事件: 2025 年10 月28 日，龙佰集团公告2025 年三季报：2025 年前三季度公司实现营业收入194.36 亿元，同 比-6.86%；实现归母净利润16.74 亿元，同比-34.68%；扣非后归母净利润16.18 亿元，同比-35.97%。销 售毛利率为22.29%，同比下降4.66 个pct；销售净利率为8.66%，同比下降3.59 个pct。 2025Q3 单季度，公司实现营业收入61.05 亿元，同比-13.71%，环比-2.74%；实现归母净利润为2.89 亿 元，同比-65.66%，环比-58.64%，实现扣非归母净利润2.72 亿元，同比-68.12%，环比-60.53%。销售毛 利率为19.39%，同比-6.42 个pct，环比-5.13 个pct；销售净利率为4.67%，同比-7.25 个pct，环比-6.52 个 pct。 投资要点: 钛白粉价格同环比下滑，2025Q3 归母净利润阶段承压2025Q3，公司实现营收61.05 亿元，同比-9.70 亿 元，环比-1.72 亿元；实现归母净利润2.89 亿元，同比-5.53 亿元，环比-4.10 亿元；实现毛利润11.84 亿 元， ...

Key Positives Asia Pacific Equity Research 28 October 2025 LB Group - A Overweight First Take: 3Q25 – Weak earnings due to record low TiO2 OP margin; unsustainable TiO2 price may find bottom Our First Take: We believe LB's results will be taken slightly negatively by the market with the company reporting 3Q25 net profit of Rmb289mn, down 66% y/y. 3Q NP was below market consensus and JPMe by 56% and 35%, respectively. The earnings decrease was mainly due to: 1) Weak/negative TiO2 OP margin that worsened in 3 ...

Core Viewpoint - The enthusiasm for dividend distribution among listed companies is increasing, reflecting a recovery in profitability and a strong willingness to return value to shareholders and boost market confidence [1][3][4]. Group 1: Dividend Distribution Trends - As of October 30, 214 listed companies in A-shares have announced third-quarter profit distribution plans across various industries, including media, electronics, pharmaceuticals, machinery, and agriculture [1]. - Notable companies like Gigabit plan to distribute a cash dividend of 60.00 yuan per 10 shares, totaling approximately 431 million yuan [1]. - Dahua Technology intends to distribute 1.85 yuan per 10 shares, amounting to around 602 million yuan [1]. Group 2: Performance of Newly Listed Companies - Several companies on the Beijing Stock Exchange, such as Dingjia Precision and Shichang Co., have also announced dividend plans, with Dingjia Precision proposing a cash dividend of 6 yuan per 10 shares [2]. - Dingjia Precision reported a revenue of 334 million yuan for the first three quarters, a year-on-year increase of 12.26%, and a net profit of 54.31 million yuan, up 30.53% year-on-year, indicating robust growth [2]. Group 3: Regulatory Influence and Long-term Return Mechanisms - The China Securities Regulatory Commission has encouraged companies to enhance investor returns and adopt measures like "cancellation-based buybacks" to promote sustainable dividend distributions [3]. - Nanshan Aluminum announced a special dividend of 2.584 yuan per 10 shares, with a total payout exceeding 3 billion yuan, reflecting a strong financial foundation [3]. - Since its listing, Nanshan Aluminum has distributed a total of 13.076 billion yuan in dividends, surpassing its total fundraising in the capital market [3]. Group 4: Established Companies and Their Dividend Policies - Hikvision has maintained a strong dividend policy, with cumulative cash dividends of approximately 68.5 billion yuan since its listing, achieving a dividend payout ratio close to 50% [4]. - Hengli Petrochemical has implemented a "annual + interim" dividend system, with total cash dividends reaching 26.1 billion yuan, significantly exceeding the funds raised from the capital market [4]. - Over the past five years, listed companies have distributed over 10.6 trillion yuan through dividends and buybacks, which is 2.07 times the amount raised through IPOs and refinancing [4].

