关于调整外汇套期保值业务额度的可行性分析报告 证券代码：002601 证券简称：龙佰集团 龙佰集团股份有限公司 龙佰集团股份有限公司（以下简称"公司"）及子公司拟开展与日常经营相 关的外汇套期保值业务。 一、本次调整外汇套期保值业务额度概述 公司于2024年7月8日召开了第八届董事会第十三次会议、第八届监事会第十 三次会议审议通过《关于开展外汇套期保值业务的议案》，公司于2024年7月24 日召开的2024年第一次临时股东大会审议通过该议案。公司是国内最大的钛白粉 出口企业，国际市场业务在公司战略中占重要地位，为进一步规避和防范外汇市 场风险，同意公司及子公司开展外汇套期保值业务，拟进行的外汇套期保值业务 规模累计金额不超过15亿元美元或等值外币，存量最高不超过5亿元美元或等值 外币。 鉴于公司出口业务占营业收入比重较大，近期外汇市场汇率波动较为频繁， 为有效规避外汇市场的风险，防范汇率大幅波动对公司生产经营造成不良影响， 增强财务稳健性，拟调整公司及子公司外汇套期保值业务额度。调整后，拟进行 的外汇套期保值业务规模累计金额不超过20亿元美元或等值外币，存量最高不超 过10亿元美元或等值外币。期限自公司股东大 ...

关于为下属子公司担保的公告 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。 证券代码：002601 证券简称：龙佰集团 公告编号：2024-076 龙佰集团股份有限公司 特别提示： 1、公司全资子公司佰利联香港、铭瑞锆业、山东龙佰、中炭新材料，控股 子公司禄丰钛业最近一期财务报表的资产负债率超过 70%。 2、截至本公告披露日，公司及控股子公司提供担保额度已超过公司最近一 期经审计净资产 100%，担保余额超过公司最近一期经审计净资产 50%。 特此提醒投资者充分关注担保风险。 龙佰集团股份有限公司（以下简称"公司"）于 2024 年 12 月 4 日召开的第 八届董事会第十六次会议审议通过了《关于为下属子公司担保的议案》，现将相 关事项公告如下： 公司分别于 2023 年 12 月 21 日、2024 年 7 月 24 日召开的 2023 年第九次临 时股东大会、2024 年第一次临时股东大会审议通过为下属子公司担保的议案。 鉴于部分担保额度授权即将到期需续期，且部分下属子公司因业务发展需要需调 整或新增担保额度，根据《证券法》《公司法》《上市公司监管指引第 ...

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《关于为下属子公司担保的议案》。 龙佰集团股份有限公司 2024 年第二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 年第二次独立董事专门 会议于 2024 年 12 月 4 日（周三）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 11 月 29 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。 2024 年 12 月 4 日 - 1 - 4、本次担保风险可控，符合公司整体利益，可为股东创造良好回报，不存 在损害公司和全体股东，尤其是中小股东利益的情形，故同意公司为下属子公司 提供担保。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 票，反对 0 票，弃权 0 票，回避 0 票。 独立董事：邱冠周、梁丽娟、李力 独立董事认为： 1、公司为下属子公司担保主要为满足公司下属子 ...

证券代码：002601 证券简称：龙佰集团 公告编号：2024-072 龙佰集团股份有限公司 2024年第三季度权益分派实施公告 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、龙佰集团股份有限公司（以下简称"公司"）2024 年第三季度权益分派 方案已获 2024 年 11 月 13 日召开的 2024 年第二次临时股东大会审议通过，以公 司现有总股本 2,386,293,256 股扣除公司回购专用证券账户持有的公司股份 10,721,400 股后的股本，即 2,375,571,856 股为基数，按照分配总额不变的原 则，向全体股东每 10 股派发人民币现金股利 3.00 元（含税），共计派发现金红 利额 712,671,556.80 元（含税）。本次利润分配不送红股，也不以资本公积金 转增股本。 2、鉴于公司回购专用证券账户上的股份不参与 2024 年第三季度权益分派， 本次权益分派实施后除权除息价计算时，按公司总股本 2,386,293,256 股（含回 购 股 份 ） 折 算 的 每 10 股 现 金 红 利 = 实 际 现 金 分 红 ...

证券代码：002601 证券简称：龙佰集团 公告编号：2024-071 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。 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 11 月 30 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。 二、其他事项说明 公司回购股份的时间、回购股份的数量、回购股份价格及集中竞价交易的委 托时段等均符合《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》 的相关规定，具体说明如下： 1、公司未 ...

