Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company demonstrates strong resilience as a market leader, with significant dividends reflecting management confidence [1] - The integrated advantages in the titanium dioxide sector support good profitability, although margins in iron and titanium products remain under pressure [2] - The industry landscape for titanium dioxide is expected to improve, with dividends and share buybacks showcasing the company's confidence [3] - Profit forecasts have been adjusted downward due to ongoing pressures in downstream demand, with expected net profits for 2025-2027 revised to 2.9 billion, 3.7 billion, and 4.2 billion RMB respectively [4] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 27.51 billion RMB, a year-on-year increase of 2.8%, while net profit attributable to shareholders was 2.17 billion RMB, down 33% year-on-year [1] - The company reported a revenue of 7.05 billion RMB in Q1 2025, a decrease of 3% year-on-year, with a net profit of 690 million RMB, down 28% year-on-year [1][2] Product Performance - Titanium dioxide sales increased by 8.3% to 1.254 million tons in 2024, with revenue rising by 6.8% to 18.98 billion RMB, despite a 1.3% decrease in average price [2] - The company's gross margin for titanium dioxide improved by 2.8 percentage points to 31.4% due to integrated raw material advantages [2] Market Outlook - The price of titanium dioxide has seen slight increases, with the sulfuric acid method priced at 14,800 RMB/ton and the chloride method at 18,100 RMB/ton as of April 18 [3] - The company is expanding its integrated raw material advantages through ongoing development projects, which are expected to maintain a low-cost competitive edge in the medium to long term [3] Valuation and Estimates - The target price for the company is set at 19.20 RMB, based on a 16x PE ratio for 2025, reflecting a strong market position despite downward adjustments in profit forecasts [4][6] - The company’s estimated EPS for 2025 is projected at 1.20 RMB, with a downward revision from previous estimates [4][5]

Core Viewpoint - The company's 2024 performance fell short of expectations, while 1Q25 results slightly exceeded market expectations, primarily driven by better sales of titanium dioxide products [1][3]. Financial Performance - In 2024, the company reported revenue of 27.5 billion yuan, a year-on-year increase of 2.8%, and a net profit of 2.169 billion yuan, corresponding to earnings per share of 0.91 yuan, which represents a decline of 32.79% year-on-year [1]. - The gross margin in 4Q24 was 19%, showing a significant decline of 8.6 percentage points year-on-year and 6.8 percentage points quarter-on-quarter [1]. - The net cash flow from operating activities for 2024 was 3.8 billion yuan, an increase of 11.54% year-on-year [1]. - In 1Q25, revenue was 7.06 billion yuan, a year-on-year decrease of 3.21%, with a net profit of 686 million yuan, corresponding to earnings per share of 0.29 yuan, down 27.9% year-on-year [3]. Product Performance - Titanium dioxide revenue in 2024 grew by 6.82% to 18.98 billion yuan, with sales volume increasing by 8.25% to 1.255 million tons, despite a 1.3% decline in average price to 15,130 yuan per ton [2]. - The gross margin for titanium dioxide improved by 2.83 percentage points to 31.35% [2]. - Revenue from iron products decreased by 24.5% to 1.942 billion yuan, with sales volume down 30.8% to 3 million tons, leading to a gross margin decline of 8.34 percentage points to 40.81% [2]. - Sponge titanium revenue increased by 16.7% to 2.65 billion yuan, with sales volume up 42.6% to 66,900 tons, but the price fell by 18% to 39,600 yuan per ton, resulting in a gross margin drop of 14.77 percentage points to 3.11% [2]. Development Trends - The company has a relative advantage in titanium dioxide exports, particularly in regions with fast-growing demand such as India and Brazil, due to the lowest anti-dumping tax rate among domestic companies [4]. - The joint development of the Hongge North Mine and the Xujia Gou Iron Mine is ongoing, with expectations for new titanium ore capacity to gradually release by 2026, which will drive profit growth [4]. Profit Forecast and Valuation - Due to declining gross margins for titanium dioxide and sponge titanium products, the profit forecast for 2025 has been reduced by 26% to 2.8 billion yuan, with a 2026 profit forecast of 4.24 billion yuan [5]. - The current stock price corresponds to a price-to-earnings ratio of 14.3x for 2025 and 9.5x for 2026, with a target price of 23 yuan, indicating a potential upside of 36% [5].

