Investment Rating - The investment rating for the company is "Buy" and is maintained [3]. Core Views - The company reported a revenue of 20.88 billion RMB for the first three quarters of 2024, representing a year-on-year increase of 3.0%. The net profit attributable to shareholders was 2.56 billion RMB, up 19.7% year-on-year, and the net profit after deducting non-recurring gains and losses was 2.53 billion RMB, an increase of 22.9% year-on-year [3][4]. - In Q3 2024, the company achieved a revenue of 7.08 billion RMB, which is a 0.8% year-on-year increase and an 8.8% quarter-on-quarter increase. The net profit attributable to shareholders was 840 million RMB, down 4.3% year-on-year but up 9.3% quarter-on-quarter [3][4]. - The company plans to distribute a cash dividend of 3 RMB per 10 shares to all shareholders, totaling 710 million RMB [3]. Summary by Sections Financial Performance - The company’s gross margin for the first three quarters of 2024 was 26.9%, an increase of 0.5 percentage points year-on-year. The net profit margin was 12.2%, up 1.3 percentage points year-on-year, while the expense ratio decreased by 1.1 percentage points to 11.0% [4]. - The company has significant technical advantages in areas such as improving titanium ore quality, deep processing, new product development, and clean production [4]. Market Conditions - Despite weak domestic and international demand for titanium dioxide and excess supply pressure, the company managed to achieve a quarter-on-quarter revenue increase of 8.8% in Q3 2024 by leveraging its titanium ore resource advantages and enhancing marketing efforts [3][4]. - The company anticipates increased operational pressures in Q4 2024 due to tariff impacts and new domestic capacity releases, but the titanium ore supply remains tight, providing a stable support for the company's fundamentals [4]. Product Development - The company has produced six new or upgraded grades of titanium dioxide in the first half of the year, with five grades already recognized by customers. It is also developing eight new or upgraded grades [5]. - The company is positioned as a global leader in integrated titanium dioxide production and is expanding into the renewable energy sector, which is expected to open new growth avenues [5]. Future Profit Projections - The company’s projected net profits for 2024, 2025, and 2026 are 3.14 billion RMB, 3.78 billion RMB, and 4.63 billion RMB, respectively, maintaining a "Buy" rating [5].

Investment Rating - The investment rating for Longbai Group is "Buy" (maintained) [1] Core Views - The third-quarter performance showed a quarter-on-quarter improvement, with the company expanding its titanium industry chain integration [1] - In Q3 2024, the company achieved revenue of 7.081 billion yuan, a year-on-year increase of 0.85% and a quarter-on-quarter increase of 8.77% [1] - The net profit attributable to the parent company was 842 million yuan, a year-on-year decrease of 4.29% but a quarter-on-quarter increase of 9.33% [1] - The gross profit margin for Q3 was 25.81%, a decrease of 0.87 percentage points quarter-on-quarter [1] - The report indicates that the titanium dioxide price has declined, impacting the gross margin, but the company expects revenue and performance to maintain positive growth due to improved production and sales volume [1] Summary by Sections Financial Performance - In Q3 2024, the average price of titanium dioxide was 15,405 yuan per ton, a quarter-on-quarter decrease of 4.7% [1] - The average prices for titanium concentrate and sponge titanium were 0.2 and 4.7 million yuan per ton, with quarter-on-quarter changes of +2.0% and -8.3% respectively [1] - The company anticipates that as high-cost enterprises in the industry gradually reduce production and inventory levels normalize, titanium dioxide prices will have upward potential [1] Industry Integration - The company has enhanced its vertical integration in the titanium industry chain, which is expected to provide a second growth opportunity [1] - Longbai Group's self-sufficient titanium concentrate rate is approximately 50% in 2024, with ongoing projects to further increase resource supply capacity [1] - A strategic cooperation framework agreement with Sichuan Resources Group is expected to broaden the company's supply channels and enhance supply chain resilience [1] Financial Projections - Revenue projections for 2024, 2025, and 2026 are 26.794 billion, 29.864 billion, and 32.566 billion yuan respectively, with year-on-year growth rates of 11.5%, 9.0%, and 13.4% [3] - The net profit attributable to the parent company is projected to be 3.429 billion, 4.153 billion, and 4.890 billion yuan for the same years, with corresponding growth rates of 6.3%, 21.1%, and 17.8% [3] - The gross margin is expected to improve to 30.2%, 31.6%, and 32.5% over the next three years [3]

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].

龙佰集团：前三季度净利润25.64亿元 同比增长19.68% 财联社10月28日电，龙佰集团发布2024年第三季 度报告，前三季度实现营业收入208.66亿元，同比增长2.98%；净利润25.64亿元，同比增长19.68%；基 本每股收益1.08元。 第三季度实现营业收入70.75亿元，净利润8.42亿元。 查看公告原文 ...

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 ...

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- 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 ...

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 ...