钛白粉价格回暖，业绩逐季改善

Investment Rating - The report assigns a "Trading Buy" rating for the company, indicating a potential upside within the range of 5% to 15% [5][8][10]. Core Insights - The company has shown a recovery in titanium dioxide prices, leading to improved performance quarter by quarter. The sales volume of titanium dioxide increased significantly, contributing to revenue growth despite a decline in profit margins due to lower product prices [5][6][7]. - The company is positioned as a global leader in titanium dioxide production, with a comprehensive product portfolio that includes titanium dioxide, sponge titanium, and new energy materials, which are expected to drive future growth [5][7]. Summary by Sections Company Basic Information - Industry: Chemical - A-share price as of April 23, 2024: 19.40 - Market capitalization: 450.57 billion RMB - Major shareholder: Xu Gang (26.25%) - Earnings per share (EPS) forecast for 2024/2025/2026: 1.43, 1.35, 1.55 RMB [1][2][4]. Recent Ratings - Recent ratings indicate a "Trading Buy" with a target price of 22 RMB, reflecting a positive outlook based on recent performance and market conditions [2][5][8]. Product Mix - The product composition includes titanium dioxide (66.4%), iron-based products (9.6%), sponge titanium (8.5%), and new energy materials (4.1%) [2][5]. Earnings Forecast - The company is expected to achieve net profits of 37 billion RMB in 2024, 45 billion RMB in 2025, and 55 billion RMB in 2026, representing year-over-year growth of 14%, 22%, and 23% respectively [4][6]. Revenue and Profit Performance - In 2023, the company reported revenue of 267.65 billion RMB, a year-over-year increase of 11%, with a net profit of 32.26 billion RMB, down 5.64% from the previous year. The fourth quarter of 2023 showed a significant recovery in profits due to a low base effect from the previous year [5][6]. - The first quarter of 2024 saw revenue of 72.88 billion RMB, up 4.52% year-over-year, and a net profit of 9.51 billion RMB, reflecting a 64.15% increase year-over-year [5][6]. Market Position and Future Outlook - The company is leveraging its position in the titanium industry to expand into new energy materials, which are expected to contribute significantly to future earnings. The recovery in titanium dioxide prices and increased sales volume are anticipated to support ongoing performance improvements [5][7].