Core Insights - Longbai Group reported a revenue of 27.513 billion yuan for 2024, a year-on-year increase of 2.80%, and a net profit attributable to shareholders of 2.169 billion yuan, with basic earnings per share of 0.91 yuan [2] - In Q1 2025, the company achieved a revenue of 7.060 billion yuan and a net profit of 686 million yuan [2] Group 1: Market Position and Production - Longbai Group is a leading diversified enterprise focused on the research, manufacturing, and integration of new materials such as titanium, zirconium, and lithium, with a production capacity of 1.51 million tons of titanium dioxide and 80,000 tons of sponge titanium, ranking first globally [3] - The company is the largest producer of titanium dioxide and has both sulfate and chloride process capabilities, with its production base in Jiaozuo, Henan, being the largest single-site titanium dioxide production facility globally [3][4] - In 2024, Longbai Group produced 1.2955 million tons of titanium dioxide, an increase of 8.74%, and sold 1.2545 million tons, with domestic sales accounting for 42.91% and international sales for 57.09% [4] Group 2: R&D and Innovation - The company increased its R&D investment, achieving a new high in R&D intensity, focusing on original innovation and key technology development to enhance its comprehensive technical strength [5] - Longbai Group is committed to creating a differentiated competitive advantage in the titanium industry, with ongoing efforts in product development, raw material substitution, and cost control [6] - The company holds over 1,270 patents, including more than 410 invention patents, and has been recognized for its technological advancements and contributions to national and industry standards [6] Group 3: Dividend Policy - In 2024, Longbai Group distributed cash dividends totaling 2.144 billion yuan, representing 98.85% of its annual net profit, continuing a trend of substantial dividends in recent years [7] - The company plans to distribute additional cash dividends of 1.186 billion yuan for Q1 2025, with a proposal for a share buyback of 300 million to 500 million yuan to support employee stock ownership plans [7]

证券代码：002601 证券简称：龙佰集团 公告编号：2025-015 龙佰集团股份有限公司 关于调整组织架构的公告 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 2025 年 4 月 22 日召开的第 八届董事会第十八次会议审议通过了《关于公司组织架构调整的议案》，根据公 司经营发展需要，公司拟对原组织架构进行调整，进一步优化公司组织架构，提 高管理效率，最终提升公司盈利水平。 调整后公司组织架构图如下： 特此公告。 1 龙佰集团股份有限公司董事会 2025 年 4 月 22 日 2 ...

证券代码：002601 证券简称：龙佰集团 公告编号：2025-011 龙佰集团股份有限公司 关于2024年度核销资产及计提资产减值准备的公告 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 2025 年 4 月 22 日召开第八 届董事会第十八次会议和第八届监事会第十八次会议，审议通过了《关于 2024 年度核销资产及计提资产减值准备的议案》。根据《深圳证券交易所股票上市规 则》《企业会计准则第 8 号——资产减值》《会计监管风险提示第 8 号——商誉减 值》等相关规定，将具体情况公告如下： 一、本次计提资产减值准备情况 （一）本次计提资产减值准备情况概述 为真实反映公司 2024 年度财务状况、资产价值及经营成果，根据《企业会 计准则》以及公司会计政策等相关规定的要求，本着谨慎性原则，公司对合并报 表中截至 2024 年 12 月 31 日相关资产进行了全面的清查和分析，对存在减值迹 象的各类资产进行减值测试，对可能发生资产减值损失的资产计提了资产减值准 备。 （二）本次计提资产减值准备的资产项目、总金额和计入的 ...

龙佰集团股份有限公司 2024年度监事会工作报告 一、2024 年度公司监事会工作情况 2024 年度，公司监事会共召开 7 次会议，合计审议通过 29 项议案，会 议合法、有效，全体监事均亲自出席会议，无缺席会议的情况，全体监事 对提交至监事会审议的议案未提出异议。所有监事均严格按照《公司法》 2024 年度，龙佰集团股份有限公司（以下简称"公司"）监事会根据 《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共 和国证券法》（以下简称"《证券法》"）等法律法规及《公司章程》《监 事会议事规则》的相关规定，认真履行监督职能，对公司依法运作情况、 财务状况、内部管理等方面进行了监督和检查。现将公司监事会 2024 年度 主要工作情况报告如下： 《证券法》《公司章程》等相关规定，依法合规、诚信、勤勉地履行各项 职责，以公司永续经营及稳健成长发展为前提，并以维护股东利益为立足 点，认真负责的审议提交监事会的各项议案，对公司治理及经营管理进行 有效监督。 二、监事会对有关事项的核查意见 2024 年度，公司监事会根据《公司法》《证券法》《公司章程》等有 关规定，以维护公司权益和所有股东利益为立足点，认真 ...

