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Event: Event: The
company released its annual report.
In 2020, the company will realize total operating income of 1.
636 billion yuan, an increase of 19.
02% year-on-year; net profit attributable to parent is 700 million yuan, an increase of 34.
93% year-on-year; non-net profit attributable to parent deduction is 683 million yuan, an increase of 34.
97% year-on-year; EPS was RMB 1.
81 per share, a year-on-year increase of 25.
5%; ROE was 20.
64%.
Both the volume and price of titanium concentrate and iron concentrate have risen, driving the company's performance to grow substantially.
Both the volume and price of titanium concentrate and iron concentrate have risen, driving the company's performance to grow substantially.
The company's revenue and net profit in 2020 have achieved substantial growth, mainly due to the increase in the volume and price of the company's main products of titanium concentrate and iron concentrate.
In 2020, the company sold 550,500 tons of titanium concentrate, an increase of 12.
08% year-on-year; sales of vanadium-ilmenite concentrate (61%) were 1,289,800 tons, an increase of 29.
93% year-on-year.
In addition, in 2020, the average sales price of the company's titanium concentrate rose by 12.
7% to 1,552 yuan/ton, and the average sales price of vanadium ilmenite concentrate (61%) rose by 9.
8% to 597 yuan/ton, driving the gross profit margin of titanium concentrate to 76.
5%.
The gross profit margin of vanadium ilmenite concentrate (61%) increased to 51.
9%.
The company's profitability continues to improve, cash flow is abundant (the company's cash and cash equivalent balance at the end of 2020 is 1.
107 billion yuan), and the debt level is extremely low (the asset-liability ratio at the end of 2020 is 15.
26%, no long-term and short-term borrowings, and a net inflow of financial expenses of 13.
87 million yuan).
The company has obvious advantages in existing resources and has the ability to extend mergers and acquisitions.
The company is the largest supplier of titanium concentrates in China and has strong bargaining power in the titanium concentrate market.
At the same time, it is the only manufacturer of high-grade vanadium-titanium iron concentrates (TFe 61%) in Panxi.
From 2020 on The grade of all iron ore concentrate products has been increased from 55% to 61%.
The improvement in grade has greatly increased the sales price and gross profit rate of the products, and improved profitability.
The Panxi area is the main metallogenic belt of vanadium-titanium magnetite in my country.
Titanium resource reserves account for about 90% of the country's reserves.
With the closure of small-scale vanadium-titanium magnetite mining and dressing enterprises that are not in compliance with environmental protection and safety regulations.
, It is expected that there will be a period of mine integration.
Based on the existing Panjiatian ilmenite resources, the company has the ability to increase resource reserves through extensional mergers and acquisitions by virtue of abundant cash flow reserves and convenient financing channels.
The price of titanium ore is expected to continue to rise, and the company continues to benefit.
The price of titanium ore is expected to continue to rise, and the company continues to benefit.
Affected by the epidemic in 2020, overseas titanium ore supply will be tightened, and domestic small production capacity will gradually withdraw under environmental protection and safety pressures.
The overall tightening of supply and the steady growth of titanium dioxide demand will continue to increase the price of titanium concentrate.
Since the beginning of 2020, the price of titanium concentrate has increased by about 78%, and the current price is around 2,400 yuan/ton.
The synchronized recovery of the global economy in 2021 will continue to drive rapid growth in demand.
The exhaustion of titanium ore stock resources and limited new capacity will result in less elasticity of supply.
We expect the gap between supply and demand of titanium ore will continue to exist, and the price of titanium ore will continue to rise, and it is expected to exceed 3,000 yuan /Ton, a record high.
As a leader in titanium ore, the company has benefited significantly and its performance is expected to continue to grow substantially.
Earnings forecast and investment rating:
combined with the company's titanium concentrate and iron concentrate production capacity and price judgments, we estimate that the company's net profit attributable to the parent in 2021-2023 will be 12.
61, 1.
505, and 1.
553 billion yuan, and EPS will be 3.
14, 3.
75, and 3.
87 yuan per share , The PE corresponding to the current stock price is 15x, 13x, and 12x.
Considering that the price of ilmenite concentrate is expected to continue to rise, and the company's excellent financial situation supports the ability to expand, maintain the company's "buy" rating.
Risk factors: the
price of titanium concentrate or iron concentrate has fallen; the progress of the company's technical improvement project for improving quality and efficiency is lower than expected.
company released its annual report.