Investment Rating - The report initiates coverage on Longbai Group with an **Overweight** rating and a target price of **20.28 CNY** for 2025, based on a 12x P/E multiple [2][4] Core Views - Longbai Group is the **world's largest titanium dioxide (TiO2) producer** with an annual capacity of 1.51 million tons, holding a **17% global market share** in 2023 [1] - The company has demonstrated strong **endogenous and exogenous growth** through acquisitions and technological advancements, particularly in **chloride process TiO2** and **sulfur-chlorine coupling technology**, which have given it a cost advantage [1][22] - Despite **anti-dumping measures** in overseas markets, China's TiO2 export growth trend remains intact, with **export CAGR of 15%** over the past eight years, accounting for nearly **40% of total production** [1][56] - Leading companies like Longbai are expected to **seize overseas opportunities**, with potential for higher returns and stable profits from overseas investments, similar to the tire industry's experience [1][110] Financial Projections - Revenue is projected to grow from **26.765 billion CNY in 2023** to **34.34 billion CNY in 2026**, with a **CAGR of 10.5%** [3] - Net profit attributable to shareholders is expected to increase from **3.226 billion CNY in 2023** to **4.633 billion CNY in 2026**, with a **CAGR of 15%** [3] - EPS is forecasted to rise from **1.35 CNY in 2023** to **1.94 CNY in 2026** [3] Industry Analysis - **Anti-dumping measures** in key markets like the EU, India, and Brazil have reshaped global trade flows but have not significantly impacted China's TiO2 export growth [56][61] - The **EU's anti-dumping tariffs** range from **11.4% to 32.3%**, but China's TiO2 exports to the EU have shown resilience, with **exports rebounding in August 2024** after a temporary dip in July [61][74] - **Global TiO2 demand** is expected to grow in line with **global GDP**, with **Asia-Pacific and Africa** being key growth regions due to infrastructure and real estate development [55][93] Company's Competitive Advantages - Longbai has **vertically integrated its supply chain**, with **40% self-sufficiency in titanium concentrate** and plans to increase this to **70% by the end of the 14th Five-Year Plan** [22][35] - The company has **pioneered sulfur-chlorine coupling technology**, reducing costs for chloride process TiO2 production by **1,169 CNY per ton** [40][41] - Longbai's **chloride process TiO2 capacity** is **660,000 tons/year**, making it the **third-largest globally** and the **largest in China**, with a **63% share of domestic chloride process production** in 2023 [32][35] Overseas Expansion Opportunities - **Anti-dumping measures** are seen as a catalyst for **overseas expansion**, with Longbai well-positioned to establish overseas plants and capture higher-margin markets [110][111] - The **EU's rising TiO2 prices** (from **3,040 USD/ton in July 2024** to **3,210 USD/ton in September 2024**) create opportunities for **global trade flow adjustments** and higher returns for exporters [95][96] - **Southeast Asia** and **Turkey** are emerging as key markets for TiO2 exports, with **Vietnam** and **India** showing significant growth in demand [103][104]

Investment Rating - Buy rating for the company [1] Core Views - The company's Q3 2024 performance met expectations, with revenue of 208.85 billion yuan, up 2.97% YoY, and net profit of 25.64 billion yuan, up 19.68% YoY [2] - Titanium dioxide prices stabilized and volumes increased, driving the company's performance growth in the first three quarters of 2024 [2] - The company is steadily expanding upstream titanium ore resources, having signed strategic cooperation agreements and acquired new mining rights [2] - The company's leading position in titanium dioxide and sponge titanium is solid, with a complete industry chain layout [2] - The company is expected to achieve net profits of 32.76/40.52/46.67 billion yuan in 2024-2026, with EPS of 1.37/1.70/1.96 yuan and P/E ratios of 14/12/10 [2] Financial Performance - Revenue in 2023 was 267.94 billion yuan, expected to grow to 290.42/322.77/350.51 billion yuan in 2024-2026 [2] - Net profit in 2023 was 32.26 billion yuan, expected to grow to 32.76/40.52/46.67 billion yuan in 2024-2026 [2] - Gross margin in 2023 was 26.8%, expected to improve to 26.9%/27.8%/28.8% in 2024-2026 [4] - ROE in 2023 was 12.9%, expected to improve to 12.6%/14.6%/15.6% in 2024-2026 [4] Industry Analysis - Domestic titanium dioxide production in the first three quarters of 2024 was 3.4864 million tons, up 20.81% YoY [2] - Titanium dioxide exports in the first three quarters of 2024 were 1.4402 million tons, up 14.80% YoY [2] - Domestic apparent consumption of titanium dioxide in the first three quarters of 2024 was 2.1177 million tons, up 25.48% YoY [2] - The average price of rutile titanium dioxide in the first three quarters of 2024 was 15,839 yuan/ton, up 1.77% YoY [2] - The average price of titanium concentrate in the first three quarters of 2024 was 2,103 yuan/ton, up 4.16% YoY [2] Company Operations - The company has titanium dioxide production capacity of 1.51 million tons/year and sponge titanium capacity of 80,000 tons/year, ranking among the world's top [2] - The company is the only titanium dioxide producer in China with a complete titanium industry chain [2] - The company has multiple mining rights and is expanding its upstream titanium ore resources [2]

