证券代码：002601 证券简称：龙佰集团 公告编号：2025-005 龙佰集团股份有限公司 关于回购子公司股权的进展公告 截至 2025 年 3 月 24 日，公司、禄丰钛业、云南国钛与 19 名战略投资者已 签订《回购协议》，合同主要内容详见公司在 2024 年 12 月 31 日刊载于《中国 证券报》《证券时报》《上海证券报》及巨潮资讯网（www.cninfo.com.cn）的 《关于回购子公司股权的公告》。公司已分别向 19 名战略投资者支付回购其持 有的全部云南国钛股份的原价和资金使用费，回购总价款共计 25.97 亿元。其中， 股份原价为 22.72 亿元，资金使用费为 3.25 亿元。以上内容详见公司在 2025 年 3 月 25 日刊载于《中国证券报》《证券时报》《上海证券报》及巨潮资讯网 （www.cninfo.com.cn）的《关于回购子公司股权的进展公告》。 二、交易最新进展情况 近日，云南国钛已完成了上述交易的工商变更登记手续。公司本次回购 19 名战略投资者持有的云南国钛股份后，云南国钛股权结构如下： | 序号 | 股东名称 | 持股数量（万股） | 持股比例（%） | | --- ...

证券代码：002601 证券简称：龙佰集团 公告编号：2025-004 龙佰集团股份有限公司 关于公司股东股份质押及解除质押的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 近日，龙佰集团股份有限公司（以下简称"公司"）接到公司控股股东、实 际控制人、副董事长许冉女士的通知，获悉其所持有的本公司部分股份办理了质 押及解除质押。具体事项如下： 备注：上述质押股份不负担重大资产重组等业绩补偿义务。 - 1 - 股东 名称 是否为控股股 东或第一大股 东及其一致行 动人 本次质押数 量（股） 占其所 持股份 比例 (%) 占公 司总 股本 比例 (%) 是否为 限售股 是否 为补 充质 押 质押起始 日 质押到期 日 质权人 质押 用途 许冉 是 101,280,000 20.26 4.24 是，高管 锁定股。 否 2025 年 3 月 31 日 2026 年 3 月 31 日 华泰证券 （上海）资 产管理有 限公司 置换 存量 股票 质押 融资 一、股东股份质押基本情况 股东 名称 是否为控股股 东或第一大股 东及其一致行 动人 本次解除质押股 份数量(股) ...

证券代码：002601 证券简称：龙佰集团 公告编号：2025-003 龙佰集团股份有限公司 关于公司股东股份质押及解除质押的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 近日，龙佰集团股份有限公司（以下简称"公司"）接到公司股东谭瑞清先 生、河南银泰投资有限公司（以下简称"银泰投资"）的通知，获悉谭瑞清先生 所持有的本公司部分股份办理了质押，银泰投资所持有的本公司部分股份办理了 解除质押。具体事项如下： | | | | | | | | 已质押股份 | | 未质押股份 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 本次质押及 | 本次质押及 | 占其 | 占公 | 情况 | | 情况 | | | | 持股数量 | 持股 | 解除质押前 | 解除质押后 | 所持 | 司总 | | 占已 | 未质押 | 占未 | | 股东名称 | （股） | 比例 | 质押股份数 | 质押股份数 | 股份 | 股本 | 已质押股 | 质押 | 股份限 | 质押 ...

公司于 2024 年 12 月 30 日召开的第八届董事会第十七次会议审议通过了《关 于回购子公司股权的的议案》。根据公司、禄丰钛业、云南国钛与 19 名战略投 资者签署的《关于云南国钛金属股份有限公司之投资合同书》及《关于云南国钛 金属股份有限公司投资合同书之补充协议》的约定，经友好协商，公司、禄丰钛 业、云南国钛拟与 19 名战略投资者解除前述合同及协议，同时公司以原价（即 3.20 元/股）回购 19 名战略投资者持有的全部云南国钛股份，股份原价为 22.72 亿元，并向 19 名战略投资者支付资金使用费约 3.02 亿元【暂估至 2024 年 12 月 31 日，具体以支付时资金实际使用天数计算的金额为准】，回购总价款合计约 25.74 亿元。本次交易完成后，公司及禄丰钛业持有的云南国钛股权由 50.9960% 变更为 83.3238%，云南国钛仍然是公司的控股子公司，不会导致公司合并报表 - 1 - 范围发生变化。以上内容详见公司在 2024 年 12 月 31 日刊载于《中国证券报》 《证券时报》《上海证券报》及巨潮资讯网（www.cninfo.com.cn）的相关公告。 二、交易进展情况 证券代 ...

