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    Home > Coatings News > Paints and Coatings Market > Haitong Securities: First to China Nuclear Titanium Dioxide (002145.SZ) "Excellent than the City" rating value range of 16-19.2 yuan

    Haitong Securities: First to China Nuclear Titanium Dioxide (002145.SZ) "Excellent than the City" rating value range of 16-19.2 yuan

    • Last Update: 2021-07-30
    • Source: Internet
    • Author: User
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       Zhitong Finance APP learned that Haitong Securities released a research report, and it is expected that the net profit of China Nuclear Titanium Dioxide (002145.
    SZ) from 2021-23 will be 13.
    11/13.
    41 16.
    79 billion yuan, and the corresponding EPS will be 0.
    64/0.
    65/0.
    82 yuan respectively

    .
    With reference to companies in the same industry, the bank believes that the reasonable valuation is 25-30 times of PE in 2021, with a value range of 16-19.
    2 yuan, covering for the first time, and giving it an "outperform" rating

    .

       Zhitong Finance APP learned that Haitong Securities released a research report, and it is expected that the net profit of China Nuclear Titanium Dioxide (002145.
    SZ) from 2021-23 will be 13.
    11/13.
    41 16.
    79 billion yuan, and the corresponding EPS will be 0.
    64/0.
    65/0.
    82 yuan respectively

    .
    With reference to companies in the same industry, the bank believes that the reasonable valuation is 25-30 times of PE in 2021, with a value range of 16-19.
    2 yuan, covering for the first time, and giving it an "outperform" rating

    .

      The main points of Haitong Securities are as follows:

      The main points of Haitong Securities are as follows:

      The company's titanium dioxide production and sales volume ranks second in the country
    .
    The company mainly produces and sells rutile titanium dioxide products.
    Relying on the three major production bases, Jinxing Titanium Dioxide, Dongfang Titanium Industry, and Hecheng Titanium Industry, the annual output has reached 330,000 tons of crude products and 400,000 tons of finished products

    .
    It has two brands of Tiohua and Jinxing, covering 8 subdivided products such as R-213, R-216, R-219, and R-2196

    .
    Customers include Akzo Nobel, Jiabao, Haier, the state legislature, Shandwick and other

    .

      The company's titanium dioxide production and sales volume ranks second in the country
    .
    The company mainly produces and sells rutile titanium dioxide products.
    Relying on the three major production bases, Jinxing Titanium Dioxide, Dongfang Titanium Industry, and Hecheng Titanium Industry, the annual output has reached 330,000 tons of crude products and 400,000 tons of finished products

    .
    It has two brands of Tiohua and Jinxing, covering 8 subdivided products such as R-213, R-216, R-219, and R-2196

    .
    Customers include Akzo Nobel, Jiabao, Haier, the state legislature, Shandwick and other

    .

      In the first half of 2021, the company's titanium dioxide prices have been raised several times
    .
    In the first half of 2021, the company's various types of titanium dioxide sales prices have been raised several times
    .
    On January 11, 2021, domestic and international customers will be increased by 500 yuan/ton and 100 US dollars/ton respectively; on February 9 they will be raised by 1,000 yuan/ton and 150 US dollars/ton respectively; on March 3, they will be raised by 1,000 yuan/ton and 180 respectively.
    U.
    S.
    dollars/ton; on April 6, it was raised by 1,000 yuan/ton and 150 US dollars/ton; on May 6, it was raised by 1,000 yuan/ton and 150 US dollars/ton

    .
    In terms of performance, the 2018-2021Q1 company's operating income was 3.
    089, 33.
    77, 3.
    716, and 1.
    236 billion yuan, a year-on-year increase of -5.
    14%, 9.
    33%, 10.
    03%, and 49.
    53%; net profit attributable to the parent was 4.
    03, 4.
    31, 4.
    75, and 287 million, respectively Yuan, a year-on-year increase of 3.
    73%, 6.
    92%, 10.
    27%, 77.
    29%

    .
    At the same time, it is estimated that the net profit of the 2021H1 company attributable to the parent will be 613 million yuan to 735 million yuan, which is expected to increase by 150%-200% year-on-year

    .

