-12.7 billion yuan from January to September, an increase of 701.1%-747.8%. In the first half of the year, the price of titanium dioxide, the company's main product, rose by 61.2%. Although the sales volume decreased by 9.1% over the same period, the price increase offset the decrease in sales volume and resulted in an increase in operating income. Also due to the increase in sales unit price, the company's titanium dioxide business gross profit margin increased by 12.6 percentage points year-on-year to 23.2%. In addition, the subsidiary company Tongling Nayuan's 10,000-ton iron ore phosphate expansion project was put into operation. The increase in sales led to an increase of 83.9% year-on-year in iron phosphate revenue. At the same time, in the first half of the company's period, only the administrative expenses increased due to a 10 million increase in technology development expenses, and both the sales expense rate and the financial expense ratio decreased, which in turn led to a substantial increase in net profit attributable to the mother.
Long Yaoli profits increase by about 18 times
The revised semi-annual report issued by the company was adjusted to 13-14 billion yuan, an increase of 1728% to 1869% year-on-year. The cumulative export of titanium dioxide in June increased by 13.7% year-on-year, and external demand remained strong. In terms of domestic demand, it is still in the off-season. Apart from the titanium concentrate and titanium dioxide links, the downstream is also subject to certain environmental protection restrictions and the price of titanium dioxide is under pressure in the short term. In the medium and long term, environmental protection issues will continue to affect the supply of titanium concentrates and titanium dioxide. Demand is still good for real estate sales and new housing starts. The upcoming peak season is approaching and the price will be stable in the late period. The titanium dioxide boom is expected to continue. In the first half of the year, the company's overseas titanium ore mergers and acquisitions took an important step, and it is expected to solve the problem of raw materials for the chlorination project: RGM is the owner and operator of the South Atlantic project and the La Carrona project. The South Atlantic project is located in Brazil and includes Retiro and Estreito. , Capaodo Meio and Bojuru 4 mining areas, La Caronilla project in Uruguay. The South Atlantic project and the La Carrona project have combined to form 1.5 billion tons of mineral resources and will provide the titanium ore needed for 400,000 tons of titanium dioxide annually for the company's chlorination process line for 20 years. The company currently has 300,000 tons of high-titanium slag and 60,000 tons of chlorinated titanium dioxide production capacity. The domestic titanium mine has high calcium and magnesium content and small grain size, and is naturally not suitable as a raw material for chlorination. If the company obtains control, it is expected that the future project will completely solve the problem of raw materials for high titanium slag and chlorination plants, reduce production costs, and bring valuable overseas operating experience to the company and accelerate the company's internationalization. The RGM project is still in the preliminary planning stage. The memorandum signed this time belongs to the framework and intentional agreement of both sides' willingness to cooperate and the basic principles. The specific cooperation issues need to be further explored and demonstrated. In 2016, China imported 2.55 million tons of titanium ore, with an import dependency of more than 40%. In 2016, the top six importing countries were India, Mozambique, Kenya, Vietnam, Australia, and Senegal. Currently, they are not imported into South America.
Jinpu Titanium's Net Profit Increases Nearly 2 Times
In the first half of the year, the company achieved operating revenue of 887 million yuan, an increase of 162.91% year-on-year; net profit of 96 million yuan, an increase of 186.1%. The increase in operating revenue was mainly due to the smooth operation of the Xu Titanium project and the continuous high price of the product in the first half of the year. The sharp increase in net profit was due to the expansion of production capacity and the sharp increase in product prices year-on-year. After the domestic titanium dioxide industry experienced a downturn in previous years, in the first half of 2017, affected by multiple factors such as environmental protection, changes in market supply and demand, the overall price trend was better than before. In the first six months of this year, Jinpu Titanium raised its titanium dioxide product prices three times on February 21, March 29, and April 26 respectively. It is thanks to this that Jinpu Titanium's operating performance will increase substantially in the first half of the year. For Jinpu Titanium, whether the performance can continue to rise, to a certain extent, depends on the domestic trend of titanium dioxide prices. The company also expects that the cumulative net profit in the first three quarters will be 116 million to 135 million yuan, an increase of 140% to 180%.
Titanium raw material companies benefit
In addition, Bao Titanium’s net profit for the first half of the year was reduced by 42.16%. In the first half of 2017, the company achieved operating income of 1.141 billion yuan, an increase of 25.84% year-on-year; net profit attributable to the mother was -52.30 million yuan, which represented a 42.16% year-on-year reduction in losses. The company currently has a production capacity of 10,000 tons of sponge titanium, 20,000 tons of titanium ingots and 15,000 tons of titanium processing materials. The quality of high-end titanium materials such as titanium forging and titanium plates is at the advanced level in the world. It is the largest titanium and titanium alloy in China. The production and scientific research base was affected by the bottoming out of the titanium industry, and the company's performance rebounded. To cope with the structural overcapacity in titanium industry, the company actively promotes the development of high-end titanium materials. With the rapid development of high-end applications such as aerospace in China, the profit margin of high-end titanium materials with high added value will expand, and the company will continue to benefit. The titanium industry bottomed out and the company’s performance rebounded. Affected by many factors such as market, environmental protection, and cost drivers, prices of sponge titanium and some titanium materials rebounded in the first half of 2017 (average price of sponge titanium in 2017 was 64,200 yuan/ton, up 34%; titanium plate (0.5-0.7mm) The average price in 2017 was 157,000 yuan / ton, up 3%).