公司快评｜三家子公司连环“停产”，叠加业绩承压，金浦钛业亟待从根本上寻找新增长极

Core Viewpoint - Jinpu Titanium Industry is facing significant operational challenges, including multiple temporary shutdowns of subsidiaries due to financial strain, reduced market demand, and declining product prices, which may lead to a prolonged period of losses and uncertainty in recovery [2][3][4]. Financial Performance - The company's revenue is projected to decline from 25.10 billion yuan in 2022 to 21.33 billion yuan in 2024, indicating a downward trend [2]. - Jinpu Titanium has reported consecutive annual losses, with net profit attributable to shareholders worsening from 1.45 billion yuan to 2.44 billion yuan over three years [2]. - The company anticipates a further loss of 4.2 billion to 4.89 billion yuan in 2025, representing a year-on-year reduction of 75% to 100% [2]. Operational Challenges - The temporary shutdown of Nanjing Titanium and the complete halt of Xuzhou Titanium, which accounts for 50% of the company's total titanium dioxide production capacity, raises concerns about the company's revenue base [2][3]. - Frequent shutdowns may lead to customer attrition and loss of market share to competitors, complicating recovery efforts once the industry rebounds [3]. Strategic Considerations - The company is caught in a cycle of "losses - shutdowns - revenue decline - expanding losses," raising doubts about its ongoing viability [3]. - To navigate these challenges, Jinpu Titanium may need to explore several strategic avenues, including vertical integration towards high-end products, horizontal expansion into the new energy sector, and optimizing asset restructuring to attract external strategic investments [3]. Industry Context - The chemical industry is experiencing increased concentration, which may further pressure Jinpu Titanium to find a breakthrough or secure external funding to sustain operations [3][4].