Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [15]. Core Insights - The company reported a revenue of 13.792 billion yuan for the first half of 2024, representing a year-on-year growth of 4.10%. The net profit attributable to shareholders was 1.721 billion yuan, up 36.40% year-on-year, with a basic earnings per share of 0.72 yuan [2][3]. - The recovery in titanium dioxide prices has driven growth in the company's performance, with domestic prices rising from 14,967 yuan/ton to 16,050 yuan/ton in 2023, a 7.23% increase. The average price in the first half of 2024 was 16,174 yuan/ton, up 4.62% year-on-year [2][3]. - The company has strengthened its competitive position through vertical integration, acquiring several upstream titanium resources, which has improved its cost structure and resource security [6][3]. Financial Performance - The company's gross margin for the first half of 2024 was 27.53%, an increase of 2.42 percentage points year-on-year, while the net margin improved by 2.95 percentage points to 12.47% [3]. - The titanium dioxide business achieved a gross margin of 33.51%, up 7.67 percentage points year-on-year, contributing significantly to the overall profitability [3]. - The company produced 1.049 million tons of titanium concentrate in the first half of 2024, a 73.00% increase year-on-year, all of which was used internally [6]. Future Outlook - The company anticipates a recovery in performance in the second half of 2024, driven by seasonal demand and improved product competitiveness [6]. - Earnings per share (EPS) are projected to be 1.47 yuan and 1.64 yuan for 2024 and 2025, respectively, with corresponding price-to-earnings (PE) ratios of 10.95 and 9.80 based on the closing price of 16.11 yuan on September 18, 2024 [6].

证券代码：002601 证券简称：龙佰集团 公告编号：2024-059 龙佰集团股份有限公司 关于下属子公司竞拍获得探矿权的公告 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。 一、本次交易概述 （一）交易的基本情况 云南省公共资源交易信息网于 2024 年 7 月发布了《云南省武定县长冲钛矿 普查探矿权新立挂牌出让公告》（楚矿业交易〔2024〕04 号），根据《中华人 民共和国矿产资源法》《探矿权采矿权招标拍卖挂牌管理办法（试行）》（国 土资发〔2003〕197 号）和《自然资源部关于印发矿业权出让交易规则的通 知》（自然资规〔2023〕1 号）、《云南省自然资源厅关于贯彻落实自然资源 部深化矿产资源管理改革若干事项的通知》（云自然资规〔2024〕2 号）和 《云南省公共资源交易平台矿业权挂牌电子交易实施细则（试行）》（云公管 发〔2017〕37 号）的规定，经楚雄州人民政府批准，楚雄州自然资源和规划局 在云南省公共资源交易信息网、楚雄州公共资源交易中心以挂牌方式公开出让 云南省武定县长冲钛矿普查探矿权新立项目。 经公开竞争，龙佰集团股份有限公司（以下简称" ...

关于 2021 年限制性股票激励计划暂缓授予部分第三个解除 限售期解除限售股份上市流通的提示性公告 证券代码：002601 证券简称：龙佰集团 公告编号：2024-058 龙佰集团股份有限公司 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。 重要内容提示： 1、公司 2021 年限制性股票激励计划暂缓授予部分第三个解除限售期符合 解除限售条件的激励对象共计 1 人，可解除限售的限制性股票数量 840,000 股， 占公司目前总股本 2,386,293,256 股的 0.0352%，其第三个限售期将于 2024 年 9 月 23 日届满。 2、经中国证券登记结算有限责任公司深圳分公司确认，本次解除限售股份 可上市流通的日期为：2024 年 9 月 24 日。 龙佰集团股份有限公司（以下简称"公司"）于 2024 年 6 月 17 日召开第八 届董事会第十二会议、第八届监事会第十二次会议审议通过了《关于 2021 年限 制性股票激励计划首次授予第三个解除限售期、预留授予第二个解除限售期解除 限售条件成就的议案》，具体内容详见公司于 2024 年 6 月 18 日刊 ...

证券研究报告|公司动态点评 2024 年 09 月 10 日 龙佰集团（002601.SZ） 钛白粉量价齐升推动业绩增长，看好公司上游钛矿布局及钪钒新材 料项目 | --- | --- | --- | --- | --- | --- | |----------------------|--------|--------|--------|--------|--------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 24,113 | 26,765 | 29,913 | 33,856 | 37,558 | | 增长率 yoy （ % ） | 17.2 | 11.0 | 11.8 | 13.2 | 10.9 | | 归母净利润（百万元） | 3,419 | 3,226 | 3,483 | 4,326 | 5,141 | | 增长率 yoy （ % ） | -26.9 | -5.6 | 8.0 | 24.2 | 18.8 | | ROE （ % ） | 15.2 | 13.0 | 12.4 | 13.3 | 13.7 | | EPS ...

