证券代码：002601 证券简称：龙佰集团 公告编号：2024-069 龙佰集团股份有限公司 关于公司股东股份解除质押的公告 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"）接到公司股东河南银泰 投资有限公司（以下简称"银泰投资"）的通知，获悉其所持有的本公司部分股 份办理了解除质押，具体事项如下： 备注：各列数字加总与合计数存在差异系四舍五入所致。 二、股东股份累计质押情况 - 2 - 三、备查文件 相关机构出具的证明文件。 特此公告。 龙佰集团股份有限公司董事会 2024 年 11 月 11 日 截至公告披露日，上述股东及其一致行动人所持质押股份情况如下： | | | | | | | 已质押股份 | | 未质押股份 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 占其 | 占公 | 情况 | | 情况 | | | | 持股数量 | 持股 | 累计质押数 | 所持 | 司总 | 已质押 | 占已 | 未质押 | ...

Investment Rating - The report maintains a "Strong Buy" rating for Longbai Group (002601) with a target price of 23.85 CNY per share [1]. Core Views - Longbai Group's revenue for the first three quarters of 2024 reached 20.885 billion CNY, a year-on-year increase of 2.97%, while the net profit attributable to shareholders was 2.564 billion CNY, up 19.68% year-on-year [1]. - In Q3 2024, the company achieved a revenue of 7.081 billion CNY, reflecting a year-on-year growth of 0.85% and a quarter-on-quarter increase of 8.77% [1]. - The report highlights strong export orders for titanium dioxide, despite a slight decline in prices, indicating robust demand in the market [1]. - The company is expanding its production capacity in the titanium ore segment, which is expected to contribute to future growth [1]. Financial Summary - For 2024-2026, the forecasted net profit attributable to shareholders is 3.261 billion CNY, 3.790 billion CNY, and 4.566 billion CNY, representing year-on-year growth rates of 1.1%, 16.2%, and 20.5% respectively [2][5]. - The projected P/E ratios for 2024, 2025, and 2026 are 14x, 12x, and 10x respectively, with a target price based on a historical valuation of 15x P/E for 2025 [1][5]. - The company’s total revenue is expected to grow from 26.794 billion CNY in 2023 to 34.939 billion CNY in 2026, with a compound annual growth rate of approximately 9% [2][5]. Market Position - Longbai Group is positioned as a global leader in titanium dioxide and sponge titanium production, with a strong cost advantage compared to overseas competitors [1]. - The company has a significant market share and is expected to maintain its pricing power due to its concentrated titanium ore resources [1].

证券代码：002601 证券简称：龙佰集团 公告编号：2024-068 龙佰集团股份有限公司 关于公司股东股份质押的公告 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。 二、股东股份累计质押情况 截至公告披露日，上述股东及其一致行动人所持质押股份情况如下： | | | | | | | | 已质押股份 | | 未质押股份 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 占其 | 占公 | 情况 | | 情况 | | | | 持股数量 | 持股 | 本次质押前 | 本次质押后 | 所持 | 司总 | 已质押 | 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 | 股份限 | 质押 | 股份限 | 质押 | | | | （%） | 量（股） | 量（股） | 比例 | 比例 | 售和冻 | 股份 | 售和冻 | 股份 | | | | | | | （%） | （%） | 结数量 ...

