Investment Rating - The investment rating for the company is "Buy," indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [23]. Core Views - The company, BaoTi Co., Ltd. (600456), reported a slight decrease in revenue for the first three quarters of 2024, amounting to 5.509 billion yuan, down 1.83% year-on-year. However, production and sales volumes of titanium products increased by 6.40% and 8.96%, respectively, indicating a stable growth in product output despite the revenue decline due to falling titanium prices [1][11]. - The company is recognized as a major supplier of titanium materials for aerospace projects in China and has established strategic partnerships with international firms such as Boeing and Airbus [1]. - The company is adjusting its investment projects to enhance its capabilities in titanium alloy 3D printing, which is expected to fill a gap in its business operations and improve its product structure [5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 5.509 billion yuan, with a net profit attributable to shareholders of 517 million yuan, reflecting a decrease of 5.97% year-on-year. The gross margin was reported at 21.45%, down 1.03 percentage points [1][4]. - The company’s gross profit margin and net profit margin also saw declines, with net profit margin at 10.78%, down 0.84 percentage points [1]. Market Dynamics - The price of sponge titanium has significantly decreased, reducing cost pressures for titanium alloy manufacturers. As of October 29, 2024, the price of sponge titanium was 47,000 yuan per ton, nearly 50% lower than its peak in June 2022 [6]. - There is a growing demand for high-end titanium materials driven by advancements in aerospace and other sectors, which is expected to open new growth avenues for the company [7]. Future Outlook - The company aims to achieve a production target of 40,000 tons of titanium products by 2024, with a long-term goal of 50,000 tons. This is expected to enhance its market position and operational performance [11]. - Revenue projections for 2024 to 2026 are estimated at 6.876 billion yuan, 7.346 billion yuan, and 7.862 billion yuan, respectively, with net profits expected to grow correspondingly [11].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for future performance [1][3]. Core Views - The company reported a slight decline in revenue and net profit for the first three quarters of 2024, with revenue at 5.509 billion yuan, down 1.83% year-on-year, and net profit at 517 million yuan, down 5.97% year-on-year [1]. - The demand for military and consumer electronics (3C) orders has decreased, while aerospace-grade demand has shown steady growth, indicating a mixed demand landscape [1]. - The average price of sponge titanium has decreased significantly, impacting the company's profitability, with an average price of approximately 50,500 yuan per ton for the first three quarters, down 25.32% year-on-year [1]. - The company is expected to benefit from the recovery of overseas aerospace demand and the increasing application of titanium alloys in the 3C market, particularly with Apple's adoption of titanium frames in smartphones [1][3]. Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 1.778 billion yuan, a decrease of 6.57% quarter-on-quarter and 6.51% year-on-year, with a net profit of 114 million yuan, down 53.38% quarter-on-quarter but up 32.64% year-on-year [1]. - The gross profit margin for the first three quarters of 2024 was 21.45%, a decline of 1.03 percentage points year-on-year, with Q3 margin at 19.47%, down 7.47 percentage points quarter-on-quarter [1]. Market Demand Analysis - The military market has seen a slowdown in procurement since the second half of 2023, but demand is stabilizing [1]. - The domestic consumer market remains weak due to insufficient capital expenditure in the chemical industry [1]. - The company has successfully entered the supply chain for major overseas clients like Boeing and Airbus, which is expected to drive growth in the aerospace-grade market [1]. Growth Potential - The company is expanding its production capacity, with plans to reach 50,000 tons of titanium processing capacity during the 14th Five-Year Plan [1]. - High-end titanium projects are gradually coming online, with expected annual increases in production of various titanium products [1]. - The company is positioned as a key supplier for the C919 aircraft, which is anticipated to boost titanium demand significantly [1]. Profit Forecast - The projected net profits for 2024, 2025, and 2026 are 563 million yuan, 660 million yuan, and 737 million yuan, respectively, with corresponding price-to-earnings ratios of 26, 22, and 20 [2][4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's production and sales are steadily approaching operational targets, with downstream demand expected to recover within the year, supporting overall performance [1] - The export business is performing well, particularly in the aviation sector, which is contributing significantly to growth [2] - Frequent mergers and acquisitions are enhancing the overall forging and processing capabilities of the company [3] - The earnings forecast remains in line with expectations, with projected net profits for 2024-2026 being 6.56 billion, 7.99 billion, and 9.46 billion respectively, corresponding to P/E ratios of 22, 18, and 16 [3] Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved total revenue of 5.509 billion, a year-on-year decrease of 1.83%, and a net profit attributable to shareholders of 517 million, down 5.97% year-on-year [1] - The production volume of titanium products reached 25,653.39 tons, an increase of 6.40% year-on-year, while sales volume was 26,390.30 tons, up 8.96% year-on-year [1] Business Development - The company has successfully entered the supplier systems of Boeing and Airbus, with expectations for continued growth in the export market [2] - The domestic demand for titanium materials is supported by the ramp-up of the C919 aircraft, contributing to a recovery in performance [2] Mergers and Acquisitions - The company announced two acquisitions aimed at enhancing its forging capabilities, including land use rights and assets from local titanium companies [3] - These acquisitions are expected to increase intermediate billet hot processing capacity by over 15,000 tons and reduce rental costs by 15.5577 million per year [3]

