如果是“掌声响起来”，那么“我心更明白”;但如果“涨”声响起来，那么有的企业欢喜、有的企业会“心塞”。

　　12月2日，钛白粉巨头龙蟒佰利(002601，SZ)再次宣布涨价，这已是龙蟒佰利今年以来第9次调价。在钛白粉一片涨价声中，龙蟒佰利业绩和股价节节攀升。

　　然而，几家欢喜几家愁，钛白粉下游涂料企业却由于原材料不断涨价导致利润下降，直呼“伤不起”。

　　钛白粉企业“盆满钵满”

附着力促进剂

　　据龙蟒佰利12月2日发布的公告称，此次涨价，一方面是由于环保限产导致公司产品产量减少，库存快速下降;另一方面，近期硫磺、天然气等主要原材料、能源价格快速上涨，导致产品成本大幅增加。

　　此前，龙蟒佰利焦作、德阳两处生产基地分别遭遇限产和停产检修。其中，焦作基地硫酸法钛白粉生产线限产30%，时间为2017年11月15日～2018年3月15日;德阳基地将在2017年12月中下旬停产检修10天。上述限、停产合计减少公司钛白粉产量3.5万吨～3.9万吨。

　　减少的这3.5万吨～3.9万吨产量，相对于目前龙蟒佰利60万吨的产能来说，并不算多，而且还分布于2017年11月中旬至2018年3月中旬的4个月间。“此次限、停产，在2017年影响的产量也就2万吨左右，占比三十分之一。”此前，龙蟒佰利相关人士也对《每日经济新闻》记者如此表示。

　　今年来，龙蟒佰利已累计发布9次调价公告。其中，硫酸法钛白粉价格对国内客户累积上调了4900元/吨，氯化法钛白粉对国内客户累积上调了4200元/吨。目前，龙蟒百利硫酸法钛白粉报价在1.85万元/吨左右，氯化法钛白粉报价在2万多元一吨。

　　伴随钛白粉价格大涨，龙蟒佰利、中核钛白、安纳达等相关上市公司业绩飙升。龙蟒佰利三季报显示，公司前三季度营收同比增长271.71%，净利同比增1507.54%。其预计2017年归属公司净利润将达到24.3亿元～26.5亿元，将同比增长450%～500%;中核钛白前三季度营收同比增长71.67%，净利润同比大增558.44%。

　　下游涂料企业盈利大降

　　钛白粉价格的上涨，“肥”了钛白粉生产企业，却让钛白粉下游企业日子有些难过。

　　钛白粉被认为是目前世界上性能好好的一种白色颜料，广泛应用于涂料、塑料、造纸、印刷油墨等工业。其中，涂料是钛白粉高大应用行业，各种涂料中钛白粉含量在10%~35%。

　　12月5日，金力泰(300225，SZ)相关人士对《每日经济新闻》记者表示，“作为公司重要生产原材料之一，钛白粉不断上涨对公司影响不小。今年前三季度，公司毛利率较去年同期有所下降。”金力泰今年前三季度的毛利率为25.92%，而去年同期为31.06%，同比下降5.14个百分点。

　　“正是由于毛利率下滑，导致今年前三季度公司营收虽仍增长，但净利润却下滑了26.55%。”金力泰该人士补充道。

　　毛利率下滑不仅有金力泰，还有三棵树(603737，SH)。12月5日，三棵树在回复《每日经济新闻》记者的采访函中表示，“受公司钛白粉等主要原材料价格上涨的影响，三棵树营业成本出现一定程度的上升，从而导致公司前三季度毛利率同比下降5.43个百分点。”

　　根据三棵树提供数据显示，今年前三季度，三棵树对原材料钛白粉的平均采购单价为14.30元/kg，同比上涨了33.29%。

　　对成本上涨的压力，三棵树也表示，不排除根据上游原材料价格变动幅度，通过适当提高产品销售价格转移成本上升带来的压力。其同时表示，将通过合理加大有涨价趋势原材料库存量;引入供应商竞争，降低公司原材料采购成本;精益化管控，降本、控费等方式来化解成本上涨压力。

　　值得注意的是，三棵树三季报显示，公司前三季度营收同比增长40.68%，扣非后净利润同比增长141.83%。在成本上升的情况下，公司业绩如此强劲，是何原因?三棵树表示，一方面公司在一季度末产品提价，经销商提前备货导致订单前移;另一方面，严控成本加强管理，让期间费用率下降。

Titanium Dioxide "up" sound coating company slipped down profits

If it is "applause", then "my heart more understand"; but if "sounding" sound, then some companies happy, and some enterprises will "heart plug".

