Investment Rating - The report maintains a "Buy" rating for the company [7][15]. Core Insights - The company's revenue from titanium products reached 6.301 billion yuan, accounting for 90.96% of total revenue, with a year-on-year growth of 4.37%. The total sales volume of titanium products was 29,400 tons, a decrease of 7.05% year-on-year [7]. - Domestic revenue was 5.407 billion yuan, down 5.04% year-on-year, while international revenue surged to 1.333 billion yuan, up 77.74% year-on-year, indicating a strong recovery in international business [7]. - The company's gross margin decreased by 0.46 percentage points to 21.18%, and net margin fell by 0.39 percentage points to 9.74% due to increased competition in the civilian market and raw material cost pressures [7]. - The company is expected to benefit from military and civilian demand, with anticipated growth in both military and civilian sectors, as well as exports [7]. Financial Data and Earnings Forecast - The company reported a total revenue of 6.927 billion yuan for 2023, a year-on-year increase of 4.41%, while net profit attributable to shareholders was 544 million yuan, a decrease of 2.29% [15]. - The earnings forecast for 2024 has been revised down to 652 million yuan, with projections for 2025 and 2026 set at 792 million yuan and 965 million yuan, respectively [7][15]. - The projected PE ratios for 2024, 2025, and 2026 are 18, 15, and 12 times, respectively, indicating that the company's valuation is below the industry average [7].

证券代码:600456 证券简称:宝钛股份 编号：2024-010 债券代码：155801 债券简称：19 宝钛 01 宝鸡钛业股份有限公司 关于归还临时补充流动资金的募集资 金公告 2024 年 4 月 10 日，公司将用于临时补充流动资金的募集资金 1 亿元归还至公 司募集资金专用账户，并将募集资金的归还情况及时通知了公司的保荐机构及保 荐代表人。 截止本公告披露日，公司已将用于临时补充流动资金的募集资金 2 亿元全部 归还至公司募集资金专用账户，使用期限未超过 12 个月。 特此公告。 宝鸡钛业股份有限公司董事会 2024 年 4 月 12 日 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 宝鸡钛业股份有限公司（以下简称"公司"）于 2023 年 4 月 12 日召开了第 八届董事会第一次临时会议、第八届监事会第一次临时会议，审议通过了《关于 使用部分闲置募集资金临时补充流动资金的议案》，同意公司使用不超过 2 亿元 （含 2 亿元）的非公开发行股票闲置募集资金临时补充流动资金，仅用于与公司 主营业务相关的生产经营,使 ...

宝钛股份（600456.SH）2023 年年报点评 ➢ 事件：公司发布 2023 年年报。2023 年，公司实现营业收入 69.27 亿元， 同比增长 4.41%，归母净利润 5.44 亿元，同比减少 2.29%，扣非归母净利润 4.75 亿元，同比减少 7.74%。单季度来看，2023Q4，公司实现营业收入 13.16 亿元， 环比减少 30.82%，同比减少 14.31%；实现归母净利润-0.05 亿元，环比减少 103.06%，同比减少 110.80%；实现扣非归母净利润-0.31 亿元，环比减少 120.75%，同比减少 186.93%。 | --- | --- | --- | --- | --- | |----------------------------------------------------|-------|------------------|------------|-------| | 项目/年度 | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 6,927 | 7,333 | 8,150 | 9,070 | | 增长率（%） | 4 ...