Financial Performance - The company's operating revenue for Q3 2024 was CNY 1,778,428,440.98, a decrease of 6.51% compared to the same period last year[2]. - Net profit attributable to shareholders for Q3 2024 was CNY 113,651,145.88, down 32.64% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 87,835,772.88, a decline of 41.40% compared to the previous year[2]. - Basic earnings per share for Q3 2024 were CNY 0.2379, reflecting a decrease of 32.63% year-on-year[5]. - Total operating revenue for the first three quarters of 2024 was CNY 5,508,546,734.64, a decrease of 1.83% compared to CNY 5,611,242,899.93 in the same period of 2023[16]. - Net profit attributable to shareholders of the parent company was CNY 516,567,746.33, down from CNY 549,381,302.64 in the previous year, representing a decrease of 5.3%[17]. - Earnings per share (EPS) for the first three quarters was CNY 1.0812, down from CNY 1.1499 in the same period last year, a decline of 5.1%[17]. Assets and Equity - Total assets at the end of the reporting period were CNY 13,503,392,229.42, an increase of 8.09% from the end of the previous year[5]. - The equity attributable to shareholders at the end of the reporting period was CNY 6,891,572,521.17, up 5.46% year-on-year[5]. - Total assets increased to CNY 13,503,392,229.42, up from CNY 12,493,227,937.76, reflecting a growth of 8.1%[15]. - The company’s total equity increased to CNY 7,550,748,194.47, up from CNY 7,144,745,721.60, reflecting a growth of 5.7%[15]. Cash Flow - The net cash flow from operating activities for the year-to-date was CNY 655,508,785.45, an increase of 18.86% compared to the previous year[5]. - In the first three quarters of 2024, the net cash flow from operating activities was CNY 655,508,785.45, an increase of 18.9% compared to CNY 551,507,733.64 in the same period of 2023[18]. - Total cash inflow from operating activities was CNY 2,936,179,086.54, down 5.0% from CNY 3,092,057,483.41 year-on-year[18]. - Cash outflow for purchasing goods and services was CNY 1,385,472,616.48, a decrease of 20.5% from CNY 1,741,850,559.19 in the previous year[18]. - The net cash flow from investing activities was -CNY 208,536,405.31, worsening from -CNY 118,686,465.64 in the same period last year[19]. - Cash inflow from financing activities totaled CNY 399,191,132.57, significantly lower than CNY 1,107,469,841.04 in the previous year[19]. - The company raised CNY 280,000,000.00 in borrowings, a decrease of 72.6% compared to CNY 1,020,000,000.00 in the same period of 2023[19]. - The net increase in cash and cash equivalents was CNY 343,916,880.31, compared to CNY 320,053,095.74 in the previous year, reflecting a slight increase of 7.5%[19]. - The ending balance of cash and cash equivalents reached CNY 1,209,090,842.40, up from CNY 1,114,753,089.66 at the end of the previous year[19]. - The company received CNY 81,482,057.20 in tax refunds, down 16.0% from CNY 96,937,569.52 in the same period last year[18]. - The company reported a decrease in cash received from other operating activities, totaling CNY 73,199,168.38, down 48.9% from CNY 143,238,135.28 in the previous year[18]. Shareholder Information - The company reported a total of 48,016 common shareholders at the end of the reporting period[8]. - The largest shareholder, Baoti Group Co., Ltd., held 47.77% of the shares, totaling 228,227,298 shares[8]. - The top ten shareholders include Baoti Group Co., Ltd. with 228,227,298 shares, representing a significant portion of the company's equity[9]. - The company has not disclosed any related party transactions among its top shareholders[9]. Production and Market Strategy - The production volume of titanium products reached 25,653.39 tons, an increase of 6.40% year-on-year, while sales volume was 26,390.30 tons, up by 8.96% year-on-year[12]. - The production of other metal products was 1,151.84 tons, a significant increase of 28.53% year-on-year, while sales were 1,086.84 tons, up by 30.50% year-on-year[12]. - The company is focused on expanding its market presence and enhancing its product offerings through ongoing research and development initiatives[12]. - The company plans to continue expanding its market presence and invest in new technologies to enhance production efficiency and product quality[16]. Research and Development - Research and development expenses decreased to CNY 140,534,555.06 from CNY 188,062,445.02, a reduction of 25.3%[16]. - The company completed the acquisition of machinery and real estate assets, with 50% of the purchase price already paid as of the reporting date[12].

