Core Viewpoint - The chemical industry is currently at the bottom of its cycle, with prices and spreads still stabilizing, while demand is expected to improve with government policies aimed at economic recovery [1] Group 1: Industry Overview - The chemical industry is experiencing a bottoming phase, with most chemical prices and spreads still in a stabilization process [1] - Domestic capacity is gradually being released, leading to a significant slowdown in supply growth [1] - The report suggests focusing on sectors with relatively certain demand, such as agricultural chemicals and the civil explosives industry benefiting from western development [1] Group 2: Key Recommendations - Emphasis on long-term value of leading companies in the chemical sector, as core assets are expected to see profit and valuation recovery [1] - Recommended leading companies include Wanhua Chemical, Hualu Hengsheng, Huafeng Chemical, Longbai Group, Yangnong Chemical, New Hecheng, Satellite Chemical, Baofeng Energy, Hengli Petrochemical, and Rongsheng Petrochemical [1] Group 3: Subsector Insights - Agricultural chemicals show rigid demand, with steady growth in grain planting area and recovery in compound fertilizer volume and profit [2] - The civil explosives industry is driven by domestic demand, particularly in regions like Xinjiang and Tibet, with increasing concentration benefiting leading companies [2] Group 4: New Material Opportunities - The domestic replacement of chemical new materials is accelerating due to trade tariffs and anti-monopoly pressures [3] - Key areas include adsorption separation materials, lubricating oil components, OLED materials, and high-end photoresists, with specific companies recommended for investment [3] Group 5: Price Recovery Potential - Certain sectors may see profit improvements as supply growth slows and policy constraints are anticipated, particularly in organic silicon and spandex industries [4] - The petrochemical sector may present strategic opportunities following a potential bottoming of oil prices, with recommendations for strategic layouts in refining and downstream polyester filament industries [4]

Group 1 - The titanium dioxide concept sector rose by 2.29%, ranking 10th among concept sectors, with 12 stocks increasing in value, including Anada which hit the daily limit, and Guocheng Mining, Zhenhua Co., and Huiyun Titanium Industry showing gains of 6.19%, 3.46%, and 3.41% respectively [1] - The main capital inflow into the titanium dioxide concept sector was 106 million yuan, with Anada receiving the highest net inflow of 55.23 million yuan, followed by Zhenhua Co., Guocheng Mining, and Jinpu Titanium Industry with net inflows of 36.96 million yuan, 14.95 million yuan, and 8.70 million yuan respectively [2][3] Group 2 - The leading stocks in terms of net capital inflow ratio were Anada, Guocheng Mining, and Zhenhua Co., with net inflow ratios of 11.18%, 8.37%, and 8.13% respectively [3] - The trading performance of key stocks in the titanium dioxide sector included Anada with a daily increase of 10.04% and a turnover rate of 19.49%, while Zhenhua Co. and Guocheng Mining had increases of 3.46% and 6.19% respectively [3][4]

Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1]. Core Insights - The report highlights the potential revaluation of phosphate rock value due to ongoing supply-demand tensions, with increasing demand for phosphate fertilizers and lithium iron phosphate batteries [6][4]. - The chemical industry is expected to enter a restocking cycle in 2025, driven by low inventory levels and improving profitability among leading chemical companies [5][27]. - The report emphasizes the expansion of phosphate production capacity by Batian Co., which is set to increase its phosphate rock extraction capacity to 2 million tons per year [4][6]. Summary by Sections Core Target Tracking - The report tracks key companies in the chemical sector, including Batian Co., which is expanding its phosphate production capacity significantly [4][6]. - It also notes the performance of various chemical products, with a focus on price increases for butadiene and polyester filament due to favorable market conditions [10][14]. Market Observation - The chemical sector has shown a relative performance of 6.7% over the past month, outperforming the CSI 300 index [2]. - The report indicates that the chemical industry is experiencing a recovery phase, with several companies poised for growth due to favorable market dynamics [5][27]. Data Tracking - The report provides detailed tracking of price movements for key chemical products, including butadiene, polyester filament, and various fertilizers, indicating a general upward trend in prices [10][12][17]. - It also highlights the current chemical industry sentiment index at 93.10, reflecting a positive outlook for the sector [6][33]. Investment Recommendations - The report suggests focusing on companies with low-cost expansion capabilities, such as Wanhua Chemical and various tire manufacturers, as well as those benefiting from rising product prices [5][7]. - It emphasizes the importance of high dividend yield companies in the chemical sector, particularly state-owned enterprises with stable financials [8][29].