Corporate Governance - The total remuneration for all directors, supervisors, and senior management in the current year amounted to 6.9534 million yuan (pre-tax) [1] - The company held a total of 7 board meetings during the year, with 1 in-person meeting and 6 conducted via communication methods [5] - The audit committee is chaired by Pan Ying, with members Wang Jian, Yang Rui, and Shen Hao [6] - The remuneration and assessment committee is chaired by Shen Hao, with members Wang Jian, Yang Rui, and Pan Ying [6] - The company’s independent directors' remuneration is determined based on the decisions made at the shareholders' meeting [1] - The company’s board of directors has not faced any penalties from securities regulatory authorities in the past three years [1] - The company has not reported any objections from directors regarding company matters [6] - The audit committee held five meetings during the reporting period, reviewing the 2022 financial statements and confirming compliance with accounting standards [8] - The audit committee unanimously approved all proposals during its meetings, ensuring transparency and accountability [8] - The company has committed to not transferring benefits unfairly or engaging in activities that harm its interests, ensuring accountability among its directors and senior management [123] Financial Performance - The company’s operating revenue for 2023 was CNY 6,927,226,308.10, representing a 4.41% increase compared to CNY 6,634,631,944.44 in 2022 [109] - The net profit attributable to shareholders for 2023 was CNY 544,223,785.73, a decrease of 2.29% from CNY 556,977,184.35 in 2022 [111] - The net profit after deducting non-recurring gains and losses was CNY 474,541,181.87, down 7.74% from CNY 514,345,134.07 in the previous year [111] - The net cash flow from operating activities improved significantly to CNY 150,649,134.93, compared to a negative cash flow of CNY -435,438,198.82 in 2022, marking a 134.60% increase [111] - The total assets at the end of 2023 were CNY 12,493,227,937.76, a slight increase of 0.27% from CNY 12,459,578,287.47 in 2022 [111] - The net assets attributable to shareholders increased by 5.53% to CNY 6,534,806,903.87 from CNY 6,192,612,970.26 in the previous year [111] - The basic earnings per share decreased by 2.29% to 1.1391 RMB per share in 2023 compared to 2022 [134] - The weighted average return on net assets decreased by 0.5554 percentage points to 8.5497% in 2023 [134] Dividend Policy - The company plans to distribute cash dividends of RMB 0.10 per 10 shares based on a total share capital of 477,777,539 shares [19] - The company plans to distribute a cash dividend of 0.35 CNY per share (including tax) for the fiscal year 2023, totaling approximately 167,222,138.65 CNY (including tax) based on a total share capital of 477,777,539 shares [26] - The cash dividend for 2022 was 4.5 CNY per share, amounting to 214,999,892.55 CNY (including tax), which represented 38.59% of the net profit attributable to ordinary shareholders in the consolidated financial statements [27] - The net profit attributable to ordinary shareholders for 2023 is reported at 544,223,785.73 CNY, with the proposed cash dividend representing 30.73% of this amount [27] - The company has established a profit distribution policy that prioritizes cash dividends over stock dividends, ensuring that the cumulative cash dividends over the last three years are no less than 30% of the average distributable profit [26] - The company has implemented a complete decision-making process for cash dividends, allowing minority shareholders to express their opinions and ensuring their rights are protected [26] - The company has not proposed any stock dividends or capital reserve transfers for the fiscal year 2023, maintaining the total distribution amount unchanged even if the total share capital changes [26] Environmental Protection - The company has invested 2.86 million CNY in environmental protection during the reporting period, adhering to national environmental laws and regulations [43] - The company reported that all monitored emission points are compliant with national pollution discharge standards, with specific concentrations such as 5.3 mg/m³ for hydrochloric acid at the reduction distillation outlet, well below the limit of 80 mg/m³ [44] - The average concentration of particulate matter at the titanium tetrachloride tail gas outlet was recorded at 7.4 mg/m³, which is also within the permissible limit of 10 mg/m³ [44] - The company has established various pollution control facilities, including a washing tower and an exhaust gas absorption tower, all of which are operating normally [48] - The nitrogen oxides emissions from the gas boiler stack were measured at 37 mg/m³, significantly below the limit of 150 mg/m³ [44] - The company has implemented a four-stage washing process for the sponge titanium exhaust, ensuring effective treatment of pollutants [48] - The concentration of sulfur dioxide emissions from the backup boiler was recorded at 5 mg/m³, well under the limit of 50 mg/m³ [44] - The company has a total of seven emission points monitored, all of which are compliant with the relevant environmental standards [48] - The average concentration of chlorine gas at the magnesium electrolysis outlet was measured at 4.5 mg/m³, below the limit of 60 mg/m³ [44] - The company has reported no exceedances in the emissions of nitrogen oxides from the laboratory exhaust, with undetectable levels recorded [47] - The company continues to invest in environmental protection facilities to ensure compliance with pollution control standards [48] - The company has received the national "Green Factory" title for its effective environmental protection efforts [75] - The company has not faced any administrative penalties from environmental protection departments during the reporting period [55] - The company has established an emergency response plan for environmental incidents, which has been filed with the local ecological environment bureau [53] - The company has implemented a self-monitoring plan for environmental emissions, ensuring compliance with discharge standards [71] - The company has successfully treated wastewater to meet various national and local discharge standards [68] Social Responsibility - The company has invested a total of 51.56 million yuan in poverty alleviation and rural revitalization projects during the reporting period [80] - The company has made donations totaling 1.7 million yuan to support designated poverty alleviation villages during the reporting period [78] - The company provided 1.2 million RMB in aid to 56 households during the Spring Festival and 50,000 RMB in aid during the Chongyang Festival [85] - The company has invested a total of 515,600 RMB in targeted poverty alleviation efforts in 2023, including 37,000 RMB for educational assistance, 80,000 RMB for industrial support, and 398,600 RMB for consumption support [85] - The company assisted 2,793 individuals through industrial support and 14 individuals through educational assistance [85] - The company plans to continue its support for rural revitalization and poverty alleviation efforts in the coming year [114] Market and Industry Outlook - The titanium industry is strategically significant for national defense, economy, and technology development, with strong government support in China [151] - In 2023, the supply of sponge titanium exceeded demand, leading to a downward price trend and weak operational performance in the titanium industry [152] - The company continues to focus on expanding its market presence in aerospace, petrochemical, and medical sectors [171] - The titanium processing industry serves various sectors, including aerospace, oil and gas, and construction, indicating diverse market opportunities [171] - The company aims to enhance its market share in high-end titanium applications in aerospace, marine, and medical fields, driven by national policies and market demand [177] - The company is focusing on expanding into new markets such as petrochemicals, hydrogen energy, and 3C electronics to drive sales growth [185] Research and Development - The company developed high-strength titanium alloy pipes and components, successfully completing an 8000-meter ultra-deep well drilling test [148] - The company established 112 technical reform projects in 2023, achieving a comprehensive equipment integrity rate of 99.96% [150] - The company received 10 various scientific and technological achievement awards in 2023 [148] - The company is committed to strengthening its research and innovation capabilities to align with national strategic needs and market demands [189] - The company is actively participating in major project development and technological breakthroughs to enhance its competitive edge [189] Future Plans - The company’s 2024 revenue target is set at 7.5 billion yuan, with a cost plan of 6.8 billion yuan and a titanium product output goal of 40,000 tons [184] - The company plans to invest 231 million yuan in fixed assets in 2024 to support its growth strategy [184] - The company is implementing a differentiated marketing strategy to capture market share and promote sales growth [185] - The company is dedicated to improving its governance and compliance management to ensure sustainable development and risk control [190] Compliance and Legal Matters - The company has not reported any non-operating fund occupation by controlling shareholders or related parties during the reporting period [127] - There were no significant accounting errors or changes in accounting policies that affected the financial results for the year [128] - The company has not faced any major litigation or arbitration matters during the reporting period [130] - The company has not engaged in any major asset restructuring or integration during the reporting period [197] - The company has not made any securities or private fund investments during the reporting period [197] Investment and Fundraising - The company has a total fundraising amount of CNY 200,499.96 million, with a net amount of CNY 196,624.08 million after deducting issuance costs [166] - As of the end of the reporting period, the cumulative investment of raised funds reached CNY 159,848.11 million, representing an investment progress of 81.30% [166] - The company plans to disclose the specific use of raised funds in a report on March 30, 2024 [195] - The overall investment situation indicates no major changes in operational capacity or efficiency metrics [195] - There are no significant non-equity investments reported during the period [195]