证券代码：002601 证券简称：龙佰集团 公告编号：2025-001 关于公司股东股份质押及质押延期的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 近日，龙佰集团股份有限公司（以下简称"公司"）接到公司股东谭瑞清先 生的通知，获悉其所持有的本公司部分股份办理了质押及质押延期，具体事项如 下： | | 是否为控股 股东或第一 | 本次质押数 | 占其所 持股份 | 占公司 总股本 | 是否 | 是否 为补 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | | | | | 为限 | | 质押起始 | 质押到期 | | 质权人 | 质押 | | 名称 | 大股东及其 一致行动人 | 量（股） | 比例 （%） | 比例 （%） | 售股 | 充质 押 | 日 | 日 | | | 用途 | | | | | | | | | | | | | 置换 | | | 否 | 2,320,000 | 1.18 | 0.10 | 否 | 是 ...

Investment Rating - The report maintains a "Strong Buy" rating for Longbai Group [2][5]. Core Views - Longbai Group is a leading enterprise in the titanium dioxide industry, with a production capacity of 1.51 million tons of titanium dioxide and 80,000 tons of sponge titanium, both ranking first globally. The company utilizes both sulfate and chloride processes for titanium dioxide production, with its chloride process technology being internationally competitive while effectively reducing production costs [3]. - The company has a comprehensive integrated advantage in the titanium dioxide industry chain, controlling high-quality mineral resources and deep processing capabilities. It has multiple mining rights to ensure stable supply of titanium concentrate for production [3][4]. - The titanium dioxide industry is currently at a cyclical low in profitability, but there are expectations for marginal improvement. Demand is anticipated to recover due to ongoing macroeconomic policy support in China, which may lead to a rebound in the industry's long-term profitability [4]. Financial Forecasts - The company forecasts net profits of 3.615 billion, 4.225 billion, and 4.877 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.52, 1.77, and 2.05 yuan. The current stock price corresponds to P/E ratios of 12, 10, and 9 times for the same years [5][6]. - Revenue is projected to grow from 26.794 billion yuan in 2023 to 37.138 billion yuan in 2026, with growth rates of 10.92%, 10.86%, 11.51%, and 12.12% for the respective years [6]. Company Overview - Longbai Group is a large diversified enterprise group focused on the research, manufacturing, and deep integration of new materials such as titanium, zirconium, and lithium. Its products are sold in over 100 countries and regions across six continents [7]. - The company has established a green industrial chain from mineral extraction and processing to the manufacturing of titanium dioxide and titanium metals, with production bases located in several provinces in China [7].

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][5]. Core Viewpoints - The company is a leading player in the titanium dioxide industry, with a production capacity of 1.51 million tons of titanium dioxide and 80,000 tons of sponge titanium, both ranking first globally. It is one of the few suppliers that utilize both sulfate and chloride processes for titanium dioxide production, achieving cost reductions and increasing market share [3]. - The company has a strong integrated advantage in the titanium dioxide industry chain, controlling high-quality mineral resources and processing capabilities. It has multiple mining rights to ensure stable supply of titanium concentrate for production [3][4]. - The titanium dioxide industry is currently at a cyclical low, but there are expectations for marginal improvement. With ongoing macroeconomic policy support in China, demand for titanium dioxide is expected to recover, leading to a potential rebound in industry profitability [4]. - The company is actively expanding its upstream mineral resources and has signed a strategic cooperation framework agreement with Sichuan Natural Resources Group to enhance its resource layout [4]. Financial Forecasts - The company’s revenue is projected to grow from 26.79 billion yuan in 2023 to 37.14 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 12.12% [6]. - Net profit is expected to increase from 3.62 billion yuan in 2024 to 4.88 billion yuan in 2026, with corresponding earnings per share (EPS) rising from 1.52 yuan to 2.05 yuan [5][6]. - The price-to-earnings (P/E) ratio is projected to decrease from 12 times in 2024 to 9 times in 2026, indicating potential undervaluation [5][6].