上海市锦天城（深圳）律师事务所 关于龙佰集团股份有限公司 2024年度股东大会的 法律意见书 (2025)锦天城深律见证字HT第001号 深圳市福田中心区福华三路卓越世纪中心1号楼21、22、23层 联系电话:(86755)82816698 传真电话:(86755)82816898 邮政编码：518048 上海市锦天城(深圳)律师事务所 《法律意见书》 致：龙佰集团股份有限公司 上海市锦天城（深圳）律师事务所（以下简称"本所"）持有有权 机关-广东省司法厅核发的统一社会信用代码为31440000772720702Y 号《律师事务所分所执业许可证（正、副本）》，依法具有执业资格。 撰写、签署编号为(2025)锦天城深律见证字HT第001号《上海市 锦天城（深圳）律师事务所关于龙佰集团股份有限公司2024年度股东 大会的法律意见书》（以下简称"本《法律意见书》"）的霍羽嘉律师、 李丝雨律师均为本所执业律师（以下简称"本所经办律师"），分别持 有有权机关—广东省司法厅核发的证号为14403202511905271号、 14403202111397646号《中华人民共和国律师执业证》，且均处于年审 合格暨有效状态，依 ...

证券代码：002601 证券简称：龙佰集团 公告编号：2025-023 龙佰集团股份有限公司 2024年度股东大会决议公告 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。 特别提示： 1.本次股东大会未出现否决提案的情形。 2.本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、会议召开情况 （1）现场会议时间：2025 年 5 月 14 日（星期三）下午 14:30 （2）网络投票时间：2025 年 5 月 14 日 通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 5 月 14 日上午 9:15-9:25、9:30-11:30，下午 13:00-15:00； 2、会议召开地点：公司会议室。 3、召集人：公司董事会。 4、召开方式：现场和网络投票相结合。 5、主持人：董事长和奔流先生。 6、本次会议的召集和召开符合《公司法》《深圳证券交易所股票上市规则》《上 市公司股东大会规则》和《公司章程》的有关规定。 7、会议出席情况 通过深圳证券交易所互联网投票系统投票的时间为 2025 年 5 月 14 日上午 9:15 至下午 ...

一、基本情况 龙佰集团股份有限公司（以下简称"公司"）于 2022 年 4 月 11 日召开的第七 届董事会第三十三次会议、第七届监事会第三十三次会议审议通过了《关于与河 南豫矿开源矿业有限公司成立合资公司的议案》，公司与河南豫矿开源矿业有限 公司（以下简称"开源矿业"）拟就开源矿业境外子公司河南亚非地质工程（坦 桑尼亚）有限公司在坦桑尼亚联合共和国多多马省持有的一宗硬岩锂矿探矿权开 展合作。为实施上述合作，双方在国内成立合资公司河南龙佰锂能矿产资源勘探 有限公司（以下简称"龙佰锂能矿产"）。以上具体内容详见公司于 2022 年 4 月 13 日、2022 年 10 月 12 日披露于指定信息披露媒体《中国证券报》《证券时 报》及巨潮资讯网（www.cninfo.com.cn）的相关公告。 经双方友好协商，公司与开源矿业的合作终止，并办理了龙佰锂能矿产的注 销事宜，本次注销事项不构成关联交易，亦不构成《上市公司重大资产重组管理 办法》规定的重大资产重组。该事项无需提交董事会或者股东大会审议。近日， 龙佰锂能矿产的工商注销登记手续办理完毕，并取得焦作市中站区市场监督管理 局核发的《登记通知书》（中）登字2025 ...

