点击查看公告原文>> 责任编辑：小浪快报 近日，钒钛股份举行了投资者关系活动，通过腾讯会议的形式与中泰证券、方正富邦、华商基金等4家 机构进行了线上沟通。以下为本次投资者关系活动的详细情况： 1.基本信息-投资者活动关系类别：其 他（腾讯会议） -时间：2025年8月26日（星期二）15:00 - 17:00 -地点：腾讯会议 -参与单位名称：中泰 证券、方正富邦、华商基金 -上市公司接待人员姓名：钒钛股份石灏南、李海波 2.业务介绍-主要业务： 公司主营业务涵盖钒、钛和电，其中钒、钛为战略重点发展业务，主要进行钒产品、钛白粉、钛渣的生 产、销售、技术研发及应用开发。主要产品包括氧化钒、钒铁、钒氮合金、钒铝合金、钒电解液、钛白 粉、钛渣等。上半年，公司累计完成钒制品（以V2O5计）2.61万吨，钛白粉13.62万吨（其中氯化钛白 粉3.82万吨），钛渣9.49万吨。公司在国内既是主要的产钒企业，也是主要的钛原料供应商，以及重要 的钛渣、硫酸法和氯化法钛白粉生产企业。 -产品应用领域：钒作为重要合金元素，主要应用于钢铁工 业、储能领域。含钒钢因具备强度高、韧性大、耐磨性好等特性，广泛用于机械、汽车等行业。全钒液 ...

3.公司上半年业绩亏损的主要原因是什么，公司采取 了哪些措施？ 上半年，公司归属于上市公司股东的净利润-1.99 亿 元，主要是钒钛产品价格较上年同期下降所致。为有效应 对激烈的市场竞争，在产品规模上，公司积极开展社会资 源采购，充分释放钒制品产线产能，同时加强攻关推动钛 白粉新产线按期达产，钒制品和钛白粉产量较同期提高。 在品种结构方面，公司深入调研市场需求，及时调整效益 好的产品产量，优化产品组合，提升整体效益。在生产成 本控制上，公司组织实施钒钛竞争力提升和十大措施推进 工作，全力降低钒钛产品制造成本。此外，公司持续维护 和拓展销售渠道，与老客户保持紧密合作，积极开发新客 户，稳定的销售渠道有效缓解了销售压力。钛白粉及时调 整出口区域，重点开拓东南亚、中东、日韩等区域新渠道， 减弱欧盟反倾销对公司出口的不利影响。加大氯化法产品 销售力度，新开拓氯化法新线销售渠道 20 余家。 4.请介绍一下公司和大连融科的合作情况？ 股票代码：000629 股票简称：钒钛股份 攀钢集团钒钛资源股份有限公司 投资者关系活动记录表 编号：20250826 | 投资者关系活动类别 | □特定对象调研 □分析师会议 | | - ...

Core Viewpoint - The company, Vanadium Titanium Co., Ltd. (钒钛股份), has confirmed that its products, particularly vanadium, are primarily utilized in the steel industry and energy storage sectors, highlighting the material's significance in various applications [1]. Group 1: Company Products and Applications - The main products of the company include vanadium oxide, vanadium iron, vanadium nitrogen alloy, vanadium aluminum alloy, vanadium electrolyte, titanium dioxide, and titanium slag [1]. - Vanadium is an important alloying element, known for its high strength, toughness, and wear resistance, making it widely used in industries such as machinery, automotive, shipbuilding, railways, bridges, and electronics [1]. - The company's vanadium products are primarily sold to sectors including steel, vanadium energy storage, titanium alloys, catalysts, and glass [1].

Group 1: Company Overview - The main business of the company includes the production and sales of vanadium, titanium, and electricity, with a focus on vanadium products, titanium dioxide, and titanium slag [1] - The company has an annual production capacity of 185,000 tons of V2O5, 300,000 tons of titanium dioxide, and 240,000 tons of titanium slag [1] Group 2: Applications of Vanadium Products - Vanadium is primarily used in the steel industry and energy storage, enhancing the strength, toughness, and wear resistance of steel [1] - Vanadium is also utilized in producing vanadium electrolyte for vanadium redox flow batteries, which are important for energy storage due to their long lifespan and high safety [1] Group 3: Impact of Recent Projects - The Yarlung Tsangpo River downstream hydropower project is expected to increase demand for high-quality steel products, benefiting the company's vanadium products [2] - The new national standard GB1499.2-2024, effective from September 25, 2024, mandates stricter quality regulations for rebar, reflecting the government's emphasis on construction quality [2] Group 4: Collaboration with Dalian Rongke - The company has been increasing its supply of vanadium products to Dalian Rongke, with an expected supply of approximately 15,000 tons in 2024, accounting for 28% of the company's total vanadium product sales [2] - A framework agreement for 2025 has been signed, with plans to expand cooperation in the application of vanadium in energy storage [2]