Investment Rating - The report maintains a "Buy" rating for Longbai Group, indicating an expectation of stock price appreciation relative to the industry index by over 15% in the next six months [6][16]. Core Views - Longbai Group's performance has shown a quarter-on-quarter increase despite a decline in titanium dioxide and sponge titanium prices, attributed to sales growth and upstream titanium ore resource layout [2][6]. - The company is expected to expand its titanium ore resource reserves, providing a solid raw material guarantee for future production [4][6]. Financial Performance Summary - For the first three quarters of 2024, Longbai Group reported operating revenue of 20.866 billion yuan, a year-on-year increase of 2.98%, and a net profit attributable to shareholders of 2.564 billion yuan, up 19.68% year-on-year [1]. - The third quarter of 2024 saw operating revenue of 7.075 billion yuan, a year-on-year increase of 0.87% and a quarter-on-quarter increase of 8.78% [1]. - The company's net profit for the third quarter was 842 million yuan, down 4.29% year-on-year but up 9.33% quarter-on-quarter [1]. Revenue and Profit Forecast - Revenue projections for Longbai Group are 29.313 billion yuan for 2024, 32.316 billion yuan for 2025, and 36.853 billion yuan for 2026, with year-on-year growth rates of 9.5%, 10.2%, and 14.0% respectively [6][10]. - Net profit forecasts are 3.351 billion yuan for 2024, 3.995 billion yuan for 2025, and 4.809 billion yuan for 2026, with corresponding growth rates of 3.9%, 19.2%, and 20.4% [6][11]. Cost and Expense Analysis - Sales expenses decreased by 5.60% year-on-year, with a sales expense ratio of 1.84% [3]. - Financial expenses increased by 58.36% year-on-year, with a financial expense ratio of 1.44% [3]. - Research and development expenses decreased by 20.89% year-on-year, with a research expense ratio of 4.20% [3]. Cash Flow Overview - The net cash flow from operating activities for the first three quarters of 2024 was 2.592 billion yuan, up 13.61% year-on-year [3]. - The net cash flow from investing activities was -1.078 billion yuan, an increase of 44.39% year-on-year [3]. - The net cash flow from financing activities was -889 million yuan, a decrease of 338.01% year-on-year [3].

证券代码：002601 证券简称：龙佰集团 公告编号：2024-067 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9号——回购股份》等相关规定，回购期间上市公司应当在每个月的前三个交易 日内披露截至上月末的回购进展情况。现将公司截至上月末的回购进展情况公告 如下： 一、截至上月末回购股份的进展情况 截至 2024 年 10 月 31 日，公司通过股份回购专用证券账户以集中竞价方式 累计回购公司股份 10,721,400 股，占公司目前总股本的 0.4493%，最高成交价为 18.30 元/股，最低成交价为 15.32 元/股，成交总金额为 179,979,466 元（不含交 易费用）。本次回购符合相关法律法规的要求，符合既定的回购股份方案。 龙佰集团股份有限公司 关于回购公司股份的进展公告 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。 龙佰集团股份有限公司（以下简称"公司"）于2024年6月17日召开的第八 届董事会第十二次会议，审议通过了《关于回购公司股份方案的议案》，同意公 司使用自有资金以集中竞价的方式回购公司股份，回购股份的 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 19.21 yuan, implying a potential upside based on the current market conditions [2][6] Core Views - The company achieved a 2.98% YoY increase in revenue to 208.66 billion yuan and a 19.68% YoY increase in net profit to 25.64 billion yuan in the first three quarters of 2024 [2] - Despite a challenging market environment, the company managed to grow its revenue and profit through market expansion and optimized sales strategies [3] - The company's integrated industrial chain and cost advantages have strengthened its competitiveness, particularly in the face of high raw material prices [4][6] Financial Performance - The company's gross margin improved by 0.41 percentage points YoY to 26.95% in the first three quarters of 2024, while the net margin increased by 1.26 percentage points to 12.25% [4] - In Q3 2024, the company's revenue grew by 0.87% YoY and 8.78% QoQ to 70.74 billion yuan, while net profit declined by 4.29% YoY but increased by 9.33% QoQ to 8.42 billion yuan [3] - The company's EPS for the first three quarters of 2024 was 1.08 yuan, and it announced a dividend plan of 3.00 yuan per 10 shares [2] Industry Outlook - The titanium dioxide industry is expected to benefit from macroeconomic recovery and supportive government policies, which could drive future demand growth [4] - The company's technological innovation, cost reduction, and product optimization strategies are expected to enhance its market competitiveness and share [4] Integrated Industrial Chain - The company has been actively expanding its upstream resources, including acquiring titanium-related assets, which has improved its self-sufficiency in raw materials and reduced costs [6] - In 2024, the company produced 1.0456 million tons of titanium concentrate, a 73% YoY increase, all of which was used internally [6] - The company has signed a strategic cooperation agreement to develop the Hongge South Mine, which is expected to further enhance its resource security and cost advantages [6] Valuation and Forecast - The company's EPS for 2024 and 2025 is forecasted to be 1.47 yuan and 1.64 yuan, respectively, with a PE ratio of 13.06x and 11.70x based on the closing price of 19.21 yuan on October 30, 2024 [6] - The report highlights the company's strong industry position and growth prospects, supporting the "Buy" rating [6]