Investment Rating - The report assigns a "Buy" rating to Longbai Group (002601 SZ) for the first time [1] Core Views - Longbai Group is a global leader in titanium dioxide production with integrated titanium industry chain advantages [1] - The company has both sulfate and chloride process technologies for titanium dioxide production [1] - It is the world's largest sulfate process titanium dioxide producer and the third largest chloride process producer globally [1] - The company has a strong brand presence with its "Snow Lotus" titanium dioxide products sold in over 110 countries [1] Business Overview - Longbai Group has an annual production capacity of 1 51 million tons of titanium dioxide and 80 000 tons of sponge titanium ranking first globally in both [1] - The company is China's only titanium dioxide producer with a complete titanium industry chain from mining to deep processing [1] - It has self-supply capability for titanium concentrate with a current self-sufficiency rate of about 50% expected to reach 70% by the end of the 14th Five-Year Plan period [1] New Energy Materials Expansion - The company is expanding into new energy materials leveraging its cost advantages in producing lithium iron phosphate (LFP) [1] - It has an annual production capacity of 50 000 tons of LFP and 100 000 tons of lithium iron phosphate [1] - The company is also extracting vanadium from waste acid and slag to provide raw materials for vanadium flow batteries [1] Financial Performance - In the first three quarters of 2024 the company achieved revenue of 20 885 billion yuan a year-on-year increase of 2 97% [2] - Net profit attributable to the parent company was 2 564 billion yuan up 19 68% year-on-year [2] - In Q3 2024 revenue was 7 081 billion yuan up 0 85% year-on-year and 8 77% quarter-on-quarter [2] - Net profit in Q3 was 842 million yuan down 4 29% year-on-year but up 9 33% quarter-on-quarter [2] Financial Forecasts - Revenue is expected to grow from 26 794 billion yuan in 2023 to 33 077 billion yuan in 2026 [3] - Net profit attributable to the parent company is forecasted to increase from 3 226 billion yuan in 2023 to 4 788 billion yuan in 2026 [3] - The company's P/E ratio is projected to decrease from 14 27 in 2023 to 9 62 in 2026 [3] Valuation - The report forecasts the company's P/E ratios for 2024-2026 at 14 04 11 84 and 9 62 respectively [2] - The EV/EBITDA ratios are projected to decrease from 9 53 in 2023 to 6 59 in 2026 [3]

上海市锦天城（深圳）律师事务所 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(2024)锦天城深律见证字HT第007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年第二次 临时股东大会的法律意见书》（以下简称"本《法律意见书》"）的霍 庭律师、潘沁圣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14403199110407747 号、14403202010176547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，依法均具有执业主体资格。 关于龙佰集团股份有限公司 2024年第二次临时股东大会的 法律意见书 (2024)锦天城深律见证字HT第007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 ...

2024年第二次临时股东大会决议公告 证券代码：002601 证券简称：龙佰集团 公告编号：2024-070 龙佰集团股份有限公司 （2）网络投票时间：2024 年 11 月 13 日 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，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时间为 2024 年 11 月 13 日上午 9:15 至下午 15:00 期间的任意时间。 2、会议召开地点：公司会议室。 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。 3、召集人：公司董事会。 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：2024 年 11 月 13 日（星期三）下午 14:30 其中：参加本次会议的中小投资者共 1,018 人，代表有表决权的股份 170,521,857 股，占公司股份总数的 7.1459％。 8、公司董事、监事出席了本次 ...