宝鸡钛业股份有限公司 本公司董事会及全体董事保证本报告内容不存在任何虚假记载、误导性陈述 或重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 企业社会责任是指企业对国家和社会的全面发展、自然环境和资 源，以及股东、债权人、员工、客户、消费者、供应商、社区等利益 相关方所应承担的责任。《宝鸡钛业股份有限公司2023年度社会责任 报告》是公司根据中国证监会《上市公司治理准则》、上海证券交易 所《股票上市规则》《上市公司自律监管指引第1号—规范运作》及《上 海证券交易所<公司履行社会责任的报告>编制指引》的规定，结合宝 鸡钛业股份有限公司（以下简称"公司"）在履行社会责任方面的具 体情况编制而成，充分反映和披露了公司对落实科学发展观，构建和 谐社会，推进经济社会可持续发展，对国家和社会的全面发展、自然 环境和生态资源，以及股东、债权人、员工、客户、供应商、社区等 方面所履行的社会责任和工作。 一、公司的社会责任观 作为上市公司，公司一直将企业的社会责任作为公司的基本价值 观。公司在追求经济效益、保护股东利益的同时，积极保护债权人和 员工的合法权益，诚信对待供应商、客户和消费者，坚持绿色发展理 念，建设循环 ...

公司代码：600456 公司简称：宝钛股份 债券代码：155801 债券简称：19 宝钛 01 宝鸡钛业股份有限公司 2023 年度内部控制评价报告 宝鸡钛业股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2023年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述 ...

