宝鸡钛业股份有限公司获东方金诚维持AAA主体评级，“宝钛转债”评级同为AAA
【评级结果发布，彰显行业龙头地位及稳健财务表现】
2026年7月23日，东方金诚国际信用评估有限公司对宝鸡钛业股份有限公司（简称“宝钛股份”）及其“宝钛转债”进行了年度跟踪评级，维持公司主体信用等级为AAA，评级展望为稳定，同时“宝钛转债”信用等级也被维持为AAA。这一结果再次确认了宝钛股份作为中国最大钛及钛合金生产科研基地的行业地位，以及其在市场、技术、管理和财务上的突出表现。
一、评级要点及企业亮点
- 行业地位突出： 宝钛股份是我国最大的钛及钛合金生产科研基地，拥有万吨自由锻、2400kW电子束冷床炉等国际领先设备，2025年钛材产量达2.93万吨，市场占有率16.0%，持续位居国内第一。
- 技术创新能力强： 2025年公司研发投入5.24亿元，同比增长156.84%，获得多项国家及省部级科技成果奖，主导或参与编制16项标准，获得12项专利（其中发明专利5项），并取得CCS首家钛合金板材、焊丝及管材认证，实现深海钛合金产品专业化应用。
- 市场竞争力强： 公司聚焦国家重大战略项目，积极布局民用、新兴及外贸市场，主要产品产销率保持高位，2025年钛材产销率100.62%。
- 供应链稳定： 通过子公司宝钛神华提升海绵钛自给率，原材料供应渠道稳定，增强成本控制和毛利率水平。
- 控股股东支持有力： 宝钛集团持股49.40%，其综合实力极强，公司为集团钛产品核心运营主体，预计未来在业务协同及资金、融资等方面将持续获得有力支持。
二、财务及经营状况详解
- 资产及资本结构： 2025年末，公司资产总额为161.58亿元，所有者权益81.98亿元，资产负债率49.26%。资金主要用于生产经营、项目扩建及技改升级。
- 收入与利润： 2025年营业总收入61.24亿元，较2024年有所下降，利润总额5.75亿元。2026年1-3月营业收入15.02亿元，利润总额0.96亿元。主营钛产品业务收入和毛利占比高，但2025年钛产品销量和均价下滑，导致收入和利润下滑。2025年毛利率19.85%，营业利润率18.94%。
- 现金流状况： 2025年经营活动净现金流2.41亿元，较2024年下降，主要受应收账款和存货规模较大影响。2026年1-3月经营活动净现金流为-0.94亿元，投资活动净流出1.05亿元，筹资活动净流入0.34亿元。
- 债务结构： 2025年全部债务37.27亿元，短期债务16.03亿元，长期债务21.24亿元。公司银行授信额度119.11亿元，未使用授信余额83.09亿元，流动性较为充足。2025年无对外担保，债务履约良好。
- 在建工程及未来扩产： “宝钛转债”募集资金35亿元，截至2026年6月30日尚未使用，主要用于钛资源循环利用暨熔铸扩能、宇航级钛及钛合金智能锻造产线及供应链等三大项目，投资总额29.96亿元，已投入2.01亿元，预计投产后产能大幅提升。
三、风险与关注事项（对股价有潜在影响）
- 业绩压力： 2025年钛产品销量及售价下降，其他金属产品毛利率转负，公司整体利润下滑，行业竞争和需求波动带来盈利压力，投资者需关注未来业绩修复情况。
- 资金占用： 应收账款和存货规模较大，经营性现金流承压，若短期内无法改善或出现坏账，将影响公司资金链及偿债能力。
- 项目建设进度： 募投项目投资金额大，若建设推进不及预期，或达产后市场需求不及预期，可能影响公司未来盈利能力及估值。
- 行业周期波动： 钛行业受宏观经济影响大，下游化工、航空航天等领域需求波动，叠加原材料价格变动，或对公司经营业绩构成影响。
- 外部支持关键： 公司高度依赖控股股东宝钛集团的业务协同和资金支持，如集团战略调整或支持力度变化，可能影响公司长期发展。
四、未来展望
公司评级展望为稳定。随着熔铸、锻造等产线提质扩能项目投产，钛材及成品锻造产能和供应链协同能力有望提升，技术优势和客户结构有望持续保障公司龙头地位。预计2026年钛产品收入及盈利表现相对稳定，但业绩修复进度及行业环境变化需密切关注。
五、结论
评级结果及其详细披露显示，宝钛股份具备优异的行业地位、技术实力和财务基础，未来发展具备稳健性，但亦需关注业绩下行压力、资金占用和行业周期波动等潜在风险。投资者建议持续跟踪公司募投项目进展及主要财务指标变化，密切关注市场需求与行业政策动态，以评估公司长期投资价值和短期股价波动风险。
免责声明： 本文基于公开评级报告及公司披露信息整理，仅供投资者参考，不构成任何投资建议。投资有风险，入市需谨慎。
English Version
Baoti Co., Ltd. Maintained at AAA by Dongfang Jincheng, with Stable Outlook and AAA for “Baoti Convertible Bond”
Key Rating Release Highlights Leading Market Position and Robust Financials
On July 23, 2026, Dongfang Jincheng International Credit Rating Co., Ltd. conducted an annual tracking rating for Baoti Co., Ltd. (“Baoti”) and its “Baoti Convertible Bond”, maintaining the company’s issuer rating at AAA with a stable outlook; the convertible bond also remains rated AAA. This rating reconfirms Baoti’s position as China’s largest titanium and titanium alloy production and research base, and underscores its strengths in market, technology, management, and financial health.
