| Titanium industry inflection point has now optimistic about the high-end titanium two Pioneer |
| Publisher：国衡科技 Time：2014-11-09 13:20:37Onclick：0 |
Titanium industry inflection point has now optimistic about the high-end titanium two Pioneer
Excellent titanium metal materials, aerospace industry, and more with the other elements of iron, aluminum, vanadium or molybdenum, etc., causing create high-strength light alloy, is applied to the high-tech and military aviation, aerospace, military, ships, etc., is hailed for "Space metal", "Ocean metal", is to improve the level of defense equipment indispensable heavy "strategic metals." Price surge titanium, titanium businesses to benefit from the revaluation of inventory and product profitability improved; the imminent outbreak of high-end titanium market: titanium military and civil aviation with a surge in demand for titanium and titanium nuclear power, high trade barriers, high-end titanium businesses to benefit . Recommendations concern Baotaigufen and western material.
Golden State Securities Lu Chau
Titanium, aerospace industry excellent metal materials. Titanium has a high melting point, low specific gravity, toughness, fatigue resistance, corrosion resistance, low thermal conductivity, good low temperature resistance properties, stress is small in thermal shock conditions and other characteristics. Currently, more than titanium and other elements iron, aluminum, vanadium or molybdenum, etc., causing create high-strength light alloy, is applied to the high-tech and military aviation, aerospace, military, naval vessels, known as the "Space Metal", "marine Metal "is indispensable to improve the level of defense equipment heavy" strategic metals. "
Titanium is mainly used for commercial aviation and military fields. 2011 world production was 148,020 tons of titanium, consumption was 108,100 tons, the main application areas are: commercial aviation accounted for 43%, industry 48%, military 6%, 3% in emerging markets. Our Titanium is mainly used in industry, where demand for the chemical industry accounted for 50 percent, electricity (12%), metallurgy (4%), sports and leisure (9.4%), salt (4.2%), and aerospace (8.5% ) accounted for is higher.
In the military field use titanium aircraft, warships, weapons, missiles and so on. The main consumer of titanium in the military field is concentrated on military aircraft. The earliest use of titanium US F-86 fighter was later in the F-111, F-14, the F-15A fighter aircraft are widely used. With the upgrading of aircraft, speed, handling performance requirements increase, military aircraft on the material properties of the increasingly high demand, gradually increasing use of titanium; titanium is also used in the construction of warships, new destroyers, submarines and so on; and , titanium also propeller, engine components, heat exchangers, condensers, coolers, hull sonar dome and various fittings for the construction of ships.
Also the amount of titanium aircraft engine is also great potential for application in a number of key components blades, casing, etc. were. As in the total growth in service aircraft and aviation engines, and aero-engine replacement, construction volume will enhance global aviation engines of 2890 units in 2013 to 2018 in 3900, annual growth rate of 6%. On military aircraft engines, military aircraft engine life due to shorter than commercial aviation, demand growth for titanium is not slow.
Military and civilian steady growth in demand titanium titanium price surge favorable business
In promoting the development of China's new generation of fighters and equipment, is expected to demand military titanium compound annual growth rate will reach 12%. Optimized to enhance the level of China's air force to accelerate next-generation fighter aircraft, large transport aircraft and large engine development and fielding, accelerate the upgrading of 2,3-generation machine will drive annual demand for titanium aerospace industry increased from 2013 to 4666 tons of 10,000 tons or more.
Meanwhile, the Civil Aviation steady growth in demand, the steady growth of international civil aviation orders, aircraft deliveries up to 7% annual growth rate, coupled with the twin-aisle aircraft deliveries rose, single rose with the amount of titanium. International Civil Aviation titanium-year growth rate of 7.3%. Over the same period, China's large aircraft vigorously promote, develop and release the general aviation regional aircraft, China's civil aviation titanium demand is expected to increase to 1400 tons or more.
Industrial demand, China's nuclear power, marine engineering, medical needs remain the highlight of titanium, expects annual demand for nuclear power will be increased by 1050 tons of titanium, marine engineering and medical titanium annual growth rate of 8%, respectively, and 9% .