Core Viewpoint - The recent quarterly reports from listed companies reveal a significant shift in investment strategies among prominent private equity managers, with an increased focus on cyclical industries and a need to monitor fundamental developments, policy benefits, and industrial upgrades as core themes [1][4]. Private Equity Holdings - Gao Yi Asset's Feng Liu significantly reduced holdings in Hikvision by 58 million shares, retaining 280 million shares valued at 8.826 billion yuan, making it the fourth-largest shareholder [1]. - Renqiao Asset's Xia Junjie maintained positions in several stocks while slightly reducing holdings in Xingfu Electronics and increasing stakes in Beijing Renli [1]. - Ningquan Asset's Yang Dong entered as the eighth-largest shareholder in Fuanna with 6.0512 million shares valued at 4.2 million yuan [2]. - Ruijun Asset's funds became top shareholders in Dinglong Co., while also increasing stakes in other companies [2]. Increased Focus on Cyclical Industries - Gao Yi Asset's Deng Xiaofeng reduced holdings in Zijin Mining by approximately 18.6 million shares, still holding 180 million shares valued at 5.3 billion yuan, with a significant gain of about 1.5 billion yuan from the position [3]. - The same fund also reduced its stake in Yun Aluminum, holding 28.5 million shares valued at 1.164 billion yuan [3]. Policy Benefits and Industrial Upgrades - The Shanghai Composite Index surpassed 4,000 points, reflecting improved market sentiment and recognition of the value reassessment cycle in Chinese equity assets [4]. - Fengjing Capital noted that economic data remains resilient, with expectations for moderate improvement in fixed investment growth due to policy initiatives [4]. - Ning Shui Capital emphasized the importance of policy benefits and industrial upgrades as core investment themes while advising caution regarding high valuations [4].

公 司 研 究 龙佰集团（002601.SZ） 2025 年 10 月 29 日 Q3 业绩承压，看好公司钛白粉国际化进程与矿山端 产能扩张潜力 投资评级：买入（维持） 日期 2025/10/29 当前股价(元) 18.75 金益腾（分析师） 蒋跨跃（分析师） jinyiteng@kysec.cn 证书编号：S0790520020002 jiangkuayue@kysec.cn 证书编号：S0790523120001 看好公司钛白粉国际化进程与矿山端产能扩张潜力，维持"买入"评级 公司发布 2025 年三季报，2025 年前三季度实现营收 194.51 亿元，同比-6.87%， 实现归母净利润 16.74 亿元，同比-34.68%。其中，2025Q3 公司实现归母净利润 2.89 亿元，同比-65.66%，环比-58.64%。考虑到当前钛白粉盈利修复进度不及预 期，我们下调公司 2025-2027 年盈利预测，预计 2025-2027 年归母净利润分别为 20.88（-7.50）、28.17（-7.08）、35.87（-7.37）亿元，EPS 分别为 0.88（-0.31）、 1.18（-0.30）、1.50 ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨龙佰集团（002601.SZ） [Table_Title] 国内钛白粉承压，出海有望突出重围 报告要点 [Table_Summary] 公司发布 2025 年三季报，前三季度实现收入 194.5 亿元（同比-6.9%），实现归属净利润 16.7 亿元（同比-34.7%），实现归属扣非净利润 16.2 亿元（同比-36.0%）。其中 Q3 单季度实现收 入 61.1 亿元（同比-13.7%，环比-2.8%），实现归属净利润 2.9 亿元（同比-65.7%，环比-58.6%）， 实现归属扣非净利润 2.7 亿元（同比-68.1%，环比-60.5%）。公司拟向全体股东每 10 股派发人 民币现金股利 1.0 元（含税）。 分析师及联系人 [Table_Author] 马太 王明 SAC：S0490516100002 SAC：S0490521030001 SFC：BUT911 SFC：BVA881 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 龙佰集团（002 ...

10月，全球钛白粉市场迎来多重关键动态，从企业业绩波动到国际政策调整，行业竞争格局进一步演 变。以下是过去一周的重要新闻汇总，涵盖主要企业的财务表现、收购投资及贸易政策变化。 中国钛白粉第五轮集体提价 国庆假期前后，钛白粉市场迎来新一轮集中涨价。龙佰集团、海峰鑫、金海钛业、安纳达、山东道恩钛 业、东佳集团、内蒙古国城矿业等发布调价函，相继宣布上调钛白粉价格。其中，大多数企业对国内客 户上调300元/吨，对国际客户上调40-50美元/吨。这是继8月中旬之后，钛白粉的第6轮涨价潮。 龙佰集团前三季度业绩显著下滑，第三季度盈利大幅缩水 2025年第三季度报告显示，龙佰集团前三季度实现营业收入194.36亿元，同比下降6.86%；归母净利润 16.74亿元，同比下降34.68%。尤其值得关注的是，第三季度单季业绩出现断崖式下跌：营业收入61.05 亿元，同比下降13.71%；净利润仅2.89亿元，同比骤降65.66%；扣非净利润2.72亿元，同比下降 68.12%。这一数据表明，公司盈利能力在三季度加速恶化，每股收益同步大幅缩水，前三季度为0.7017 元，而第三季度单季仅0.1212元。业绩下滑反映出市场供需变化及 ...

