化工子行业年报和 1 季报深度梳理 - 钛白粉 20250515 摘要 Q&A 2024 年及 2025 年一季度钛白粉行业的价格变化情况如何？ 2024 年全年钛白粉价格呈现下行趋势，尽管在传统旺季（3-4 月和 9-10 月） 通常会有显著上涨，但去年情况有所不同。2024 年初，由于春节检修导致开 工率下降，加之原材料钛矿价格坚挺，一季度钛白粉市场均价有所上升。然而， 随着第一个旺季结束，二季度进入传统淡季，价格逐渐恢复到一季度初的水平。 特别是三季度，本应是销售旺季的 9-10 月份，钛白粉价格累计下滑约 500 元， 库存高位及采购需求不旺导致市场情绪低迷。进入 2025 年一季度后，虽然出 现一定程度的价格上涨，但四月份以后又开始逐渐下滑，上游钛矿价格也从高 位快速下行，目前市场均价约为 1,700 元。 钛白粉行业供给侧面临哪些压力？ 钛白粉行业长期过剩问题日益凸显。2024 年新增产能约 71 万吨，而 2025 年 预计新增产能接近 140 万吨。截至 2024 年底，总产能已达 650 万吨以上，如 果今年新增产能全部投放，到年底国内总产能将达到 800 万吨左右，这几乎接 近全球每年的实 ...

Investment Rating - The report indicates a positive investment outlook for the chemical industry, with a focus on defensive strategies and specific sectors such as compound fertilizers and domestic substitutes [2]. Core Insights - The chemical market has shown resilience, with the Shenwan Chemical Index rising by 2.07%, outperforming the CSI 300 Index by 0.07% [10]. - Key themes in the market include strong performance in military and robotics materials, while companies with poor Q1 results are under pressure [1]. - The report highlights the impact of tariff negotiations, particularly between the US and other countries, affecting trade dynamics and inventory levels in the US [1]. - AI demand is robust, with leading companies like AMD reporting significant revenue growth, indicating a strong market for AI-related products [2]. - OPEC's decision to increase production raises questions about the sustainability of oil prices, with mixed signals from supply and demand factors [2]. Summary by Sections Market Review - Brent crude futures averaged $62.05 per barrel, down 2.02% week-on-week, while WTI futures averaged $59.04 per barrel, down 1% [10]. - The basic chemical sector outperformed the index, while the petrochemical sector lagged [10]. - The top-performing sub-sectors included fluorochemicals (5.02% increase), while coal chemicals saw a slight decline [11]. Recent Views from the Chemical Team - The tire industry is experiencing a decline in production rates, with full steel tire operating rates at 44.8%, down 11.5% week-on-week [27]. - The sweetener market, particularly for sucralose, is expected to improve due to reduced supply and increased demand from the beverage industry [28]. - The dye market remains stable, with prices holding steady despite weak demand from the textile industry [30]. Key Events - Significant diplomatic meetings are scheduled, including high-level economic dialogues between China and the US, which may influence trade policies [3]. - OPEC+ confirmed an increase in production by 411,000 barrels per day, raising concerns about compliance among member countries [3]. Price Movements - The report provides detailed price movements for various chemical products, indicating fluctuations and trends in the market [26][29]. - Specific products like DAP and titanium dioxide are experiencing price adjustments due to supply and demand dynamics [31][32]. Future Outlook - The report suggests a cautious approach to investment, focusing on sectors with defensive characteristics and potential for growth amid market volatility [2].

Core Viewpoint - Jinpu Titanium Industry (000545) announced that part of the shares held by its controlling shareholder, Jinpu Investment Holding Group Co., Ltd., will be subject to judicial auction, potentially impacting the company's control structure [1] Summary by Relevant Sections - **Auction Details** - The auction involved two packages of shares, totaling 34 million shares, with a transaction amount of 69.861 million yuan [1] - The shares sold represent 13.35% of the shares held by Jinpu Group and 3.45% of the total share capital of the company [1] - **Post-Auction Shareholding** - After the auction, Jinpu Group's shareholding will decrease to 221 million shares, reducing its ownership percentage to 22.36% [1] - **Control Implications** - The auction will not lead to a change in the controlling shareholder or actual controller of the company, but there is a possibility of a change in the actual control of the listed company [1]

行 业 及 产 业 基础化工 行 业 研 究 / 行 业 深 度 证券分析师 马昕晔 A0230511090002 maxy@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 任杰 A0230522070003 renjie@swsresearch.com 赵文琪 A0230523060003 zhaowq@swsresearch.com 邵靖宇 A0230524080001 shaojy@swsresearch.com 周超 A0230123090004 zhouchao@swsresearch.com 李绍程 A0230124070001 lisc@swsresearch.com 联系人 李绍程 (8621)23297818× lisc@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 05 月 12 日 在建工程连续两个季度回落，25Q1 补库 带来盈利改善 看好 ——基础化工行业 2024 年报及 2025 年一季报总结 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 证 ...