      In the first half of 2021, the company's titanium dioxide prices have been raised several times
    .
    In the first half of 2021, the company's various types of titanium dioxide sales prices have been raised several times
    .
    On January 11, 2021, domestic and international customers will be increased by 500 yuan/ton and 100 US dollars/ton respectively; on February 9 they will be raised by 1,000 yuan/ton and 150 US dollars/ton respectively; on March 3, they will be raised by 1,000 yuan/ton and 180 respectively.
    U.
    S.
    dollars/ton; on April 6, it was raised by 1,000 yuan/ton and 150 US dollars/ton; on May 6, it was raised by 1,000 yuan/ton and 150 US dollars/ton

    .
    In terms of performance, the 2018-2021Q1 company's operating income was 3.
    089, 33.
    77, 3.
    716, and 1.
    236 billion yuan, a year-on-year increase of -5.
    14%, 9.
    33%, 10.
    03%, and 49.
    53%; net profit attributable to the parent was 4.
    03, 4.
    31, 4.
    75, and 287 million, respectively Yuan, a year-on-year increase of 3.
    73%, 6.
    92%, 10.
    27%, 77.
    29%

    .
    At the same time, it is estimated that the net profit of the 2021H1 company attributable to the parent will be 613 million yuan to 735 million yuan, which is expected to increase by 150%-200% year-on-year

    .

      The company has deployed an annual output of 500,000 tons of iron phosphate project to realize the comprehensive utilization of resources
    .
    The total amount of funds the company plans to raise is expected to be no more than 7.
    1 billion yuan for the production of recycled titanium dioxide deep processing projects, water-soluble monoammonium phosphate (water-soluble fertilizer) resource recycling projects, and 500,000 tons of iron phosphate projects per year

    .
    1) Project with an annual output of 500,000 tons of iron phosphate

    .
    With a total investment of 3.
    8 billion yuan, the project will be constructed in two phases.
    The first phase has a construction period of 100,000 tons/year iron phosphate in 24 months, and the second phase has a construction period of 400,000 tons/year iron phosphate in 36 months

    .
    2) Water-soluble monoammonium phosphate (water-soluble fertilizer) resource recycling project

    .
    The estimated total investment is 993 million yuan.
    The project will be constructed in two phases, mainly to construct a 500,000 tons/year water-soluble monoammonium phosphate (water-soluble fertilizer) device; 450,000 tons/year nitrogen and phosphorus fertilizer device; 15,000 tons/year sodium fluorosilicate device ; 500,000 tons/year phosphogypsum product plant

    .
    The bank believes that the company will deploy iron phosphate and monoammonium phosphate and other products to realize the comprehensive utilization of resource recycling and enhance the company's comprehensive profitability

    .
    3) Deep processing project of circulating titanium dioxide

    .
    The total investment of the project is 979 million yuan.
    It is planned to start construction in April 2021.
    It is estimated that the deep processing scale of 150,000 tons will be realized in June 2022, and the deep processing scale of 300,000 tons of finished products will be realized in June 2023.
    The project is expected to bring an annual profit of 320 million yuan

    .

      The company has deployed an annual output of 500,000 tons of iron phosphate project to realize the comprehensive utilization of resources
    .
    The total amount of funds the company plans to raise is expected to be no more than 7.
    1 billion yuan for the production of recycled titanium dioxide deep processing projects, water-soluble monoammonium phosphate (water-soluble fertilizer) resource recycling projects, and 500,000 tons of iron phosphate projects per year

    .
    1) Project with an annual output of 500,000 tons of iron phosphate

    .
    With a total investment of 3.
    8 billion yuan, the project will be constructed in two phases.
    The first phase has a construction period of 100,000 tons/year iron phosphate in 24 months, and the second phase has a construction period of 400,000 tons/year iron phosphate in 36 months

    .
    2) Water-soluble monoammonium phosphate (water-soluble fertilizer) resource recycling project

    .
    The estimated total investment is 993 million yuan.
    The project will be constructed in two phases, mainly to construct a 500,000 tons/year water-soluble monoammonium phosphate (water-soluble fertilizer) device; 450,000 tons/year nitrogen and phosphorus fertilizer device; 15,000 tons/year sodium fluorosilicate device ; 500,000 tons/year phosphogypsum product plant

    .
    The bank believes that the company will deploy iron phosphate and monoammonium phosphate and other products to realize the comprehensive utilization of resource recycling and enhance the company's comprehensive profitability

    .
    3) Deep processing project of circulating titanium dioxide

    .
    The total investment of the project is 979 million yuan.
    It is planned to start construction in April 2021.
    It is estimated that the deep processing scale of 150,000 tons will be realized in June 2022, and the deep processing scale of 300,000 tons of finished products will be realized in June 2023.
    The project is expected to bring an annual profit of 320 million yuan

    .
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