In 2020, the company will realize total operating income of 1.
636 billion yuan, an increase of 19.
02% year-on-year; net profit attributable to parent is 700 million yuan, an increase of 34.
93% year-on-year; non-net profit attributable to parent deduction is 683 million yuan, an increase of 34.
97% year-on-year; EPS was RMB 1.
81 per share, a year-on-year increase of 25.
5%; ROE was 20.
64%.
Both the volume and price of titanium concentrate and iron concentrate have risen, driving the company's performance to grow substantially.
Both the volume and price of titanium concentrate and iron concentrate have risen, driving the company's performance to grow substantially.
The company's revenue and net profit in 2020 have achieved substantial growth, mainly due to the increase in the volume and price of the company's main products of titanium concentrate and iron concentrate.
In 2020, the company sold 550,500 tons of titanium concentrate, an increase of 12.
08% year-on-year; sales of vanadium-ilmenite concentrate (61%) were 1,289,800 tons, an increase of 29.
93% year-on-year.
In addition, in 2020, the average sales price of the company's titanium concentrate rose by 12.
7% to 1,552 yuan/ton, and the average sales price of vanadium ilmenite concentrate (61%) rose by 9.
8% to 597 yuan/ton, driving the gross profit margin of titanium concentrate to 76.
5%.
The gross profit margin of vanadium ilmenite concentrate (61%) increased to 51.
9%.
The company's profitability continues to improve, cash flow is abundant (the company's cash and cash equivalent balance at the end of 2020 is 1.
107 billion yuan), and the debt level is extremely low (the asset-liability ratio at the end of 2020 is 15.
26%, no long-term and short-term borrowings, and a net inflow of financial expenses of 13.
87 million yuan).
The company has obvious advantages in existing resources and has the ability to extend mergers and acquisitions.
The company is the largest supplier of titanium concentrates in China and has strong bargaining power in the titanium concentrate market.
At the same time, it is the only manufacturer of high-grade vanadium-titanium iron concentrates (TFe 61%) in Panxi.
From 2020 on The grade of all iron ore concentrate products has been increased from 55% to 61%.
The improvement in grade has greatly increased the sales price and gross profit rate of the products, and improved profitability.
The Panxi area is the main metallogenic belt of vanadium-titanium magnetite in my country.
Titanium resource reserves account for about 90% of the country's reserves.
With the closure of small-scale vanadium-titanium magnetite mining and dressing enterprises that are not in compliance with environmental protection and safety regulations.
, It is expected that there will be a period of mine integration.
Based on the existing Panjiatian ilmenite resources, the company has the ability to increase resource reserves through extensional mergers and acquisitions by virtue of abundant cash flow reserves and convenient financing channels.
The price of titanium ore is expected to continue to rise, and the company continues to benefit.
The price of titanium ore is expected to continue to rise, and the company continues to benefit.
Affected by the epidemic in 2020, overseas titanium ore supply will be tightened, and domestic small production capacity will gradually withdraw under environmental protection and safety pressures.
The overall tightening of supply and the steady growth of titanium dioxide demand will continue to increase the price of titanium concentrate.
Since the beginning of 2020, the price of titanium concentrate has increased by about 78%, and the current price is around 2,400 yuan/ton.
The synchronized recovery of the global economy in 2021 will continue to drive rapid growth in demand.
The exhaustion of titanium ore stock resources and limited new capacity will result in less elasticity of supply.
We expect the gap between supply and demand of titanium ore will continue to exist, and the price of titanium ore will continue to rise, and it is expected to exceed 3,000 yuan /Ton, a record high.
As a leader in titanium ore, the company has benefited significantly and its performance is expected to continue to grow substantially.
Earnings forecast and investment rating:
combined with the company's titanium concentrate and iron concentrate production capacity and price judgments, we estimate that the company's net profit attributable to the parent in 2021-2023 will be 12.
61, 1.
505, and 1.
553 billion yuan, and EPS will be 3.
14, 3.
75, and 3.
87 yuan per share , The PE corresponding to the current stock price is 15x, 13x, and 12x.
Considering that the price of ilmenite concentrate is expected to continue to rise, and the company's excellent financial situation supports the ability to expand, maintain the company's "buy" rating.
Risk factors: the
price of titanium concentrate or iron concentrate has fallen; the progress of the company's technical improvement project for improving quality and efficiency is lower than expected.