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。 证券代码：600456 证券简称：宝钛股份 编号：2024－034 债券代码：155801 债券简称：19 宝钛 01 宝鸡钛业股份有限公司 第八届董事会第八次会议决议公告 宝鸡钛业股份有限公司董事会 2024 年 10 月 29 日 宝鸡钛业股份有限公司于 2024 年 10 月 18 日以书面形式向公司各位董事发出 了以通讯表决方式召开公司第八届董事会第八次会议的通知。2024 年 10 月 28 日 召开了此次会议，会议应出席董事 6 人，实际出席 6 人，会议符合《公司法》和 《公司章程》的有关规定。本次会议通过认真审议，采取记名投票方式，逐项审 议通过了以下议案： 1 一、以 6 票同意，0 票反对，0 票弃权，审议通过了《宝鸡钛业股份有限公司 2024 年第三季度报告》。 该事项已经公司审计委员会审议通过，一致同意提交董事会审议。 二、以 6 票同意，0 票反对，0 票弃权，审议通过了《关于调整公司组织机构 设置的议案》。根据当前公司发展和市场情况，以及民品板块改革整 ...

证券代码：600456 证券简称：宝钛股份 编号：2024－035 债券代码：155801 债券简称：19 宝钛 01 2、监事会在提出本意见前，未发现参与 2024 年第三季度报告编制和审 议的人员有违反保密规定的行为。 特此公告。 宝鸡钛业股份有限公司监事会 本公司监事会及全体监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 2024 年 10 月 18 日以 书面形式向公司各位监事发出了以通讯表决方式召开公司第八届监事会第 八次会议的通知。2024 年 10 月 28 日召开了此次会议，会议应出席监事 3 人，实际出席 3 人，会议符合《公司法》和《公司章程》的有关规定。本次 会议通过认真审议，采取记名投票方式，以 3 票同意，0 票反对，0 票弃权， 审议通过了《宝鸡钛业股份有限公司 2024 年第三季度报告》。 监事会认为： 1、董事会对《宝鸡钛业股份有限公司 2024 年第三季度报告》的编制和 审议程序符合法律、行政法规及中国证监会的规定，该报告的内容真实、准 确、完整地反映了公司的实际情况 ...