证券代码：600456 证券简称：宝钛股份 公告编号：2024-008 债券代码：155801 债券简称：19 宝钛 01 宝鸡钛业股份有限公司 关于续聘 2024 年度会计师事务所的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 ● 拟续聘的会计师事务所名称：希格玛会计师事务所（特殊普通合伙） 宝鸡钛业股份有限公司（以下简称"本公司""公司"）于 2024 年 3 月 29 日召开第八届董事会第五次会议，审议通过了《关于聘请公司 2024 年度审计及 内部控制审计机构的议案》，拟续聘希格玛会计师事务所（特殊普通合伙）（以下 简称"希格玛"）为公司 2024 年度审计和内部控制审计机构，聘期一年。本事 项尚需提交公司 2023 年度股东大会审议，现将有关事宜公告如下： 一、拟续聘任会计师事务所的基本信息 （一）机构信息 1、基本信息 名称： 希格玛会计师事务所（特殊普通合伙） 组织形式：特殊普通合伙企业 重要内容提示： 注册地址：陕西省西安市浐灞生态区浐灞大道一号外事大厦六层。 历史沿革：希格玛会计师事务所(特殊普通合伙 ...

宝鸡钛业股份有限公司董事会 经核查独立董事孙军、杨锐、沈灏、潘颖的任职经历以及签署的 相关自查文件，上述人员未在公司担任除独立董事以外的任何职务， 也未在公司主要股东公司担任任何职务，与公司以及主要股东之间不 存在利害关系或其他可能妨碍其进行独立客观判断的关系。因此，公 司董事会认为，公司独立董事符合《上市公司治理准则》《上市公司 独立董事管理办法》《上海证券交易所上市公司自律监管指引第 1 号 --规范运作》及《公司独立董事制度》等规定中对独立董事独立性的 相关要求。 宝鸡钛业股份有限公司董事会 2024 年 3 月 29 日 关于独立董事独立性情况的专项意见 根据证监会《上市公司治理准则》《上市公司独立董事管理办法》、 上海证券交易所《上市公司自律监管指引第 1 号--规范运作》及《宝 鸡钛业股份有限公司独立董事制度》等要求，宝鸡钛业股份有限公司 （以下简称"公司"）董事会，就公司在任独立董事孙军、杨锐、沈 灏、潘颖的独立性情况进行评估并出具如下专项意见： ...

西部证券股份有限公司 （一）募集资金金额及到位情况 关于宝鸡钛业股份有限公司 2023 年度募集资金存放与使用情况的专项核查意见 西部证券股份有限公司（以下简称"西部证券"或"保荐机构"）作为宝鸡 钛业股份有限公司（以下简称"宝钛股份"或"公司"）2019 年非公开发行 A 股股票的保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司监管指 引第 2 号——上市公司募集资金管理和使用的监管要求（2022 年修订）》《上 海证券交易所上市公司自律监管指引第 1 号——规范运作》及《上海证券交易所 上市公司自律监管指引第 11 号——持续督导》等有关规定，对宝钛股份 2023 年度募集资金存放与使用情况进行了核查，核查情况如下： 一、募集资金的基本情况 （二）募集资金本年度使用和结余情况 公司 2023 年度实际使用募集资金 27,421.16 万元，以前年度已使用募集资金 132,426.95 万元，累计已使用募集资金 159,848.11 万元。 经中国证券监督管理委员会（以下简称"中国证监会"）出具的《关于核准 宝鸡钛业股份有限公司非公开发行股票的批复》（证监许可〔2021〕17 号）， 公司非公开发行 ...

宝鸡钛业股份有限公司 审计委员会 2023 年度履职情况报告 根据上海证券交易所《关于做好主板上市公司 2023 年年度报告 披露工作的通知》、《上市公司自律监管指引第 1 号—规范运作》及宝 鸡钛业股份有限公司（以下简称"公司"）《董事会审计委员会工作细 则》的有关规定，公司董事会审计委员会（以下简称"审计委员会"） 本着勤勉尽责的原则，认真履行职责，维护全体股东及公司的整体利 益。现将 2023 年度履职情况报告如下： 一、审计委员会基本情况 截止 2023 年 12 月 31 日，公司第八届董事会审计委员会由 4 名 董事组成，其中 3 名为独立董事，主任委员由具有会计和财务管理专 业经验的独立董事担任。 二、审计委员会 2023 年度会议召开情况 2023 年度，根据《公司章程》、《董事会审计委员会工作细则》 等相关制度的规定，审计委员会在公司年报审计、财务报表信息及披 露、内部审计等方面积极履职尽责，共计召开了 5 次会议，审议 15 项议案，全体委员亲自出席了会议。具体会议召开情况详见下表： | | | 召开日期 | | | | 届次 | | 审议事项 | | --- | --- | --- | ...