证券代码：002601 证券简称：龙佰集团 公告编号：2025-022 龙佰集团股份有限公司 关于下属子公司完成注销登记的公告 4、法定代表人：闫明 5、注册资本：1000 万元人民币 6、成立日期：2022 年 10 月 10 日 2、统一社会信用代码：91410803MA9MD9H58C 3、公司类型：其他有限责任公司 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。 一、基本情况 龙佰集团股份有限公司（以下简称"公司"）于 2022 年 4 月 11 日召开的第七 届董事会第三十三次会议、第七届监事会第三十三次会议审议通过了《关于与河 南豫矿开源矿业有限公司成立合资公司的议案》，公司与河南豫矿开源矿业有限 公司（以下简称"开源矿业"）拟就开源矿业境外子公司河南亚非地质工程（坦 桑尼亚）有限公司在坦桑尼亚联合共和国多多马省持有的一宗硬岩锂矿探矿权开 展合作。为实施上述合作，双方在国内成立合资公司河南龙佰锂能矿产资源勘探 有限公司（以下简称"龙佰锂能矿产"）。以上具体内容详见公司于 2022 年 4 月 13 日、2022 年 10 月 12 日披露于指定信息 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][7][17]. Core Views - The company has turned profitable in Q1 2025, with significant growth expected in the mining sector by 2026 [2]. - The company is positioned as a leader in titanium dioxide and sponge titanium production, with strong cost advantages and global pricing power [7]. - The report highlights the stability of titanium dioxide prices and the company's robust production capacity, which is expected to support future earnings [7]. Financial Performance Summary - **Revenue Forecast**: - 2024A: 27,539 million - 2025E: 30,386 million (10.3% YoY growth) - 2026E: 34,954 million (15.0% YoY growth) - 2027E: 39,100 million (11.9% YoY growth) [3][8] - **Net Profit Forecast**: - 2024A: 2,169 million - 2025E: 2,824 million (30.2% YoY growth) - 2026E: 3,821 million (35.3% YoY growth) - 2027E: 4,256 million (11.4% YoY growth) [3][8] - **Earnings Per Share (EPS)**: - 2024A: 0.91 - 2025E: 1.18 - 2026E: 1.60 - 2027E: 1.78 [3][8] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratios are projected at 18 for 2024, decreasing to 9 by 2027 [3][8]. Market Position and Strategy - The company has a strong market position with a titanium dioxide production capacity that ranks first globally, and it is actively expanding its titanium ore resources [7]. - A strategic partnership with Sichuan Resource Group aims to enhance the company's control over mineral resources, which is expected to solidify its market position [7]. - The report notes that the company’s operational efficiency and production capacity are superior to industry averages, with a utilization rate of 85.79% in 2024 [7].

Group 1: Market Performance and Management - The company's stock price has significantly lagged behind peers, with a low turnover rate indicating investor confidence issues [3][6] - The company has implemented measures such as share buybacks and management increases to stabilize market confidence and maintain market value [3][6] - The target market capitalization of 100 billion yuan remains a goal, although achieving it by the end of the current five-year plan seems unlikely [4][10] Group 2: Financial Performance and Dividends - The company reported a loss in the new energy materials sector, although losses have decreased compared to the previous quarter [5][14] - A dividend proposal for Q1 2025 is pending approval at the 2024 annual shareholders' meeting [3][5] - The company has faced a significant increase in financial expenses, primarily due to interest from share buybacks, amounting to approximately 300 million yuan [12][13] Group 3: Strategic Investments and Future Plans - The company is actively pursuing the listing of Yunnan Guotai, with ongoing support from the Yunnan Securities Regulatory Bureau [5][9] - There is a focus on reducing investments in new energy materials due to market conditions, while still monitoring the supply chain for potential opportunities [4][30] - The company aims to increase titanium concentrate production from 1.5 million tons to approximately 2.5 million tons by the end of the year [4][12] Group 4: Challenges and Market Conditions - The company is facing anti-dumping investigations from multiple countries, which have impacted sales and profit margins in the titanium dioxide sector [5][12] - The overall profitability has been affected by declining prices in the upstream raw materials market, leading to significant losses in the new energy sector [4][30] - The company is committed to improving operational performance and addressing the declining profit margins through increased R&D investment and product innovation [5][21]

Investment Rating - The report maintains a "Buy" investment rating for Longbai Group (002601.SZ) [1] Core Views - Longbai Group, as a leader in the titanium industry, has shown steady growth and established scale advantages that create long-term barriers to entry [5] - The company achieved a total revenue of 27.539 billion yuan in 2024, a year-on-year increase of 2.78%, while the net profit attributable to shareholders decreased by 32.79% to 2.169 billion yuan [4][8] - In Q1 2025, the company reported a revenue of 7.060 billion yuan, a year-on-year decline of 3.21%, but a quarter-on-quarter increase of 6.10% [4] Summary by Sections Market Performance - Longbai Group's performance is compared to the CSI 300 index, showing fluctuations in stock performance [3] Financial Performance - In 2024, the company produced 1.2955 million tons of titanium dioxide, a year-on-year increase of 8.74%, and sold 1.2545 million tons, a year-on-year increase of 8.25% [5] - The revenue from titanium dioxide accounted for 69% of total revenue, while sponge titanium production increased by 34.56% to 69,700 tons [5] - The company’s operating cash flow increased by 11.54% to 3.797 billion yuan in 2024 [6] Research and Development - Longbai Group is advancing in the new energy materials sector, with breakthroughs in high-performance lithium iron phosphate and artificial graphite materials [7] - The company is working on projects to produce 200,000 tons of lithium-ion battery anode materials and 200,000 tons of lithium iron phosphate [7] Profit Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 3.187 billion, 3.752 billion, and 4.110 billion yuan respectively, with corresponding P/E ratios of 12.4, 10.5, and 9.6 [8][10]