重要内容提示： ● 投资标的名称：南京宝钛有限公司（暂定名，以市场监管部门最终 核准名称为准） ● 投资金额和比例：南京宝钛有限公司的注册资本为人民币 5000 万 元，全部由公司以自有资金现金出资。 证券代码：600456 证券简称：宝钛股份 编号：2020－033 债券代码：155801 债券简称：19 宝钛 01 宝鸡钛业股份有限公司 关于设立全资子公司的公告 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。 一、投资概述 1、对外投资的基本情况 根据公司发展需要，公司拟以自有资金 5000 万元人民币投资设立全资 子公司南京宝钛有限公司。 2、董事会审议情况 2024 年 10 月 16 日，公司召开了第八届董事会第九次临时会议，以 6 票同意，0 票反对，0 票弃权，一致通过了《关于设立全资子公司的议案》。 根据《公司章程》及《上海证券交易所股票上市规则》规定，本次对外投资 事项在公司董事会的决策权限内，无需提交公司股东大会审议。 3、公司本次对外投资事项不属于关联交易，也不构成公司重大资产重 组事项。 二、拟设立全资 ...

公司回复：2024 年半年度公司实现营业收入 37.30 亿元，同比增加 0.57%；钛产品销售量 1.78 万吨,同比增加 6.65%；归母净利润 4.03 亿元， 同比增加 5.85%，基本每股收益为 0.8433 元。公司为商飞钛材基础材料供应商 未来将为公司发展提供良好的市场机遇。 2、投资者提问：请问公司今年 6 月收购的资产是否是为苹果公司产品规划 的生产线，另外公司与其他手机品牌是否有合作 1 宝鸡钛业股份有限公司 关于 "2024 年半年度业绩说明会"的召开 情况纪要 一、本次业绩说明会召开情况 2024 年 9 月 14 日，公司在上海证券交易所网站（www.sse.com.cn）及 指定信息披露媒体披露了《宝鸡钛业股份有限公司关于召开 2024 年半年度业绩 说明会的公告》（公告编号：2024-032）。2024 年 9 月 25 日下午 16:00- 17:00，公司在上海证券交易所上证路演中心（网址：https:// roadshow.sseinfo.com/）通过网络平台在线交流的方式召开了公司 2024 年 半年度业绩说明会，与投资者就公司经营业绩、发展规划等问题进行交流和沟通， ...

证券研究报告·公司深度研究·小金属 宝钛股份（600456） 钛材龙头引领行业发展，需求蓬勃驱动未来 增长 2024 年 09 月 18 日 买入（首次） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 6635 | 6927 | 7611 | 8085 | 8589 | | 同比（ % ） | 26.47 | 4.41 | 9.86 | 6.23 | 6.24 | | 归母净利润（百万元） | 556.98 | 544.22 | 656.02 | 798.72 | 946.35 | | 同比（ % ） | (0.59) | (2.29) | 20.54 | 21.75 | 18.48 | | EPS- 最新摊薄（元 / 股） | 1.17 | 1.14 | 1.37 | ...

证券代码:600456 证券简称:宝钛股份 编号：2024-032 债券代码：155801 债券简称：19 宝钛 01 宝鸡钛业股份有限公司 关于召开2024 年半年度业绩说明会的公告 ●会议召开时间：2024 年 9 月 25 日（星期三）下午 16:00-17:00 ●会议召开 地 址 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） ●会议召开方式：上证路演中心网络互动 ●投资者可于 2024 年 9 月 18 日(星期三) 至 9 月 24 日(星期二)16:00 前登录 上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱（dsb@baoti.com） 进行提问。在信息披露允许的范围内，公司将在说明会上对投资者普遍关注的问 题进行回答。 宝鸡钛业股份有限公司（以下简称"公司"）已于 2024 年 8 月 20 日发布了 公司 2024 年半年度报告。为便于广大投资者深入了解公司 2024 年半年度的经营 成果、财务状况，公司计划于 2024 年 9 月 25 日（星期三）下午 16:00-17:00 举 行 20 ...