Investment Rating - The report maintains a "Buy" rating for Longbai Group with a target price of RMB 24.30 per share [4][5]. Core Insights - The titanium dioxide market remains under pressure due to anti-dumping tax policies and weak seasonal demand, leading to losses in the sponge titanium and new energy materials segments [2][3]. - Longbai Group plans to achieve titanium concentrate production capacity of 2.48 million tons and iron concentrate capacity of 7.6 million tons by the end of 2025, with tight supply expected to keep titanium concentrate prices fluctuating at high levels [3][4]. - The company continues to export titanium dioxide to Europe and Brazil despite the imposition of anti-dumping duties, with some marginal producers reducing output or halting production [3][4]. Summary by Sections Market Performance - In Q4, Longbai Group's titanium dioxide sales were approximately 300,000 tons, with total annual sales nearing 1.25 million tons. The market faced challenges from anti-dumping taxes and seasonal demand weakness, resulting in a slight loss during exports to the EU [2][3]. Production Capacity and Strategy - The company anticipates a titanium concentrate output of 1.3 to 1.4 million tons in 2024, with Q4 prices experiencing seasonal fluctuations. The sponge titanium segment saw a slight increase in sales to 20,000 tons, but price declines led to losses [2][3]. Financial Projections - Revenue projections for Longbai Group show a steady increase from RMB 26.765 billion in 2023 to RMB 36.886 billion by 2028, with net profit expected to rise from RMB 3.226 billion in 2023 to RMB 5.095 billion in 2028 [7]. - The report estimates earnings per share (EPS) to be RMB 1.45 for 2024, increasing to RMB 2.14 by 2028 [7]. Valuation - The target price of RMB 24.30 per share is based on a discounted cash flow (DCF) valuation method, maintaining a weighted average cost of capital (WACC) of 7.4% [4][5].

Investment Rating - The investment rating for Longbai Group is maintained as "Overweight" [8][15]. Core Views - The report highlights that the titanium dioxide and titanium ore market has experienced a downturn since Q4 2024, primarily due to slow recovery in demand from sectors like real estate and the impact of anti-dumping measures on titanium dioxide exports from the EU and Brazil. Despite these challenges, Longbai Group's integrated advantages in the titanium industry and its leading cost advantages are expected to sustain its performance [13][14]. - The average price of domestic 46% titanium concentrate in Q4 2024 was reported at RMB 2,050 per ton, a decrease of 4.0% quarter-on-quarter, attributed to increased domestic supply and weak downstream demand for titanium dioxide. Longbai Group possesses high-quality titanium ore resources, with reserves accounting for 80% of the national total, and plans to expand its production capacity significantly by 2025 [13][14]. - The report anticipates a slight adjustment in profit expectations due to the decline in titanium dioxide and titanium ore prices, projecting net profits for 2024-2026 at RMB 3.21 billion, RMB 3.93 billion, and RMB 4.86 billion respectively, with corresponding EPS of RMB 1.35, RMB 1.65, and RMB 2.04 [15]. Financial Summary - Revenue projections for Longbai Group are as follows: RMB 24.16 billion in 2022, RMB 26.79 billion in 2023, RMB 28.84 billion in 2024E, RMB 31.29 billion in 2025E, and RMB 34.92 billion in 2026E, reflecting growth rates of 17.16%, 10.92%, 7.65%, 8.48%, and 11.62% respectively [9]. - The company's net profit attributable to the parent company is expected to decline from RMB 3.42 billion in 2022 to RMB 3.23 billion in 2023, before recovering to RMB 3.93 billion in 2025 and RMB 4.87 billion in 2026, indicating a growth trajectory in the latter years [9][15]. - The target price for Longbai Group is set at RMB 21.45, with the current closing price at RMB 17.18, suggesting a potential upside [10][15].

龙佰集团股份有限公司 证券代码：002601 证券简称：龙佰集团 公告编号：2024-083 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 2、审议通过《关于回购子公司股权的议案》。 关于本议案具体内容详见公司指定信息披露媒体《中国证券报》《证券时报》 《上海证券报》及巨潮资讯网（www.cninfo.com.cn）《关于回购子公司股权的公 告》。 第八届董事会第十七次会议决议公告 一、董事会会议召开情况 龙佰集团股份有限公司（以下简称"公司"）第八届董事会第十七次会议于 2024 年 12 月 30 日（周一）以通讯表决和现场表决相结合的方式召开。本次董 事会的会议通知和议案已于 2024 年 12 月 25 日按《公司章程》规定以书面送达 或电子邮件的方式发送至全体董事。本次会议应出席董事 9 人，实际出席董事 9 人。会议由董事长和奔流先生主持，会议的召开和表决符合有关法律、行政法规、 部门规章、规范性文件和公司章程的规定，会议表决合法有效。 二、董事会会议审议情况 本次董事会会议审议通过了如下议案： 1、审议通过《关于制定公司<市值管理制度>的议案》 ...