People in the industry generally believe that with the gradual improvement of downstream demand, the prosperity of the titanium dioxide industry is expected to recover.
Yanjing Beer released its first-quarter performance forecast last night. The company expects to complete a net profit of 62 million to 66 million yuan in the first quarter of 2023, a year-on-year increase of 7076.76% to 7539.77%. Regarding the reasons for the change in performance, Yanjing Beer stated that in the first quarter, it adhered to the direction of market-oriented reform, and arranged and orderly promoted various tasks in advance according to the established strategic goals and implementation paths.
Prior to this, Yanjing Beer released its 2022 performance report. In 2022, the company's total operating income will be 13.202 billion yuan, a year-on-year increase of 10.38%; its net profit will be 352 million yuan, a year-on-year increase of 54.51%. In 2022, the sales volume of Yanjing Beer will be 3.7702 million kiloliters, a year-on-year increase of 4.12%, and the sales growth rate is faster than the industry growth rate.
The 7 beer stocks have risen and fallen this year. Yanjing Beer rose 28.63%, ranking first; Zhujiang Beer, Huiquan Beer, and Tsingtao Brewery rose 15.48%, 13.58%, and 9.16% respectively; Chongqing Beer, Pinwo Food, Lanzhou Yellow River recorded fall.
In the first quarter of 2023, professional beer sales will enjoy a low base bonus, adding to the demand for stocking up in peak seasons, the high growth of professional sales is highly certain. At the same time, the price of packaging materials has declined year-on-year, and the pressure on the cost side has gradually eased. It is expected that major companies in the beer industry in the first quarter are expected to achieve an increase in net profit margin, and the profit side will grow faster than the income side.
Kowloon Securities stated that in 2023, driven by the restoration of ready-to-drink channels, especially night shows, the price per ton of beer is expected to maintain a relatively rapid or even accelerate increase. The beer industry will usher in a super year with the three-cycle resonance of accelerated sales, cost improvement, and structural upgrades.
Titanium dioxide leading enterprises opened the third wave of price increases
Recently, many enterprises in the titanium dioxide market have sent letters to adjust prices.
Yesterday, Jinpu Titanium announced that starting from April 14, the sales price of the company's anatase and rutile titanium dioxide will be increased by RMB 700 per ton for various domestic customers and RMB 100 per ton for various customers in the world. USD/ton.
On April 12, the industry leader Longbai Group announced that according to the domestic and international titanium dioxide market conditions, the company's price committee decided that from now on, the company's various types of titanium dioxide (including sulfuric acid titanium dioxide, chloride titanium dioxide) ) The sales price is increased by RMB 700/ton for various domestic customers and USD 100/ton for various customers in the world on the basis of the original price.
On April 12, titanium dioxide enterprises such as CNNC Titanium Dioxide and Huiyun Titanium Industry also announced to increase the sales price of various types of titanium dioxide in the company.
Since the beginning of this year, titanium dioxide enterprises have carried out three collective price adjustments on the company's products. The previous two price increases ranged from 1,000 yuan/ton (domestic) or 150 US dollars/ton (world). From the perspective of the price adjustment ups and downs this time, Longbai Group, Huiyun Titanium Industry, and Jinpu Titanium Industry remain the same. The increase rate of China Nuclear Titanium Dioxide is even higher, the sales price of its domestic customers is increased by 1,000 yuan/ton, and the sales price of world customers is increased by 100 US dollars/ton.
People in the industry generally believe that with the gradual improvement of downstream demand, the prosperity of the titanium dioxide industry is expected to recover. Longbai Group stated in its latest investor relations records that from 2019 to the present, due to the impact of the epidemic, inflation and other factors, the price of titanium dioxide has fluctuated, and the price of titanium ore is relatively stable and hard. It is expected to be the same in the future. due to resource scarcity.
GF Securities stated that the price boom of titanium dioxide is closely related to the boom in real estate. Since 2023, the economic environment has gradually recovered, real estate policies and other factors are favorable, downstream demand has bottomed out, and the cost of superimposed titanium concentrate and sulfur continues to rise to form a strong cost support. Since the end of 2022, the price of titanium dioxide has continued to rise, and some domestic production Enterprise equipment restarted one after another.
Founder Securities believes that in 2022, due to the high cost and weak demand under the mismatch of supply and demand, the prosperity of the titanium dioxide industry will decline, and the average market price will remain near the cost line for a time. In 2023, the overall economic environment will pick up, downstream demand is expected to bottom out, and the industry may gradually recover.
Titanium dioxide companies performed poorly last year
Affected by factors such as the continued decline in the price of titanium dioxide in 2022 and the low production volume of the real estate industry, the performance of titanium dioxide companies generally declined.
The 2022 performance forecast of Jinpu Titanium Industry shows that the lower limit of net profit is a loss of 166 million yuan. The company stated that the price of titanium ore, the main raw material of titanium dioxide, is running at a high level, and the purchase price of natural gas has risen sharply, resulting in a sharp increase in the production cost of titanium dioxide; The white powder market showed a downward trend, and the gross profit margin of the product dropped sharply.
According to the annual report of Lubei Chemical Industry, the net profit loss was 88.3022 million yuan, which was the first loss since 2010. The demand for titanium dioxide in the downstream market is insufficient, and the market price continues to decline, resulting in a sharp drop in net profit in 2022.
Tianyuan shares released its 2022 performance report, achieving a net profit of 568 million yuan, a year-on-year decrease of 11.9%. The company stated that it was mainly due to the increase in the cost of some products and the weakening of market conditions, which led to the decline in gross profit.
In addition, Longbai Group and CNNC Titanium Dioxide have not released performance data for 2022, but their performance in the third quarter of last year showed varying degrees of decline.
In terms of capital trends, Longbai Group has received 258 million yuan of capital from Beijing since the beginning of this year, and Vanadium and Titanium has received 47 million yuan from capital from Beijing; the net purchase of financing funds has been 180 million yuan in China Nuclear Titanium Dioxide and 149 million yuan in Baotai.
In terms of institutional attention, Longbai Group is the most popular, with 20 institutions giving active ratings; in addition, 9 Vanadium and Titanium shares, Huiyun Titanium Industry, and Baotai Stock have 5 institutions giving active ratings.