1. Key Rating Points and Corporate Highlights
- Dominant Industry Position: Baoti is China’s largest titanium & titanium alloy producer, with internationally-leading equipment such as a 10,000-ton free forging press and a 2400kW electron-beam cold hearth furnace. In 2025, titanium output reached 29,300 tons with a 16.0% market share, maintaining its domestic leadership.
- Strong Tech Innovation: R&D investment reached RMB 524 million in 2025 (up 156.84% YoY), with multiple major technical awards, 16 standards compiled, and 12 patents (5 invention patents) granted. The company achieved CCS certification for titanium alloy plates, wires, and pipes, and realized deep-sea application for specialized titanium alloy products.
- High Market Competitiveness: Baoti focuses on key national projects and actively develops civil, emerging, and export markets. The main product sell-through rate reached 100.62% in 2025.
- Stable Supply Chain: The Baoti Shenhua subsidiary increased self-sufficiency in sponge titanium, ensuring stable supply and cost control.
- Strong Parent Support: Baoti Group holds 49.40%, is highly diversified and strong, and Baoti is the core operating entity for titanium products. Ongoing support for business synergy and capital/funding is expected.
2. Financial and Operating Details
- Asset & Capital Structure: As of end-2025, total assets were RMB 16.158 billion, equity RMB 8.198 billion, and the asset-liability ratio at 49.26%. Funds are mainly used for production, expansion, and technology upgrades.
- Revenue & Profit: 2025 total revenue was RMB 6.124 billion (down YoY), with a total profit of RMB 575 million. Q1 2026 revenue was RMB 1.502 billion, with RMB 96 million profit. Main titanium business dominates, but lower sales and prices in 2025 led to a decline in revenue and profit. 2025 gross margin: 19.85%; operating margin: 18.94%.
- Cash Flow: 2025 net operating cash flow was RMB 241 million, down from 2024, mainly due to large accounts receivable and inventories. Q1 2026 net operating cash flow was -RMB 94 million; investment net outflow RMB 105 million; financing net inflow RMB 34 million.
- Debt Structure: End-2025 total debt RMB 3.727 billion (short-term RMB 1.603 billion, long-term RMB 2.124 billion). Bank credit line RMB 11.911 billion, unused balance RMB 8.309 billion. No external guarantees, good debt service track record.
- Capex & Expansion: “Baoti Convertible Bond” raised RMB 3.5 billion (unused as of June 2026), mainly for three major projects with total planned investment RMB 2.996 billion (RMB 201 million invested so far); production capacity will be significantly lifted after completion.
3. Risks and Investor Sensitivities (Potential Share Price Impact)
- Earnings Pressure: 2025 saw declines in titanium sales and prices, and other metal products became loss-making; overall profits fell. Industry competition and demand swings could pressure future results—investors should watch for profit recovery signs.
- Capital Occupation: High accounts receivable and inventory levels weigh on cash flow; if not improved or if bad debts arise, liquidity and debt service could be impacted.
- Project Progress: Large-scale capex from fundraising projects; if construction lags or market demand disappoints, future earnings and valuation could be hit.
- Industry Cyclicality: Titanium industry is cyclical and sensitive to macro conditions; demand in chemicals, aerospace, etc., and commodity price fluctuations could affect earnings.
- Reliance on Parent Support: Baoti is highly reliant on parent company support for business and finance; changes in group strategy or support could affect long-term prospects.
4. Outlook
The outlook is stable. As expansion projects come online, Baoti’s forging and supply chain synergy is set to improve; its technical edge and client base should support continued leadership. 2026 titanium revenues and profits are expected to be stable, but investors should closely monitor earnings recovery and industry environment changes.
5. Conclusion
The rating and detailed report show Baoti possesses industry-leading status, technical strength, and a solid financial base. Future growth appears resilient, but investors should watch for performance pressure, capital occupation, and sector cyclicality. Ongoing monitoring of capex project progress and key financials is recommended to assess long-term value and share price risk.
Disclaimer: This article is based on public rating reports and company disclosures, and is for reference only. It is not investment advice. Investing involves risk, please act with caution.