Investment Rating - The report maintains a "Buy-B" rating for the company Longbai Group (002601.SZ) [1] Core Views - The titanium dioxide market remains stable, with a quarter-on-quarter performance increase in Q3 2024. The company reported a revenue of 20.885 billion yuan for the first three quarters of 2024, a year-on-year increase of 2.97%, and a net profit attributable to shareholders of 2.564 billion yuan, a year-on-year increase of 19.68% [2][3] - In Q3 2024, the company achieved a revenue of 7.081 billion yuan, a year-on-year increase of 0.85% and a quarter-on-quarter increase of 8.77%. The net profit attributable to shareholders for the same quarter was 842 million yuan, a year-on-year decrease of 4.29% but a quarter-on-quarter increase of 9.33% [3] - The gross profit margin for the first three quarters of 2024 was 26.95%, an increase of 0.51 percentage points year-on-year, while the expense ratio decreased to 11%, a year-on-year decrease of 1.07 percentage points [3] Summary by Sections Market Performance - As of October 31, 2024, the closing price was 18.84 yuan, with a year-to-date high of 23.20 yuan and a low of 15.12 yuan. The circulating A-shares are 1.989 billion, with a total market capitalization of 44.958 billion yuan [1] Financial Performance - The company’s earnings per share (EPS) for September 30, 2024, was 1.08 yuan, with a return on equity (ROE) of 9.63% [1] - The report projects net profits for 2024-2026 to be 3.308 billion, 3.836 billion, and 4.758 billion yuan respectively, with corresponding price-to-earnings (PE) ratios of 13.6, 11.7, and 9.4 times [5] Industry Insights - The titanium dioxide market is characterized by stable pricing, with the average market price in Q3 2024 at 15,407.18 yuan per ton, a decrease of 759.63 yuan per ton or 4.70% from the previous quarter. The industry supply is sufficient, with an estimated production of 1.182 million tons in Q3, relying on exports to alleviate domestic demand pressure [3] - The company’s subsidiary successfully acquired exploration rights for titanium ore resources, enhancing the company's resource reserves and core competitiveness [4]

Investment Rating - The report maintains a "Buy" rating for the company [1][13][21] Core Views - The company continues to enhance its titanium ore resource reserves, with a dividend payout ratio of 83.65% in the first three quarters of 2024, balancing shareholder returns with long-term development [1][9] - The average price of titanium dioxide decreased by 1.77% year-on-year and 4.71% quarter-on-quarter, while the average price of titanium concentrate increased by 5.62% year-on-year and 2.02% quarter-on-quarter [5][6] - The company has signed strategic cooperation agreements to improve its supply chain resilience and flexibility, aligning with its core business development strategy [6][9] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating revenue of 20.885 billion yuan, a year-on-year increase of 2.97%, and a net profit attributable to shareholders of 2.564 billion yuan, a year-on-year increase of 19.68% [5][11] - In Q3 2024, the company reported revenue of 7.081 billion yuan, a year-on-year increase of 0.85% and a quarter-on-quarter increase of 8.77% [5][11] - The company’s gross profit margin for Q3 2024 was 25.81%, a decrease of 3.15% year-on-year and 0.87% quarter-on-quarter [5][11] Price and Market Data - As of October 30, 2024, the company's stock price was 19.21 yuan, with a market capitalization of approximately 45.84 billion yuan [3][5] - The company is the largest titanium dioxide producer globally, with an annual production capacity of 1.51 million tons [9][11] Earnings Forecast - The company’s projected operating revenues for 2024, 2025, and 2026 are 28.088 billion yuan, 32.444 billion yuan, and 34.626 billion yuan, respectively, with corresponding net profits of 3.354 billion yuan, 4.128 billion yuan, and 4.634 billion yuan [11][21]