Core Viewpoint - Chemours, a global titanium dioxide supplier, announced a 125% tariff surcharge on products exported to China due to recent adjustments in U.S. export tariffs, significantly impacting business costs [1][3]. Group 1: Price Impact - The implementation of the 125% tariff surcharge will lead to a substantial increase in the cost of imported titanium dioxide in China, with prices expected to exceed $7,000 per ton, compared to the current domestic market price of 15,000-17,500 RMB per ton [3][4]. - The increase in import costs may transmit to downstream sectors such as real estate and automotive, particularly affecting companies reliant on high-end imported products [3]. Group 2: Import Dynamics - Chemours' production facilities are primarily located in the U.S. and Mexico, which are also major sources of titanium dioxide imports for China. In the first quarter of 2025, imports from Mexico and the U.S. accounted for 29.58% and 20.31% of total imports, respectively [3][4]. - Despite the tariff adjustments, China's monthly titanium dioxide import volume is relatively low compared to its production capacity, which may mitigate immediate impacts but could lead to price increases in the domestic market [4]. Group 3: Domestic Production and Market Opportunities - Some domestic titanium dioxide producers have developed chloride process production capabilities and are accelerating customer certifications for products that can replace Chemours' offerings [7]. - The domestic industry is also expanding chloride process production capacity, which may lead to increased market share in the mid-to-high-end product segments as domestic substitutes become more viable [7].

Core Viewpoint - The article discusses the trend of "anti-involution" in various industries as reflected in the capital expenditure to depreciation ratio, indicating a shift towards more conservative investment strategies in response to market conditions [1]. Group 1: Lithium Battery Industry - The lithium battery industry has seen a significant reduction in the capital expenditure to depreciation ratio, dropping from 5.17 in 2022 to 2.37 in 2023, and further to a historical low of 1.77 in 2024, indicating a controlled expansion of capacity [1][2]. - In Q1 2025, major companies like CATL reported a 6.19% revenue growth, while EVE Energy experienced a 37.34% increase, confirming the industry's recovery [2]. Group 2: Silicon Material and Wafer Industry - The silicon material and wafer industry has drastically reduced its capital expenditure to depreciation ratio from 4.1 in 2023 to 1.94 in 2024, marking a historical low due to significant losses [4][5]. - Leading company Tongwei Co. reported an 18.58% revenue decline in Q1 2025, with a negative gross margin of -2.88%, indicating ongoing challenges in the industry [5]. Group 3: Special Steel Industry - The special steel industry saw its capital expenditure to depreciation ratio decrease from 0.93 in 2023 to 0.57 in 2024, suggesting a contraction in capacity but still maintaining profitability among major players [7]. - In 2024, China imported 2.555 million tons of special steel, valued at $5.248 billion, highlighting ongoing demand in high-end steel products [7]. Group 4: Organic Silicon Industry - The organic silicon industry experienced a decline in its capital expenditure to depreciation ratio from 6.98 in 2023 to 1.76 in 2024, indicating a slowdown in capacity expansion [10]. - In Q1 2025, leading company Hoshine Silicon reported a gross margin drop to 14.62%, the lowest in its history, reflecting the industry's ongoing struggles [10]. Group 5: Titanium Dioxide Industry - The titanium dioxide industry faced low prices in 2024, with a capital expenditure to depreciation ratio of 0.78, indicating a contraction in capacity [12]. - Leading company Longbai Group showed signs of stabilization in Q1 2025, with a slight recovery in gross margin, although demand remains uncertain due to external factors [12]. Group 6: Coking Industry - The coking industry is experiencing significant challenges, with a capital expenditure to depreciation ratio of 1.18 in 2024, despite being at a historical low price point [16]. - Leading company Shanxi Coking has reported negative gross margins for ten consecutive quarters, indicating persistent difficulties in the sector [16]. Group 7: Glass Fiber Industry - The glass fiber industry reported a capital expenditure to depreciation ratio of 1.45 in 2024, down from 2.3 in the previous year, suggesting a nearing of historical lows [17]. - Major player China Jushi saw a substantial increase in revenue and net profit in Q1 2025, indicating a clear recovery trend [17]. Group 8: Inorganic Salt Industry - The inorganic salt industry faced continuous price declines, with a capital expenditure to depreciation ratio of 1.06 in 2024, indicating a contraction in capacity [21]. - Leading company Sinochem International reported a gross margin of 9.48% in Q1 2025, the lowest since its listing, reflecting ongoing challenges [21]. Group 9: Inverter Industry - The inverter industry has seen a significant drop in its capital expenditure to depreciation ratio from previous years, now at 4.43 in 2024, indicating a slowdown in expansion [23]. - The industry is experiencing a divergence, with leading companies like Sungrow continuing to perform well, while smaller firms face losses [23].