Titanium term price bottom has now, the future depends on the demand for the release of production capacity and inventory digestion, prices not happen overnight. Bound by demand still weak, the price of titanium sponge is expected to end this year, up to about 50,000 yuan, the next 1-2 years, fluctuations in the price range of titanium sponge is 5-5.5 million.
Titanium production processes, long cycle, companies usually have large-scale inventory, titanium price surge, enhance the value of business inventories; in addition, the price of high-end enterprise products titanium and titanium-related price, gross margin was stable, titanium price surge, can enhance corporate profitability.
Outbreak localization development opportunities to enhance domestic demand for high-end titanium
Compared to overseas titanium business, our titanium industry in terms of accumulated technology and production equipment, as well as client authentication, etc. There are gaps, a lot of titanium still dependent on imports, such as China and Russia signed a fly on the C919 forging a long-term supply contracts. As China's titanium and high-end equipment manufacturing industry to increase the gap between investment and technical equipment on narrowing, as in forging links, Baoji Titanium on the tons of free forging, China's two heavy 80,000 tons forging machine has been put into operation . Enhance the localization rate is the trend of high-end titanium.
Our titanium companies more, but the history, size and technical level, the military use of titanium City
The court has strong competitive enterprises are mainly Baotaigufen, Baosteel Special Steel Institute and Northwest Nonferrous. China's military aviation titanium especially military's largest supplier of Baotaigufen western materials into the market.
Currently, Baotaigufen western materials and equipment and other technology companies rising strength, market demand for the release of a lot of preparation and accumulation; but titanium has a very high-end technology and certification barriers, higher margin products . Demand for high-end titanium outbreak, the localization rate increase, will Baotaigufen, western material development opportunities.
Baotaigufen highlight the advantages of integration
Baotaigufen is China's largest manufacturer of titanium alloy and titanium. The company has formed a production of titanium from titanium sponge to the integrated production system, with a production capacity of 10,000 tons of titanium sponge, titanium ingot production capacity of 20,000 tons, titanium processing capacity of over 10,000 tons. In 2013 the company achieved sales of 16,658.29 tons of titanium products, including titanium 8112.07 tons. Titanium domestic market share of about 20%, in the field of aerospace industry's market share is especially high.
Company integration advantages prominent, ten thousand tons of free forging and titanium with pilot production projects, high-end technology and product advantages have been strengthened. The company conforms to the development trend of global integration of titanium companies, the acquisition of China Baoji Titanium God, get the sponge titanium, titanium integrated production advantages, the company titanium sponge self-sufficiency rate in more than 50%, effectively reducing the impact of fluctuations in the price of titanium sponge , but also enhance the company's titanium sponge raw material supply stability and timeliness,
This also makes Hua Bao God titanium sponge titanium in the plight of the industry-wide losses can still profitable, thriving in titanium sponge industry.
Shareholders western material strength with military market natural advantage
Western material from the well-known Northwest Nonferrous Metal Research Institute of refractory materials research institutions holding, Xi'an Aerospace Science and Technology Industrial Corporation (Department of China Aerospace Science and Technology Corporation subsidiary companies) is the second largest shareholder, shareholders stronger, in the military market has a natural advantage.
West of materials business from Western Titanium titanium company responsible for the operation, the company currently has a titanium ingot melting capacity of 8000 tons, titanium processing capacity of 5,000 tons, the main products for pipes and plates, 2013 annual sales of more than 3800 tons. With the expansion of production capacity of titanium, the military market is gradually opening up to the market, the company's military titanium market development continue to make progress, in 2013, the company set up a special working group to develop military aviation development project plan sheet, promoting market development R & D, production, technology and so on.
In addition to titanium, the company's business also involves metal composite materials industry, metal filter materials industry, precious metal materials industry, refractory metals and rare industrial equipment manufacturing industry and other business areas, with the first, the world's second-metal composite materials production lines, with the first, the world's second domestic metal filter material production line, has the only nuclear-silver alloy rod production lines, and environmental protection, energy and other industries important supplier of metal materials.