经核查，董事会审计委员会认为：公司本次核销资产及计提资产减值准备符 合《企业会计准则》和相关会计政策的规定，依据充分，符合公司当前的实际情 况，审议程序规范合法。本次核销资产及计提资产减值准备后，能更客观公允地 反映公司截至 2024 年 12 月 31 日的财务状况和 2024 年度的经营成果，使公司关 于资产价值的会计信息更加真实可靠，不存在通过核销资产及计提资产减值准备 进行操纵利润的情形。公司本次核销资产及计提资产减值准备符合公司及股东的 整体利益，不存在损害公司及股东特别是中小股东利益的情形。因此，同意公司 本次核销资产及计提资产减值准备的事项。 龙佰集团股份有限公司 董事会审计委员会 2025 年 4 月 22 日 龙佰集团股份有限公司董事会审计委员会 关于2024年度核销资产及计提资产减值准备合理性的说明 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第 1 号——主板上市公司规范运作》《企业会计准则》等相关规定，作为龙 佰集团股份有限公司（以下简称"公司"）董事会审计委员会委员，认真核查相 关材料，对《关于 2024 年度核销资产及计提资产减值准备的议案》进行认真审 ...

龙佰集团股份有限公司 2025 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"）2025 年第一次独立董事专门 会议于 2025 年 4 月 22 日（周二）以现场表决的方式召开。本次独立董事专门会 议通知已于 2025 年 4 月 16 日以书面送达或电子邮件的方式发送至各位独立董事。 本次会议应出席独立董事 3 人，实际出席独立董事 3 人，会议由独立董事梁丽娟 女士主持，会议的召开和表决符合《公司法》《上市公司独立董事管理办法》等 规定，会议表决合法有效。 二、独立董事专门会议审议情况 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 年度核销资产及计提资产减值准备的议案》 独立董事认为：公司本次核销资产及计提资产减值准备事项符合《企业会计 准则》和公司相关会计政策的规定，体现了会计谨慎性原则，依据充分合理，能 够客观、公允地反映公司财务状况和经营成果，公司本次核销资产及计提资产减 值准备符合公司的整体利益，不存在损害公司和全体股东特别是中小股东利益的 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。 表决结果：同意 3 ...

证券代码：002601 证券简称：龙佰集团 公告编号：2025-016 龙佰集团股份有限公司 关于对子公司增资的公告 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 2025 年 4 月 22 日召开的第 八届董事会第十八次会议、第八届监事会第十八次会议审议通过了《关于对子公 司增资的议案》，现将有关事项公告如下： 一、本次增资概述 根据公司发展战略和经营需要，为进一步增强子公司的资金实力和运营能力， 公司拟以自有资金对全资子公司佰利联（香港）有限公司（以下简称"佰利联香 港"）增资 10,000.00 万美元。 根据《公司章程》和《深圳证券交易所股票上市规则》等相关规定，本次交 易无需提交股东大会审议。本次交易不构成关联交易，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。 二、本次增资对象基本情况 1、公司名称：佰利联（香港）有限公司 2、注册资本：3,012.86 万美元 3、成立日期：2014 年 9 月 16 日 4、注册地址：UNIT B 15/F CNE CAPITAL PLACE 18 ...

龙佰集团股份有限公司 2024 年度企业社会责任报告 2025 年 4 月 22 日 | 目 录 1 | | | --- | --- | | 一、报告前言 | 3 | | 二、董事长致辞 | 4 | | 三、集团概况 | 6 | | （一）公司简介 | 6 | | （二）企业文化 | 7 | | （三）2024 年集团要事 7 | | | （四）2024 年企业荣誉及专利成果 10 | | | （五）社会责任绩效 21 | | | 四、责任绩效突出 彰显社会风范 22 | | | （一）社会责任总目标 22 | | | （二）履行社会责任总路径 22 | | | （三）社会责任组织架构 22 | | | （四）社会责任相关外部倡议 23 | | | （五）社会责任沟通 23 | | | （六）社会责任履行认可 25 | | | 五、治理体系完善，实现合规运营 25 | | | （一）规范公司治理体系，强化企业内控建设 25 | | | （二）公司股权结构图 27 | | | （三）搭建专业数据平台，保障公司信息安全 28 | | | （四）完善风险管控体系，防范系统性风险 28 | | | （五）构建沟通与投 ...