Investment Rating - The report maintains an "Accumulate" rating for Longbai Group [4][3] - The target price is set at 26.70 yuan, up from the previous 20.75 yuan [4][8] Core Insights - The company's Q3 2024 performance slightly exceeded expectations, driven by resource and cost advantages, as well as ongoing projects such as the Fengyuan technical transformation project and the vanadium-aluminum new material industrial park [3][8] - For the first three quarters of 2024, the company achieved revenue of 20.9 billion yuan, a year-on-year increase of 2.97%, and a net profit attributable to shareholders of 2.564 billion yuan, up 19.68% year-on-year [8][9] - The report highlights the company's strong sales margins, with a gross margin of 27.01% and a net margin of 12.24% for the first three quarters of 2024 [8][9] Financial Performance - 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% [8] - The net profit for Q3 2024 was 843 million yuan, down 4.29% year-on-year but up 9.33% quarter-on-quarter [8] - The company’s gross margin for Q3 was 25.87%, reflecting a year-on-year increase of 3.16 percentage points [8] Industry Overview - The titanium dioxide industry is experiencing a slight decline in operating rates, with a September operating rate of approximately 78.26%, down 3.33 percentage points month-on-month [8] - The report notes that the long-term demand for titanium dioxide is expected to grow, driven by increasing needs from downstream industries such as coatings, plastics, and paper [8] - The global titanium dioxide market demand is projected to reach 890 million tons in 2025 and 930 million tons in 2026 [8]

Investment Rating - The investment rating for Longbai Group is maintained at "Buy" [1] Core Views - The company reported a quarter-on-quarter revenue growth in Q3 2024, with a total revenue of 70.81 billion yuan, reflecting a year-on-year increase of 0.85% and a quarter-on-quarter increase of 8.77% [5] - The net profit attributable to shareholders for Q3 2024 was 8.42 billion yuan, showing a year-on-year decrease of 4.29% but a quarter-on-quarter increase of 9.33% [5] - The company is optimistic about its mining capacity expansion potential and continues to focus on high dividend payouts to shareholders [5] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 208.05 billion yuan, up 2.97% year-on-year, and a net profit of 25.64 billion yuan, up 19.68% year-on-year [5] - The earnings per share (EPS) for 2024-2026 are projected to be 1.39, 1.47, and 1.96 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 14.5, 13.6, and 10.2 times [5][6] - The company plans to distribute a cash dividend of 3.00 yuan per 10 shares, totaling 7.13 billion yuan, with a dividend payout ratio of 83.65% for the first three quarters of 2024 [5] Market and Pricing Insights - The average market price for titanium dioxide in Q3 2024 was 15,404.5 yuan per ton, a decrease of 762 yuan from Q2, while the price for titanium concentrate increased by 20 yuan to 2,227.5 yuan per ton [5] - The company is actively advancing its joint development project for two mines, with expected production capacities of 2.48 million tons per year for titanium concentrate and 7.6 million tons per year for iron concentrate by 2025 [5]

