Long Mang Baili (002601) 2019 Semi-annual Report Review: Segmentation of export business, product price reduction, etc. dragged down the performance of titanium chloride white phase II and other projects worth looking forward to

Long Mang Baili (002601) 2019 Semi-annual Report Review: Segmentation of export business, product price reduction, etc. dragged down the performance of titanium chloride white phase II and other projects worth looking forward to
Event: Long Mang Baily released the 2019 semi-annual report, reporting and realizing operating income53.62 ppm, an increase of ten years.94%; realized net profit attributable to shareholders of listed companies.70 ppm, a decrease of 5 per year.29%, achieving a diluted budget benefit of 0.62 yuan, semi-annual operating net cash flow of 0.43 yuan.Among them, the second quarter realized operating income of 25.8.4 billion, down 4 each year.72%; realize net profit attributable to shareholders of listed companies.470,000 yuan, a decrease of 12 per year.93%. We maintain our investment rating of “Prudent Overweight”.In the first half of 2019, Longman Baili has steadily advanced the 20 / year titanium chloride white project, and strategically acquired Xinli Titanium to consolidate its position in the industry.The sales volume of the company’s titanium dioxide has increased slightly, and the overall situation of the production and sales of mineral products has 杭州桑拿网 been at the highest level in the past three years, and has been steadily rising.However, affected by the growth rate of export business and the decline in product prices, the company’s performance declined significantly. Longman Baili currently ranks first in the production of titanium dioxide in Asia and third in the world. It is the world’s major supplier of titanium dioxide.The company has six production bases in four provinces, five places, and masters both the sulfuric acid method and the chlorination method. The titanium dioxide production capacity (including construction) is 95 tons, and it has 30 years of titanium dioxide technology, production and management experience.The company makes full use of the production technology advantages of the co-production method and grafts the production technology of titanium dioxide, zirconium 西安耍耍网 products and other products to form a perfect circular economy operation mode.The company is currently actively promoting 20 candidate chlorination titanium dioxide projects, aiming to enhance the company’s comprehensive competitiveness in titanium dioxide business.Press the latest 20.Based on the total equity of 3.2 billion shares, we adjusted the company’s EPS for 2019 to 2020 to 1.26, 1.49 yuan, and dating 2021 EPS is 1.80 yuan forecast, maintaining the “prudent increase” investment rating risk tips: