宝钛股份(600456)2024半年报点评：销售产品结构升级，钛材老厂盈利能力提升

西部证券08-22

事件：公司发布2024年半年报，2024H1公司实现营业收入37.30亿元，同比增长0.57%，同期，归母净利润4.03亿元，同比增加5.85%，扣非归母净利润3.46亿元，同比减少2.84%；分季度来看，2024Q2公司实现营业收入19.04亿元，环比增加4.21%，同比增加3.78%，同期，实现归母净利润2.44亿元，环比增加53.19%，同比减少0.05%；实现扣非归母净利润2.36亿元，...

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(600456): The sales product structure has been upgraded, and the profitability of old titanium factories has been improved","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"600456":1},"content_text":"事件：公司发布2024年半年报，2024H1公司实现营业收入37.30亿元，同比增长0.57%，同期，归母净利润4.03亿元，同比增加5.85%，扣非归母净利润3.46亿元，同比减少2.84%；分季度来看，2024Q2公司实现营业收入19.04亿元，环比增加4.21%，同比增加3.78%，同期，实现归母净利润2.44亿元，环比增加53.19%，同比减少0.05%；实现扣非归母净利润2.36亿元，环比增加114.32%，同比增加5.19%。公司费用管控稳定。公司24H1研发费用为0.91亿元，销售费用为0.35亿元，管理费用为1.17亿元，财务费用为0.15亿元，期间费用率6.93%，同比下降0.67pct，费用管控较为稳定。二季度利润率水平上修。公司2024年上半年毛利率为22.39%，同比下降0.22pct；2024Q2，公司毛利率为26.94%，环比上升9.30pct，同比上升0.18pct，根据半年报表述，推测二季度利润率上修主要系产品结构改善所致。国家推动高端领域钛材需求，公司钛产品销量稳步增加。根据公司半年报，随着国家发展新质生产力等一系列稳增长政策的深化实施，推动我国钛工业向高端领域提升，航空、航天、大飞机、舰船、石化、生活用钛、深海、医疗、3C、建筑、新能源、新材料、环保等产业仍将为钛工业提供较大的市场发展空间。公司是我国最大的以钛及钛合金为主的专业化稀有金属生产科研基地，主导产品钛材年产量位居世界同类企业前列，2024年上半年公司实现钛产品销售量17,797.94吨，同比增加6.65%；单季度看，2024Q2，公司钛产品销量约8984.85吨，环比增加1.95%，同比增加7.69%。盈利预测：我们预计公司24-26年营业收入72.38/81.58/86.22亿元，归母净利润6.36/7.71/9.14亿元。公司在钛合金领域具备较好的市场基础，海内外市场需求共振，将有望推动盈利能力增强，我们维持“增持”评级。风险提示：海外业务拓展不及预期，军品降价风险，成本原材料价格风险。","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.26.4","shortVersion":"4.26.4","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2461668113"}