Investment Rating - The investment rating for Longbai Group is "Outperform the Market" [1][3][10] Core Views - In Q3 2024, Longbai Group's revenue reached 7.07 billion yuan, showing a year-on-year increase of 1% and a quarter-on-quarter increase of 9%. The net profit attributable to the parent company was 840 million yuan, down 4% year-on-year but up 9% quarter-on-quarter. The growth in revenue and net profit was primarily driven by the increase in production and sales of titanium dioxide [1][4][8]. - The export volume of titanium dioxide in Q3 2024 increased by 12% year-on-year, with prices rising in some overseas regions. However, the domestic market showed weak supply and demand, leading to a decline in average prices [1][6][7]. - The price of titanium concentrate remained stable at a high level, while iron ore prices showed a downward trend. The average price of titanium concentrate was 2,227 yuan per ton, up 4% year-on-year and 1% quarter-on-quarter [7][8]. Financial Performance and Forecast - Revenue and net profit forecasts for Longbai Group for 2024-2026 have been slightly adjusted downwards to 3.395 billion yuan, 4.055 billion yuan, and 4.704 billion yuan respectively, with corresponding EPS of 1.42 yuan, 1.70 yuan, and 1.97 yuan. The current stock price corresponds to PE ratios of 14.1, 11.8, and 10.2 for the respective years [1][2][11]. - The company's EBIT margin is projected to improve from 17.6% in 2024 to 20.6% in 2026, while the net asset return (ROE) is expected to increase from 14.7% to 19.3% over the same period [2][11]. Market Dynamics - The domestic titanium dioxide market is experiencing weak supply and demand, with the average price of rutile titanium dioxide in Q3 2024 at approximately 15,148 yuan per ton, down 4% year-on-year and 6% quarter-on-quarter. In contrast, the European titanium dioxide price increased by 16% to 3,360 USD per ton due to anti-dumping tariffs [1][6][8]. - The sponge titanium market is under pressure with prices declining, averaging 48,212 yuan per ton in Q3 2024, down 14% year-on-year and 8% quarter-on-quarter [8][9]. Conclusion - Longbai Group maintains a strong position in the titanium dioxide industry, with an increasing self-sufficiency rate in titanium concentrate. However, the continuous growth in titanium dioxide production is intensifying market competition, and demand in some regions is affected by macroeconomic conditions [1][3][10].

本次董事会会议审议通过了如下议案： 证券代码：002601 证券简称：龙佰集团 公告编号：2024-061 龙佰集团股份有限公司 第八届董事会第十五次会议决议公告 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。 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"）第八届董事会第十五次会议于 2024 年 10 月 28 日（周一）以现场表决的方式召开。本次董事会的会议通知和 议案已于 2024 年 10 月 18 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 - 1 - 本议案已经 2024 年 10 月 28 日召开的本公司 2024 年第一次独立董事专门会 议审议通过，并同意将本议案提交公司董事会审议。 本议案获得通过，同意 9 票，反对 0 票，弃权 0 票，回避 0 票。 3、审议通过《关于续聘会计师事务所的议案》，并同意 ...