Core Viewpoint - The company aims to enhance its position as a leading player in the vanadium-titanium industry by integrating party leadership into its operations and focusing on high-quality development [1][2]. Group 1: Company Strategy and Development - The company is a major supplier of vanadium products globally and a key supplier of titanium raw materials in China, with a focus on creating a world-class leading enterprise in the vanadium-titanium sector [1]. - The company has developed a comprehensive utilization approach for low-grade, multi-metal coexisting vanadium-titanium magnetite, producing various products such as vanadium oxide, ferrovanadium, and titanium dioxide [1][3]. - The company implements a "1361" project to enhance its operational efficiency, which includes a work plan, three-dimensional support mechanisms, six key improvement areas, and a work ledger [3][4]. Group 2: Party Leadership and Organizational Development - The company emphasizes the integration of party leadership into its business strategy, ensuring that party goals align with business objectives [2][3]. - A series of unique and effective party-building brands have been established, focusing on grassroots party development and enhancing the overall work level of party branches [2][3]. - The company has created a detailed and quantifiable system for party work, ensuring comprehensive coverage and accountability in its operations [3][4]. Group 3: Innovation and Technology Development - The company has formed a team to tackle key technical challenges in the production of titanium white powder, achieving full production capacity and cost efficiency [5][6]. - The company has successfully developed high-purity vanadium pentoxide and other specialized vanadium products, with non-steel applications accounting for 32.22% of its vanadium usage [4][6]. - The company is committed to low-cost, high-efficiency utilization of local vanadium-titanium resources, driving innovation in production processes [6]. Group 4: Market Performance and Sales - The company has achieved a cumulative sales rate of 98.89% for vanadium products in the first five months of the year, with significant export proportions for titanium white powder [6]. - New titanium white powder products have been successfully marketed, contributing to the company's growth and market presence [6]. Group 5: Future Outlook - The company plans to continue leveraging its vanadium-titanium resources to develop a low-cost, high-value, green, and intelligent manufacturing enterprise [6]. - The company aims to align its strategic planning and major decisions with national policies to ensure sustainable development [6].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6][55]. Core Views - The company's performance in 2024 was negatively impacted by a decline in vanadium product prices, leading to a revenue drop of 8.15% year-on-year to CNY 13.209 billion and a significant net profit decrease of 73.03% to CNY 285 million [10][55]. - The company is a major global supplier of vanadium products and has a strong production capacity, which positions it well for future growth as the vanadium industry recovers and the vanadium battery market expands [3][55]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of CNY 132.09 billion, down 8.15% year-on-year, and a net profit attributable to shareholders of CNY 2.85 billion, down 73.03% [10]. - The fourth quarter of 2024 saw a revenue of CNY 27.35 billion, a year-on-year decrease of 15.16% and a quarter-on-quarter decrease of 17.52% [10]. - The sales volume of vanadium products increased by 6.74% to 53,600 tons, while titanium dioxide sales grew by 1.10% to 258,000 tons, and titanium slag sales fell by 24.18% to 146,100 tons [19]. Price and Margin Analysis - The company's gross margin decreased by 6.81 percentage points to 7.59% in 2024, with vanadium product prices dropping by 26% year-on-year [2][19]. - The gross margin for vanadium products fell by 17.05 percentage points to 10.40%, while titanium products saw a slight margin decline [2]. Future Outlook - The company is positioned as a leading global supplier of vanadium products, with a comprehensive production capacity that includes 442,000 tons of vanadium products and 300,000 tons of titanium dioxide annually [3]. - The vanadium battery business is expected to be a significant growth driver, with a partnership established to supply 20,000 tons of ammonium vanadate in 2025, representing a 35% increase from 2024 [44]. - A new 60,000-ton molten salt chlorination titanium dioxide project was launched in 2024, enhancing the company's market influence [4]. Earnings Forecast - The company is projected to achieve net profits of CNY 5.92 billion, CNY 7.83 billion, and CNY 9.32 billion from 2025 to 2027, with corresponding price-to-earnings ratios of 40, 30, and 26 [55]. - Revenue is expected to grow to CNY 138.7 billion in 2025, with a year-on-year growth rate of 5% [54].