投资要点 行业低景气影响公司业绩，静待反转 龙佰集团业绩出现下滑主要是由于钛白粉价格下跌，单吨盈利创历史新低，行业景气度差导致。根据百 川盈孚数据，钛白粉2025 前三季度均价为14120.02 元/吨，同比下降11.01%，2025Q3 单季度均价 13386.09 元/吨，同比下降13.10%，环比下降8.26%；截至10 月27 日国内钛白粉均价13330 元/吨，降至 今年低位，价格持续下滑；2025 年前三季度全国产量336.51 万吨，同比下降3.48%；25Q3产量106 万 吨，同比下降9.61%。Q3 毛利润-1317.96 元/吨，同比下降181.51%，环比下降119.83%。展望25 年，随 着消费旺季需求的增加以及公司通过调整出口地区减少反倾销政策的影响，我们预期钛白粉价格在未来 有回暖的可能性。 报告导读 龙佰集团10 月27 日发布2025 三季报，2025 年前三季度实现营业总收入194.5 亿元，同比下降6.87%； 实现扣非后归母净利润16.18 亿元，同比下降35.97%；其中Q3 单季度实现营收61.09 亿元，同比下降 13.73%，环比下降2.76%；Q3 单季度实 ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, primarily due to a significant drop in titanium dioxide profitability and reduced titanium concentrate production caused by mine maintenance [1][2]. Financial Performance - Revenue for the first three quarters of 2025 was 19.44 billion yuan, a year-on-year decrease of 6.9% [1] - Net profit attributable to shareholders was 1.674 billion yuan, corresponding to earnings per share of 0.70 yuan, down 34.7% year-on-year, which was below expectations [1] - In Q3 2025, revenue was 6.11 billion yuan, a decrease of 13.7% year-on-year and 2.8% quarter-on-quarter [1] - Gross profit for Q3 2025 was 1.188 billion yuan, down 35% year-on-year and 23% quarter-on-quarter [1] - The gross margin for Q3 2025 fell to 19.4%, a decline of 6.4 and 5.1 percentage points year-on-year and quarter-on-quarter, respectively, due to falling titanium dioxide prices and rising sulfuric acid costs [1] Development Trends - The company announced plans to acquire Venator's UK titanium dioxide assets, which includes a 150,000 tons/year chlorination titanium dioxide plant for a transaction price of $69.9 million, aiming to enhance its global industrial layout [2] - The establishment of a subsidiary in Malaysia is also planned, which is expected to further promote international development and increase global market share [2] - New titanium concentrate production capacity is anticipated to drive profit growth, with an expected capacity of 2.48 million tons by 2026 [2] Profit Forecast and Valuation - Due to the decline in titanium dioxide profitability, the company has lowered its EPS forecasts for 2025 and 2026 by 23% and 15% to 0.91 and 1.50 yuan per share, respectively [3] - The current stock price corresponds to a P/E ratio of 21.0 and 12.7 times for 2025 and 2026, respectively [3] - The target price is maintained at 23 yuan, indicating a 20% upside potential, with P/E ratios of 25 and 15 times for 2025 and 2026 [3]

Core Viewpoint - Longbai Group reported a decline in revenue and net profit for Q3 2025, indicating ongoing challenges in the titanium dioxide market and overall industry performance [1][2]. Financial Performance - For Q3 2025, Longbai Group achieved revenue of 6.105 billion yuan, a year-on-year decrease of 14%, and a net profit attributable to shareholders of 289 million yuan, down 66% year-on-year [1]. - The company’s gross margin for Q3 was 19.4%, a decrease of 6 percentage points year-on-year and 5 percentage points quarter-on-quarter [2]. - The overall revenue for the first three quarters of 2025 was 19.436 billion yuan, down 7% year-on-year, with a net profit of 1.674 billion yuan, down 35% year-on-year [1]. Market Conditions - The titanium dioxide market remains at a low point, with prices for various titanium products showing significant declines: titanium concentrate at 1,707 yuan/ton (-23% YoY), sulfuric acid titanium dioxide at 13,725 yuan/ton (-12% YoY), and chlorinated titanium dioxide at 17,492 yuan/ton (-11% YoY) [2]. - The company faced pressure from increased supply of titanium iron ore and weak downstream demand, which negatively impacted the price differentials in the industry [2]. Export Dynamics - In Q3, titanium ore and concentrate imports were nearly 1.2 million tons, down 12% year-on-year, while titanium dioxide exports were approximately 430,000 tons, down 8% year-on-year but up 3% quarter-on-quarter [2]. - The temporary cancellation of anti-dumping duties by India is expected to provide short-term benefits for domestic exports, with increased activity anticipated as overseas Christmas stocking begins [2]. Strategic Developments - Longbai Group's subsidiary, Bailian Europe, plans to acquire assets related to titanium dioxide from Venator UK for $69.9 million, which includes land, equipment, and intellectual property [3]. - This acquisition aims to enhance production efficiency, reduce costs, and expand the company's global footprint in the titanium dioxide market [3]. Investment Outlook - The company forecasts net profits attributable to shareholders for 2025-2027 to be 2.03 billion, 3.40 billion, and 3.89 billion yuan, respectively, maintaining a "recommended" investment rating [4].