证券代码：002601 证券简称：龙佰集团 公告编号：2024- 064 龙佰集团股份有限公司 关于 2024 年第三季度利润分配预案的公告 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。 龙佰集团股份有限公司（以下简称"公司"）于 2024 年 10 月 28 日召开第 八届董事会第十五次会议、第八届监事会第十五次会议，审议通过了《关于 2024 年第三季度利润分配预案的议案》，本议案已经公司独立董事专门会议审议通过， 尚需提交公司 2024 年第二次临时股东大会审议。现将公司 2024 年第三季度利润 分配预案具体情况公告如下： 一、2024 年第三季度利润分配方案内容 根据公司 2024 年第三季度财务报告（未经审计），公司 2024 年前三季度实 现归属于上市公司股东的净利润为 2,563,655,212.73 元，母公司实现净利润为 1,780,289,776.23 元，截至 2024 年 9 月 30 日，公司合并报表可供分配利润为 6,182,938,945.30 元，母公司可供分配利润为 776,557,338.68 元。按照母公司与合 并报表 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥7,074,766,906.05, representing a year-on-year increase of 0.87%[3] - The net profit attributable to shareholders for the same period was ¥842,197,959.42, a decrease of 4.29% compared to the previous year[3] - The net profit after deducting non-recurring gains and losses was ¥852,229,909.32, down by 0.97% year-on-year[3] - Total operating revenue for the current period reached ¥20,884,897,227.84, an increase of 2.96% compared to ¥20,283,165,270.79 in the previous period[19] - Net profit for the current period was ¥2,555,776,720.40, compared to ¥2,226,085,590.19 in the previous period, marking an increase of 14.81%[20] - Total comprehensive income for the period reached CNY 2,548,935,691.44, an increase of 14.6% compared to CNY 2,223,137,129.21 in the previous period[22] - Basic earnings per share increased to CNY 1.08 from CNY 0.90, reflecting a growth of 20%[22] Assets and Liabilities - The total assets at the end of the reporting period reached ¥66,880,349,344.28, an increase of 4.80% from the end of the previous year[4] - The company's total assets increased to ¥66,880,349,344.28 from ¥63,817,240,694.66, representing a growth of 4.83%[17] - Total liabilities rose to ¥40,327,492,931.72, up from ¥38,792,543,835.28, indicating an increase of 3.97%[17] - The total non-current liabilities decreased to ¥10,614,524,946.02 from ¥12,178,623,691.18, a reduction of 12.85%[17] Cash Flow - The company reported a net cash flow from operating activities of ¥2,592,443,505.06, which increased by 13.61% year-on-year[3] - Cash inflow from operating activities totaled CNY 16,845,487,306.66, up from CNY 16,149,330,290.88, representing a year-over-year increase of 4.3%[24] - Net cash flow from operating activities was CNY 2,592,443,505.06, compared to CNY 2,281,836,928.70 in the previous period, marking an increase of 13.6%[24] - Cash inflow from financing activities amounted to CNY 18,057,960,803.32, an increase of 20.5% from CNY 14,878,257,349.37 in the prior year[25] - Net cash flow from financing activities was negative at CNY -888,614,487.30, contrasting with a positive CNY 373,353,121.93 in the previous period[25] - Total cash outflow from investing activities was CNY 1,429,021,684.18, significantly lower than CNY 3,547,846,591.85 in the previous period, indicating a reduction of 59.7%[24] Shareholder Information - The company's total equity attributable to shareholders was ¥23,874,047,207.42, reflecting a year-on-year increase of 6.19%[4] - The total number of common shareholders at the end of the reporting period is 91,511, with the top 10 shareholders holding a combined 56.71% of shares[11] - Xu Ran holds 20.95% of shares, amounting to 500 million shares, while Tan Ruiqing holds 8.27% with 197,384,705 shares[11] Expenses and Costs - Operating costs for the current period were ¥17,793,833,020.94, up from ¥17,592,423,066.29, reflecting a rise of 1.14%[19] - Research and development expenses for the current period were ¥876,360,271.07, down from ¥1,107,760,298.23, a decrease of 20.83%[19] - The company reported a financial expense of ¥301,727,724.50, which is higher than the previous period's ¥190,528,094.84, reflecting an increase of 58.54%[19] - The financial expenses increased by 58.36% year-on-year, primarily due to increased exchange rate losses[9] Other Financial Metrics - The weighted average return on equity was 3.44%, a decrease of 0.70% compared to the previous year[4] - The company experienced a 51.63% increase in non-operating income, totaling ¥24,589,204.42, mainly due to debt cancellation by creditors[10] - The cash flow from investment activities showed a net outflow of ¥1,077,889,175.60, a decrease of 44.39% compared to the previous year[10] - The company's cash and cash equivalents increased to approximately 8.26 billion yuan from 7.01 billion yuan at the beginning of the period, reflecting a growth of about 17.8%[13] - Accounts receivable rose to approximately 3.91 billion yuan, up from 3.01 billion yuan, indicating an increase of about 29.5%[13] - Inventory increased to approximately 7.78 billion yuan from 7.33 billion yuan, representing a growth of about 6.1%[14] - Total current assets reached approximately 23.19 billion yuan, up from 20.12 billion yuan, marking an increase of about 15.4%[14] - The company's fixed assets grew to approximately 25.20 billion yuan from 23.51 billion yuan, reflecting an increase of about 7.2%[14] - The company reported a significant increase in long-term equity investments, totaling approximately 828.63 million yuan, down slightly from 860.13 million yuan[14] Strategic Developments - The company has not disclosed any new strategies or mergers and acquisitions during this reporting period[12] - There are no changes in the participation of the top 10 shareholders in margin trading and securities lending activities[12]

证券代码：002601 证券简称：龙佰集团 公告编号：2024-062 龙佰集团股份有限公司 第八届监事会第十五次会议决议公告 本公司及监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。 一、监事会会议召开情况 龙佰集团股份有限公司（以下简称"公司"）第八届监事会第十五次会议于 2024 年 10 月 28 日（周一）以通讯表决和现场表决相结合的方式召开。本次监 事会的会议通知和议案已于 2024 年 10 月 18 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监事。会议应参加表决监事 3 人，实际参加表决监 事 3 人。会议由监事会主席张海涛先生主持，会议的召开符合有关法律、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、监事会会议审议情况 本次监事会会议审议通过了如下议案： 1、审议通过《2024 年第三季度报告》。 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）《关于续聘会计师事务所的 公告》。 经审核，监事会认为：公司 2024 年第三季 ...

