钛白粉10月月报：钛白粉价格下行，行业利润预计承压

Investment Rating - The industry investment rating is "Strongly Outperform the Market" [2] Core Viewpoints - Titanium dioxide (TiO2) prices are showing a downward trend due to weak downstream demand and relatively ample supply, with the average price in October at 14,819 RMB/ton, a decrease of 312 RMB/ton from September [8][9] - The average price of titanium concentrate and concentrated sulfuric acid has also declined, with titanium concentrate at 2,163 RMB/ton, down 60 RMB/ton (2.7%) from September, and concentrated sulfuric acid at 418 RMB/ton, down 16 RMB/ton (3.6%) [9][10] - The price spread for titanium dioxide has decreased to 7,640 RMB/ton, down 220 RMB/ton (2.8%) [11] - The production of titanium dioxide in September was 310,000 tons, a year-on-year increase of 3.4% but a month-on-month decrease of 3.1% [17] - The export volume of titanium dioxide in September was 147,000 tons, a year-on-year increase of 1.2%, with cumulative exports from January to September reaching 1.44 million tons, up 14.7% year-on-year [22][24] Summary by Sections 1. Titanium Dioxide and Raw Material Price Review - Titanium dioxide prices are trending downward, with October's average price at 14,819 RMB/ton, a decrease of 312 RMB/ton from September [8] - The average price of titanium concentrate has decreased to 2,163 RMB/ton, down 60 RMB/ton (2.7%) from September [9] - Concentrated sulfuric acid prices have also declined, averaging 418 RMB/ton, down 16 RMB/ton (3.6%) [10] 2. Titanium Dioxide Production Situation - The production of titanium dioxide in September was 310,000 tons, a year-on-year increase of 3.4% but a month-on-month decrease of 3.1% [17] - The operating rate as of October 24, 2024, was 67.51%, down 4.83 percentage points from the average in September [17] 3. Import and Export Situation - The export volume of titanium dioxide in September was 147,000 tons, a year-on-year increase of 1.2% [22] - Cumulative exports from January to September reached 1.44 million tons, up 14.7% year-on-year [22] 4. Downstream Demand Tracking - The downstream demand for titanium dioxide is expected to stabilize, with growth in sectors such as real estate, plastics, and automotive [24] 5. Titanium Dioxide Sector and Key Company Trends - As of October 25, 2024, the China Titanium Dioxide Index was 1,752 points, an increase of 16.5% from September 25, 2024 [26] 6. Investment Recommendations - The report recommends focusing on leading companies with titanium ore advantages, particularly Longbai Group, which has a total titanium dioxide production capacity of 850,000 tons/year using the sulfate process and 660,000 tons/year using the chloride process [30]