China Nuclear Titanium Dioxide: Titanium Dioxide Benefits from the Business Cycle, Deploying New Energy and Improving the Integrated Circular Industry Chain (Soochow Securities)

Titanium dioxide is the second dragon to benefit from the industry’s business cycle: the company’s titanium dioxide production capacity will be the second in China in 2020 and sixth in the world.
It has three production bases in Jiayuguan, Gansu, Baiyin in Gansu, and Ma'anshan in Anhui.
The annual production capacity of high-end rutile titanium dioxide reaches 400,000 tons.

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At the same time, the company's newly-added rutile-type titanium dioxide crude product project with an annual output of 200,000 tons has started construction, and the production line with an annual output of 300,000 tons of titanium dioxide is ready to start construction, further consolidating its position in the industry
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Benefiting from the recovery in downstream areas of titanium dioxide such as real estate and automobiles, exports are improving, industry concentration has increased (domestic leaders have risen in the global position), and the supply and demand pattern has improved.
Since 2021, the price of titanium dioxide has risen by about 30% to 21,000 yuan/ton
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