1、 1 / 34 / 191620 501958 2000 7% 56% 1016536 40% EPS PE 2019A 2020E 2021E 2019A 2020E 2021E 19.79 1.28 1.31 1.70 12 15 12 -9% -4% 1% 6% 11% 2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2020/1 2020/2 2020/3 2020/4 2020/5 2020/6 % 1M 3M 12M 5.33% 13.01% 9.36% -3.51% -3.09% -0.77% 366 34297 25463 21.58
2、1.46 50513 1180 % 52.66 002601 2020-04-07 600143 2020-04-28 2020-01-21 : S0550518100001 010-58034571 2020-07-04 2 / 34 1. . 5 1.1. . 5 1.2. . 7 1.3. . 7 1.4. . 9 1.4.1. 2000. 9 1.4.2. . 11 1.4.3. . 16 2. . 17 2.1. . 17 2.2. . 19 2.2.1. Chemours . 19 2.2.2. Tronox . 22 2.2.3. Venator . 24 2.2.4. . 25
3、 3. . 26 3.1. . 26 3.1.1. . 26 3.1.2. . 29 3.1.3. . 30 3.2. . 31 4. . 32 3 / 34 1 . 5 2 . 5 320. 6 42003-2018 . 8 52015 . 9 62019 . 9 7 . 11 8 .13 92013-2019.14 10 . 11 11 .18 12 .19 13 .20 14 .21 15Tronox .22 16.23 17.23 18.23 19Venator .25 20 .26 212018 .26 222018 .26 23() .28 24.28 25.28 26- .29
4、27/.30 28 .30 29 .31 30 .32 31 .32 1 . 7 2 . 8 3 .13 41 .14 5 .16 6 .21 7 .24 8 .24 9 .24 102019.25 112017 .27 4 / 34 12.30 13 .31 5 / 34 1. 1.1. TiO2 A R 1 2 2019318.1 297.220.9 93.4%6.6% 1908A JTiO21919 Thann Mulhouse1923 AR 1955 1998 6 / 34 320 A.J TiO2 G.P. 1000t/a , A Thann et Mulhouse A A R PP
5、G R () AP&CC 1790179519081908-191219121916 1920 1919 1000t 25%TiO2 19231930s193019351930-1937 1939 1940s194019491950s19511956 19571959 1960s 19651970s1980s1990s 1911TiO2 1916 19162050 1958 198029%2000 65% 60% 85% 7 / 34 1.2. AR 3050 2050 2080 2090 212000-2008 2.6%2009 1 2009 Grimsby4/ 2009 15 2013 2
6、015 15 2015 KwinanaTiwest 2017 Calais10 1.3. 2 V enator382.5 137 2011-2015 2015 1652015-2017 2010 8 / 34 19.4%201943% 42003-2018 2 1997 80% 17 33.7 1998 47.371.5 1999 ICI 2000 20% 2007 2008 Sachtleben 2013 2016 56 2019 143 2019 91 20152019 2015 15%12% 11% 9 / 34 52015 6: 2019 20157, 201666 2017 2019