业绩稳步增长，持续深化资源和产业链优势 投资要点 事件：龙佰集团发布 2024 半年报，24H1 实现收入 138.04 亿元，同比增长 4.09%； 归母净利润 17.21 亿元，同比增长 36.40%；扣非归母净利润 16.75 亿元，同比增长 40.06%；毛利率 27.53%，同比提升 2.42pct。单季度看，24Q2 实现收入 65.10 亿元， 同比增长 3.59%，环比下降 10.75%；归母净利润 7.70 亿元，同比增长 12.85%，环 比下降 19.00%；扣非归母净利润 7.50 亿元，同比增长 16.71%，环比下降 18.88%； 毛利率 26.68%，同比下滑 0.72pct，环比下滑 1.61pct。 一年股价表现 钛白粉先涨后跌，积极应对挑战，业绩稳步增长。2024 年上半年，国内外供需钛 维持紧平衡，钛矿价格维持高位震荡。2024 年上半年，中国钛白粉市场年初多为消 化库存加之认为价格已触底，备货需求增加，钛白价格开始回升，市场迎来三连涨， 价格稳中有升；随着市场淡季来临，企业出货压力大，价格竞争压力大，加之欧盟 反倾销事件影响，欧盟地区钛白出口受限，厂家库存压力增加，二 ...

Investment Rating - Buy (Maintained) [6] Core Views - The company is a global leader in the titanium dioxide industry, with significant integrated advantages and the ability to navigate industry cycles [2] - The company has the lowest production costs in the industry, creating a strong competitive moat [3] - The company has a high dividend payout policy, with an average dividend payout ratio of 72% over the past seven years [4] - The titanium dioxide industry is at the bottom of its cycle, with the company well-positioned to benefit from future growth due to its cost advantages and capacity expansion [5] - The company is expected to achieve net profits of 3.8, 4.5, and 5.3 billion yuan in 2024, 2025, and 2026, respectively, with EPS of 1.59, 1.90, and 2.22 yuan [9] Company Overview - The company is the world's largest titanium dioxide producer, with an annual capacity of 1.51 million tons, and also the largest sponge titanium producer with an annual capacity of 80,000 tons [2] - The company has a fully integrated titanium industry chain, from titanium ore to titanium dioxide and titanium metal/derivatives, which provides significant cost advantages [2] - The company's titanium dioxide production cost in 2023 was 10,538 yuan/ton, significantly lower than its peers, ensuring profitability even during industry downturns [3] - The company plans to expand its titanium concentrate capacity to 2.5 million tons by 2025, further reducing production costs [3] Financial Performance - The company has maintained a high dividend payout ratio, with a total dividend payout of over 14.8 billion yuan in the past seven years [4] - In 2023, the company's dividend yield was 5.25%, well above the industry average [4] - The company's revenue grew from 2.06 billion yuan in 2014 to 26.79 billion yuan in 2023, with a CAGR of 33% [21] - Net profit grew from 63 million yuan in 2014 to 3.23 billion yuan in 2023, with a CAGR of 55% [21] - In H1 2024, the company achieved revenue of 13.8 billion yuan, up 4.09% YoY, and net profit of 1.72 billion yuan, up 36.4% YoY [21] Industry Overview - The global titanium dioxide industry is highly concentrated, with the top six producers accounting for 52% of global capacity [31] - China is the largest producer of titanium dioxide, with a capacity of 5 million tons in 2022, accounting for 53% of global capacity [34] - Overseas titanium dioxide capacity is declining due to environmental pressures and high labor costs, with several major producers closing plants in recent years [35] - Domestic titanium dioxide capacity in China is expected to increase by 700,000 tons in 2024 and 840,000 tons in 2025, but future growth is limited due to environmental regulations [37] Demand and Supply Dynamics - The titanium dioxide industry is at the bottom of its cycle, with most companies operating at a loss [5] - The company's cost advantages allow it to remain profitable even during industry downturns [5] - The company has 250,000 tons of unutilized titanium dioxide capacity, which will contribute to future growth [5] - Domestic demand for titanium dioxide is expected to improve, driven by recovery in downstream industries such as plastics, paper, and coatings [40] - Export demand is also expected to grow, particularly in emerging markets such as India, Brazil, and Turkey [45] Cost Advantages - The company has the lowest production costs in the industry, with a fully integrated supply chain from titanium ore to titanium dioxide [3] - The company's titanium concentrate capacity is expected to double by 2025, further reducing production costs [3] - The company's vertical integration and scale advantages allow it to maintain a significant cost advantage over its peers [3] Future Outlook - The company is expected to achieve net profits of 3.8, 4.5, and 5.3 billion yuan in 2024, 2025, and 2026, respectively, with EPS of 1.59, 1.90, and 2.22 yuan [9] - The company's PE ratios for 2024-2026 are 10.1x, 8.5x, and 7.3x, respectively, indicating significant upside potential [9] - The company's strong cost advantages and capacity expansion plans position it well for future growth [5][9] Risks - Economic downturn risks [10] - Significant fluctuations in product prices [10] - Delays in project construction [10] - Environmental policy restrictions [10] - Lower-than-expected progress in equity incentives [10]