本次独立董事专门会议审议通过了如下议案： 1、审议通过《关于 2024 年第三季度利润分配预案的议案》 独立董事认为：公司 2024 年第三季度利润分配预案与公司业绩相匹配，预 案符合公司实际情况，符合《公司法》《深圳证券交易所股票上市规则》《上市 公司监管指引第 3 号——上市公司现金分红》《公司章程》《公司未来三年 （2023-2025 年）股东回报规划》等相关规定，充分考虑了公司目前及未来业务 发展情况、盈利规模、投资资金需求等情况，符合公司实际情况和利润分配政策。 同时充分尊重了公司股东特别是中小股东的利益，体现了公司分配政策的一致性， 体现了对公司股东合理的投资回报。实施该方案符合公司和全体股东的利益，不 存在损害中小股东利益的情况。经综合考虑，独立董事同意将该议案提交公司董 事会审议。 龙佰集团股份有限公司 2024 年第一次独立董事专门会议决议 一、独立董事专门会议召开情况 龙佰集团股份有限公司（以下简称"公司"）2024 年第一次独立董事专门 会议于 2024 年 10 月 28 日（周一）以现场表决的方式召开。本次独立董事专门 会议通知已于 2024 年 10 月 25 日以书面送达或电子邮 ...

证券代码：002601 证券简称：龙佰集团 公告编号：2024-066 （一）股东大会届次：2024 年第二次临时股东大会。 （二）股东大会的召集人：本次股东大会由公司董事会召集，经公司第八届 董事会第十五次会议审议通过《关于召开 2024 年第二次临时股东大会的议案》， 同意召开本次股东大会。 （三）本次会议的召开符合有关法律、行政法规、部门规章、规范性文件和 公司章程的有关规定，会议的召开合法、合规。 关于召开 2024 年第二次临时股东大会的通知 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。 一、召开会议的基本情况 （四）会议时间： 1、现场会议：2024 年 11 月 13 日（星期三）下午 14:30 2、网络投票：通过深圳证券交易所交易系统进行网络投票的时间为 2024 年 11 月 13 日上午 9:15-9:25，9:30-11:30 和下午 13:00-15:00；通过深圳证券交易所 互联网投票系统投票的具体时间为 2024 年 11 月 13 日上午 9:15 至下午 15:00。 龙佰集团股份有限公司 （五）会议召开方式：本次股东大会采 ...

一、拟续聘会计师事务所事项的情况说明 按照《国有企业、上市公司选聘会计师事务所管理办法》相关规定，为进一 步规范公司选聘会计师事务所程序，推动企业提升审计质量，公司通过公开招标 方式选聘具备证券、期货相关业务审计资格和上市公司审计服务经验与能力的会 计师事务所作为公司财务报表和内控审计机构，最终中标单位为立信会计师事务 所，中标价格为 207 万元/年，合同期限为 1 年。 立信会计师事务所持有财政部及中国证监会联合颁发的会计师事务所证券、 期货相关业务许可证，具备审计上市公司的资格，有较强的专业服务能力、投资 者保护能力。自 2013 年担任公司审计机构以来在审计工作中能够按照《企业会 计准则》和《审计准则》的有关规定对公司进行审计，出具的审计报告客观、公 正地反映了公司的财务状况及经营成果，较好地履行了双方合同所约定的责任和 义务。为满足公司财务审计和内控审计等要求，保证公司审计工作衔接的连续性、 完整性，经公司董事会综合评估及审慎研究，公司拟继续聘任立信会计师事务所 为公司 2024 年度财务报表和内控审计机构，聘期一年，并提请公司 2024 年第二 次临时股东大会审议批准。 二、拟续聘会计师事务所的基 ...