Investment Rating - The investment rating for the company is "Buy" and is maintained [3]. Core Views - The company reported a revenue of 20.88 billion RMB for the first three quarters of 2024, representing a year-on-year increase of 3.0%. The net profit attributable to shareholders was 2.56 billion RMB, up 19.7% year-on-year, and the net profit after deducting non-recurring gains and losses was 2.53 billion RMB, an increase of 22.9% year-on-year [3][4]. - In Q3 2024, the company achieved a revenue of 7.08 billion RMB, which is a 0.8% year-on-year increase and an 8.8% quarter-on-quarter increase. The net profit attributable to shareholders was 840 million RMB, down 4.3% year-on-year but up 9.3% quarter-on-quarter [3][4]. - The company plans to distribute a cash dividend of 3 RMB per 10 shares to all shareholders, totaling 710 million RMB [3]. Summary by Sections Financial Performance - The company’s gross margin for the first three quarters of 2024 was 26.9%, an increase of 0.5 percentage points year-on-year. The net profit margin was 12.2%, up 1.3 percentage points year-on-year, while the expense ratio decreased by 1.1 percentage points to 11.0% [4]. - The company has significant technical advantages in areas such as improving titanium ore quality, deep processing, new product development, and clean production [4]. Market Conditions - Despite weak domestic and international demand for titanium dioxide and excess supply pressure, the company managed to achieve a quarter-on-quarter revenue increase of 8.8% in Q3 2024 by leveraging its titanium ore resource advantages and enhancing marketing efforts [3][4]. - The company anticipates increased operational pressures in Q4 2024 due to tariff impacts and new domestic capacity releases, but the titanium ore supply remains tight, providing a stable support for the company's fundamentals [4]. Product Development - The company has produced six new or upgraded grades of titanium dioxide in the first half of the year, with five grades already recognized by customers. It is also developing eight new or upgraded grades [5]. - The company is positioned as a global leader in integrated titanium dioxide production and is expanding into the renewable energy sector, which is expected to open new growth avenues [5]. Future Profit Projections - The company’s projected net profits for 2024, 2025, and 2026 are 3.14 billion RMB, 3.78 billion RMB, and 4.63 billion RMB, respectively, maintaining a "Buy" rating [5].

Investment Rating - The investment rating for Longbai Group is "Buy" (maintained) [1] Core Views - The third-quarter performance showed a quarter-on-quarter improvement, with the company expanding its titanium industry chain integration [1] - In Q3 2024, the company achieved revenue of 7.081 billion yuan, a year-on-year increase of 0.85% and a quarter-on-quarter increase of 8.77% [1] - The net profit attributable to the parent company was 842 million yuan, a year-on-year decrease of 4.29% but a quarter-on-quarter increase of 9.33% [1] - The gross profit margin for Q3 was 25.81%, a decrease of 0.87 percentage points quarter-on-quarter [1] - The report indicates that the titanium dioxide price has declined, impacting the gross margin, but the company expects revenue and performance to maintain positive growth due to improved production and sales volume [1] Summary by Sections Financial Performance - In Q3 2024, the average price of titanium dioxide was 15,405 yuan per ton, a quarter-on-quarter decrease of 4.7% [1] - The average prices for titanium concentrate and sponge titanium were 0.2 and 4.7 million yuan per ton, with quarter-on-quarter changes of +2.0% and -8.3% respectively [1] - The company anticipates that as high-cost enterprises in the industry gradually reduce production and inventory levels normalize, titanium dioxide prices will have upward potential [1] Industry Integration - The company has enhanced its vertical integration in the titanium industry chain, which is expected to provide a second growth opportunity [1] - Longbai Group's self-sufficient titanium concentrate rate is approximately 50% in 2024, with ongoing projects to further increase resource supply capacity [1] - A strategic cooperation framework agreement with Sichuan Resources Group is expected to broaden the company's supply channels and enhance supply chain resilience [1] Financial Projections - Revenue projections for 2024, 2025, and 2026 are 26.794 billion, 29.864 billion, and 32.566 billion yuan respectively, with year-on-year growth rates of 11.5%, 9.0%, and 13.4% [3] - The net profit attributable to the parent company is projected to be 3.429 billion, 4.153 billion, and 4.890 billion yuan for the same years, with corresponding growth rates of 6.3%, 21.1%, and 17.8% [3] - The gross margin is expected to improve to 30.2%, 31.6%, and 32.5% over the next three years [3]