证 券 研 究 报 告 龙佰集团（002601）2024 年半年报点评 强推（维持） Q2 钛白粉价差环比小幅收窄，业绩符合预期 目标价：24.45 元 当前价：16.12 元 事项： 公司 2024 年上半年实现营收 138.04 亿元，同比+4.09%，实现归母净利润 17.21 亿元，同比+36.40%。其中 Q2 实现营收 65.10 亿元，同比+3.59%/环比-10.75%， 实现归母净利润 7.70 亿元，同比+12.85%/环比-19%，业绩符合预期。 评论： 产销数据：钛白粉产销持续增长，出口增速提升较快。1）钛白粉：24H1 公司 钛白粉产量 64.96 万吨（YOY+9.70%），其中硫酸法同比+16.31%，氯化法同 比-3.07%；销量 59.96 万吨（YOY+3.70%)，其中内销占比 41.39%/出口占比 58.61%。2）海绵钛：目前公司海绵钛产能为 8 万吨，24H1 产销分别为 3.31 （YOY+29.1%）/3.08（+60.3%）万吨。3）矿产品：24H1 铁精矿产量 154.82 万吨（YOY-13.6%）、钛精矿产量 104.56 万吨（YOY+73%）。4） ...

证券代码：002601 证券简称：龙佰集团 公告编号：2024-057 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 备注：河南银泰投资有限公司、汤阴县豫鑫木糖开发有限公司系谭瑞清先生 控制的法人。 三、备查文件 一、股东股份解除质押基本情况 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 | | | 股东名称 | 持股数量 （股） | 持股 比例 （%） | 本次解除质 押前质押股 份数量（股） | 本次解除质 押后质押股 份数量（股） | 所持 股份 比例 | 司总 股本 比例 | | 占已 | 未质押 | 占未 质押 | | | | | | | | | 已质押股 | | | | | | | | | | | | 份限售和 | 质押 | 股份限 | | | | | | | | | | 冻结数量 ...

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 | | | 股东名称 | 持股数量 | 持股 | 本次质押前 | 本次质押后 | 所持 | 司总 | | 占已 | 未质押 | 占未 | | | | 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 | | | （股） | （%） | 量（股） | 量（股） | 比例 | 比例 | 份限售和 | | | | | | | | | | | | | 股份 | 售和冻 | 股份 | | | | | | | （%） | （%） | 冻结数量 | | | | | | | | | | | | （股） | 比例 | 结数量 | 比例 | | | | | | | | | | （%） | （股） | （%） | | 谭瑞清 ...

Investment Rating - The report maintains a "Strong Buy" rating for Longbai Group [2] Core Views - Longbai Group's core business, particularly in titanium dioxide and sponge titanium, has shown good growth, contributing to the company's overall performance [2] - The company is actively expanding its upstream mineral resources to strengthen its integrated supply chain advantages [2] - The report adjusts profit forecasts for 2024-2026, predicting net profits of 36.15 billion, 42.25 billion, and 48.77 billion respectively, with corresponding EPS of 1.52, 1.77, and 2.05 [2] Financial Performance - In the first half of 2024, Longbai Group achieved revenue of 137.91 billion, a year-on-year increase of 4.10%, and a net profit of 17.21 billion, up 36.40% year-on-year [2] - The titanium dioxide business revenue grew by 6.78% to 93.85 billion, with sales volume increasing by 3.7% to 599,600 tons [2] - Sponge titanium revenue increased by 21.47% to 13.19 billion, with sales volume rising by 60.32% to 30,800 tons [2] Production Capacity and Resource Development - Longbai Group is a leading player in the titanium dioxide industry, with a production capacity of 1.51 million tons for titanium dioxide and 80,000 tons for sponge titanium, ranking among the top globally [2][3] - The company is developing joint mining projects to significantly enhance its controlled resources of vanadium-titanium magnetite, laying a solid foundation for future raw material supply [2] Strategic Partnerships - Longbai Group has signed a strategic cooperation framework agreement with Sichuan Natural Resources Group to collaborate in various fields, including mining, vanadium-titanium industry, and titanium concentrate trade [2]