豪掷14.83亿元！天原股份拟加码氯化法钛白粉产能

Core Viewpoint - Tianyuan Co., Ltd. plans to invest 1.483 billion yuan in a new chlorination titanium dioxide project with an annual capacity of 100,000 tons, driven by stable market demand and the industry's shift towards green and high-end production methods [2][3]. Group 1: Project Investment and Strategic Goals - The chlorination titanium dioxide project will be integrated into the company's "one body, two wings" strategy, focusing on high-function new materials to enhance overall capacity and market competitiveness [3]. - The project aims to deepen the integrated circular industry layout of "chlorine-titanium-phosphorus-iron-lithium," promoting resource recycling and aligning with green development principles [3]. Group 2: Industry Trends and Market Dynamics - The global titanium dioxide industry is transitioning towards chlorination processes, with China's chlorination production accounting for only 2%-5% before 2018, but becoming the mainstream method due to low-carbon trends [3]. - In 2024, China's titanium dioxide production is projected to be approximately 4.76 million tons, with chlorination accounting for about 13.93%, indicating a structural imbalance in domestic production favoring lower-end sulfuric acid methods [4]. Group 3: Company Performance and Challenges - Despite the strategic investment in high-end capacity, Tianyuan's financial performance has shown a downward trend, with revenues dropping from 20.339 billion yuan in 2022 to 13.367 billion yuan in 2024, and a net loss of 460 million yuan in 2024 [6]. - The company faced challenges due to low capacity utilization rates and weak demand from the real estate sector, which has negatively impacted the titanium dioxide market [6]. - However, there are signs of recovery in 2025, with revenues of 8.49 billion yuan in the first three quarters, reflecting a year-on-year decline of 14.89%, but a net profit increase of 132.63% [6]. Group 4: Market Outlook - Analysts believe that Tianyuan is in a critical transition phase, and the recent investment in the chlorination project could strengthen its industry position and improve future performance [7].