中化新网讯 4月25—26日，2025年钛白粉生产技术创新成果交流展示会在湖南湘潭召开。会上，与会专 家提出，我国钛白粉行业通过装备制造和配套服务的持续创新，在废渣减量化、水洗智能化等关键领域 取得重大突破，为行业绿色可持续发展保驾护航。 钛白粉产业技术创新战略联盟秘书长毕胜指出，2024年我国钛白粉总产能达到590万吨/年，超过全球总 产能的2/3。尽管我国已是钛白粉生产大国，但与世界先进水平相比，产品品质仍有差距，生产工艺与 装备技术是重要影响因素。他强调，钛白废渣减量化是行业未来创新发展的重中之重。业内及配套企业 正全力攻坚，开发出众多用于废水、废酸、废渣减排的新技术与产品，装备制造和配套服务在其中发挥 了关键作用。我国钛白粉虽产能领先，但每吨产品伴生6—7吨废酸，年产生3077万吨红石膏渣。传统钛 石膏渣堆存不仅占用大量土地，还带来高昂处置费。从废酸中回收酸和硫酸亚铁，既能产生经济效益， 又能化解环保难题。 南通三圣石墨设备科技股份有限公司董事长冯圣君介绍，公司成功开发适应国内工况的第四代成熟废酸 蒸发浓缩、文丘塔薄膜蒸发和冷冻结晶等三大专有技术及装置，为钛白粉企业提供回收七水硫酸亚铁与 酸的全流程技 ...

Group 1 - The Shanghai Composite Index opened lower and the CSI 300 Chemical Index reported 2064.08 points, with a decline of 7.57% in the last month, 6.98% in the last three months, and 6.77% year-to-date [1] - The CSI 300 Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing a comprehensive analysis tool for investors [1] - The top ten weights in the CSI 300 Chemical Index are: Wanhua Chemical (23.08%), Salt Lake Industry (13.6%), Baofeng Energy (7.79%), Juhua Co. (7.6%), Hengli Petrochemical (7.22%), Satellite Chemical (6.88%), Hualu Hengsheng (6.64%), Zangge Mining (6.38%), Longbai Group (6.1%), and Rongsheng Petrochemical (5.49%) [1] Group 2 - In terms of industry composition within the CSI 300 Chemical Index, other chemical raw materials account for 39.09%, polyurethane for 23.08%, potassium fertilizer for 19.98%, fluorochemical for 7.60%, titanium dioxide for 6.10%, and organic silicon for 4.15% [2] - The index sample is adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the CSI 300 Index samples or significant events affecting sample companies [2]

中核钛白（002145）公告，2025年第一季度营收为20.39亿元，同比增长41.39%；净利润为1.34亿元， 同比增长1.84%。 ...

技改方面，惠云钛业8万吨/年塑料级金红石型钛白粉后处理改扩建项目二期产能5万吨已完成环保验 收，50kt/年改80kt/年硫酸法金红石钛白粉初品技改工程及相关配套工程也在2024年进行调试。另外， 公司其他募投项目如硫铁矿制酸低温余热回收项目、硫磺制酸低温余热回收项目、一体化智能仓储中心 建设项目等项目的结项，使得公司在降低能耗、绿色低碳和仓储管理方面取得了显著效果。 依据公司发展规划，惠云钛业未来还将持续围绕扩产、提质、降本、安全、环保开展技术攻关，加大硬 件设施建设投入，不断开发差异化新产品并投放到市场，以满足公司产品产量的增加和不断变化的客户 需求，为公司未来发展打下更坚实的基础。 为进一步延伸公司产业链，惠云钛业2024年以自有资金成功竞得位于"新疆青河县阿克瓦纳钒钛磁铁矿 普查"探矿权，并已取得新疆维吾尔自治区自然资源厅颁发的《矿产资源勘查许可证》。目前，公司在 正在积极推进相关勘探工作。如果上述钒钛磁铁矿取得预期成果，惠云钛业将更大程度掌握钛白粉产业 链原材料供应环节的主动权，通过打通钛白粉上下游产业链，使公司更有能力应对上游原材料供应和价 格波动风险，降低成本，增强公司业绩的稳定性。 本报讯(记 ...