December 2, titanium dioxide giant python (002601, SZ) once again announced price increases, this is the first year of this year, the python billiard price adjustment. In the price of titanium dioxide prices, the dragon python performance and share prices soared. However, several happy few worry, but downstream titanium dioxide paint business is due to rising prices of raw materials led to the decline in profits, address him "can not afford to hurt."

Titanium Dioxide enterprises "pours" According to the announcement of the dragon python Bailey December 2, said the price increases, on the one hand Due to the limited production of environmental protection, the output of the Company's products is reduced and the inventory rapidly declines. On the other hand, the prices of energy and raw materials such as sulfur and natural gas have risen sharply recently, resulting in a substantial increase in product costs.

Previously, the dragon python Burley Jiaozuo, Deyang two production bases were encountered limited and discontinued maintenance. Among them, the Jiaozuo sulfuric acid process titanium dioxide production line limited 30%, the time for the November 15, 2017 ~ March 15, 2018; Deyang base will be discontinued in mid-2017 for 10 days maintenance. The above limit, cut-off total production of titanium dioxide company 35,000 tons to 39,000 tons. The output of 35,000 tons to 39,000 tons reduced by

is not large compared with the current production capacity of 600,000 tons of Long Python, but also distributed from mid-November 2017 to 2018 4 months in mid-March. "This limit, cut-off, the impact of production in 2017 is about 20,000 tons, accounting for one-thirtieth. "Previously, the relevant person of the dragon python Bailey also said to the" Daily Economic News "reporter.

This year, the Dragon python has released a total of 9 price adjustment announcement. Among them, the price of sulfuric acid method of titanium dioxide cumulative increase of 4,900 yuan domestic customers / ton, chlorinated titanium dioxide cumulative increase of domestic customers 4,200 yuan / ton. At present, the dragon python Gabriel sulfuric acid method quoted in titanium dioxide at 18,500 yuan / ton, chloride titanium dioxide price at 20,000 yuan a ton.

With the soaring price of titanium dioxide, the performance of the relevant companies, such as Long Python, China Nuclear Titanium Dioxide, and Anna Ada, soared. Long python three quarterly shows that the first three quarters of the company revenue up 271.71%, net profit up 1507.54%. Its estimated net profit attributable to the company in 2017 will reach 2.43 billion yuan to 2.65 billion yuan, an increase of 450% to 500%; CNNC Titanium Dioxide first quarter revenue growth of 71.67%, net profit rose 558.44%.

Downstream paint business profits drop

The price of titanium dioxide, "fat" titanium dioxide production enterprises, leaving the days of downstream enterprises titanium dioxide sad .

Titanium dioxide is considered as one of the best white pigments in the world and is widely used in coatings, plastics, paper making and printing inks. Among them, the paint is the largest application of titanium dioxide industry, all kinds of paint titanium dioxide content of 10% to 35%. December 5, Jin Litai (300225, SZ) stakeholders on the "Daily Economic News" reporter said that "as one of the company's important raw materials for production, the rising titanium dioxide has a significant impact on the company. The first three quarters of this year, the company gross margin declined over the same period last year. "Jinli Thai first quarter of this year gross margin was 25.92%, while last year was 31.06%, down 5.14 percentage points.

"It is precisely because of the decline in gross margins, resulting in revenue growth in the first three quarters of this year, but the net profit has dropped 26.55%. "Kim Tae-Thai person added.

The decline in gross margins is not only Kintai Thai, there are three trees (603737, SH). On December 5, in response to an interview with the reporter of Daily Economic News, Sanku Shushu said: "The operating costs of Sokhu increase to a certain extent due to the price hikes of major raw materials such as titanium dioxide, which in turn leads to The gross profit margin of the Company in the first three quarters decreased by 5.43% from the same period of last year. According to the data provided by the three trees, the average purchase price of the three trees for the raw material titanium dioxide was 14.30 yuan / kg in the first three quarters of this year, up 33.29% over the same period of last year.

The pressure on rising costs, Sankushu also said that does not rule out changes in the price of raw materials according to the upstream, by appropriately increasing the pressure on product sales price transfer costs. At the same time, it said it would reduce the pressure of rising costs by rationally increasing the inventory of raw materials with price-rising trend, introducing supplier competition and reducing the purchasing cost of raw materials of the Company, and lean management, cost reduction and cost control.

It is noteworthy that three trees reported three quartersShow, the company revenue in the first three quarters increased by 40.68%, after deducting non-net profit rose 141.83%. In the case of rising costs, the company's performance so strong, what is the reason? Sanku Shu said that on the one hand the company at the end of the first quarter product price increases, the dealer ahead of stocking lead to orders; the other hand, strictly control costs and strengthen management , So that the cost rate during the decline.