[Table_Title] 钛白粉产销量再创新高，钛精矿景气延续 ——龙佰集团（002601）2024 年中报点评 | --- | --- | --- | |-----------------------|-------------------------------------------|-------| | 2024 | 年 08 月 30 日 | | | 研究所： 证券分析师： | 李永磊 S0350521080004 liyl03@ghzq.com.cn | | | 证券分析师： | 董伯骏 S0350521080009 dongbj@ghzq.com.cn | | | 联系人 ： | 仲逸涵 S0350123070022 zhongyh@ghzq.com.cn | | 最近一年走势 | --- | --- | --- | --- | |---------------------|-----------|--------|--------------------| | 相对沪深 300 \n表现 | 表现 \n1M | 3M | 2024/08/30 \n 12M | | 龙佰集团 | -2.0% ...

公司研究 产销提升 24H1 业绩稳步增长，与四川资源合作深化上游布局 ——龙佰集团（002601.SZ）2024 年半年报点评 要点 事件：公司发布 2024 年半年度报告。2024 年上半年，公司实现营收 137.92 亿 元，同比增长 4.1%；实现归母净利润 17.21 亿元，同比增长 36.4%；实现扣非 后归母净利润 16.75 亿元，同比增长 40.1%。2024Q2，公司单季度实现营收 65.10 亿元，同比增长 3.6%，环比减少 10.8%；实现归母净利润 7.70 亿元，同比增 长 12.8%，环比减少 19.0%。 产销再创新高，24H1 业绩稳步增长。2024 年上半年，公司钛白粉业务实现营 收 93.85 亿元，同比增长 6.8%，对应毛利率同比提升 7.7pct 至 33.5%。24H1， 公司实现钛白粉销量 59.96 万吨，同比增长 3.7%，其中硫酸法钛白粉销量为 41.86 万吨，同比增加 6.2%，氯化法钛白粉销量为 18.10 万吨，同比减少 1.7%。 24H1，公司钛白粉国际销量占比同比提升 0.3pct 至 58.6%。24H1，公司生产 钛精矿 104.56 ...

2024 年 08 月 28 日 | --- | --- | --- | |-------------------------------------|----------------|-------------------------------------------------------------------------------------------------------------| | | | 业绩双位数增长，现金流大幅增加 | | | | —龙佰集团（002601.SZ）公司事件点评报告 | | 买入(首次) | | 事件 | | 分析师：张伟保 | S1050523110001 | 龙佰集团发布半年度业绩报告：2024 年上半年实现营业总收 | | zhangwb@cfsc.com.cn | | 入 138.04 亿元，同比增长 4.09%；实现归母净利润 17.21 亿 | | | | 元，同比增长 36.4%。其中，2024Q2 单季度实现营业收入 | | | | 65.1 亿元，同比增长 3.59%、环比下降 10.75%，实现归母净 | | 基本数据 | 2024-08-28 ...

公 司 研 究 龙佰集团（002601.SZ） 2024 年 08 月 28 日 2024H1 业绩同比高增，静待两矿整合落地 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |--------------------|-------------| | 日期 | 2024/8/27 | | 当前股价(元) | 15.36 | | 一年最高最低(元) | 23.20/15.12 | | 总市值(亿元) | 366.53 | | 流通市值(亿元) | 305.33 | | 总股本(亿股) | 23.86 | | 流通股本(亿股) | 19.88 | | 近 3 个月换手率(%) | 49.56 | 股价走势图 龙佰集团 沪深300 -24% -12% 0% 12% 24% 36% 2023-08 2023-12 2024-04 数据来源：聚源 相关研究报告 《Q1 业绩同比大幅增长，看好公司钛 白粉盈利继续修复与矿山端扩产潜力 —公司信息更新报告》-2024.4.24 《钛白粉盈利继续修复，Q3 业绩环比 改 善 明 显 — 公 司 信 息 更 新 报 告 》 -2023.10.16 《 ...

Investment Rating - The report maintains a "Buy" rating for Longbai Group [3][4]. Core Views - The company's Q2 2024 performance met expectations, with significant resource and cost advantages. The ongoing Fengyuan technical transformation project and the new vanadium and scandium materials industrial park project are progressing well [3]. - Due to the EU's anti-dumping measures suppressing titanium dioxide prices, the EPS estimates for 2024-2026 have been revised down to 1.46, 1.88, and 2.36 CNY respectively, from previous estimates of 1.70, 1.89, and 2.37 CNY. The target price has been adjusted to 20.75 CNY, corresponding to a PE of 14.17X for 2024, down from 23.68 CNY [3][4]. Financial Performance - In H1 2024, the company achieved revenue of 13.8 billion CNY, a year-on-year increase of 4.09%, and a net profit attributable to shareholders of 1.721 billion CNY, up 36.40% year-on-year. In Q2 alone, revenue was 6.51 billion CNY, a year-on-year increase of 3.59% but a quarter-on-quarter decrease of 10.75%. The net profit for Q2 was 770 million CNY, up 12.85% year-on-year but down 19.00% quarter-on-quarter [3]. - The gross margin for H1 2024 was 27.59%, an increase of 2.41 percentage points year-on-year, while the net profit margin was 12.41%, up 2.31 percentage points year-on-year. For Q2 2024, the gross margin was 26.75%, down 0.75 percentage points year-on-year and 1.60 percentage points quarter-on-quarter [3]. Industry Insights - The titanium dioxide industry in China had an operating rate of approximately 77.55% in July, a slight decrease of 1.9 percentage points quarter-on-quarter. The production in July was 380,000 tons, a year-on-year increase of 32.6% [3]. - The demand side shows strong external demand, with total titanium dioxide production in China from January to July 2024 reaching approximately 2.69 million tons, a year-on-year increase of 24.1%, with exports accounting for about 42% of total production. Domestic consumption also increased, with apparent consumption of titanium dioxide at approximately 1.62 million tons, up 30.5% year-on-year [3]. Growth Projects - Longbai Group has a titanium dioxide production capacity of 1.51 million tons per year, the largest globally, supported by over 1 million tons of titanium concentrate production capacity. The Fengyuan technical transformation project is ongoing, and the company plans to invest in a new vanadium and scandium materials industrial park, which includes a 2,500 tons/year high-purity vanadium pentoxide project and a 20,000 cubic meters/year vanadium electrolyte project [3].

Investment Rating - The investment rating for the company is "Outperform the Market" [1][4][12]. Core Views - The company reported a year-on-year increase in revenue and net profit for Q2 2024, with revenue reaching 6.5 billion yuan (up 4% YoY) and net profit at 770 million yuan (up 13% YoY) [1][5]. - The growth in revenue and net profit is primarily driven by the increase in production and sales of titanium dioxide, along with improved gross margins [1][5]. - The company has achieved a higher self-sufficiency rate in titanium concentrate, with production increasing by 73% YoY to 1.046 million tons in the first half of 2024 [1][9]. Summary by Relevant Sections Financial Performance - In the first half of 2024, the company achieved revenue of 13.79 billion yuan (up 4% YoY) and a net profit of 1.72 billion yuan (up 36% YoY) [1][5]. - The Q2 2024 revenue was 6.5 billion yuan (up 4% YoY, down 11% QoQ) and net profit was 770 million yuan (up 13% YoY, down 19% QoQ) [1][5]. - The gross margin for sales in Q2 2024 was 26.7%, a slight decrease from the previous year [5]. Titanium Dioxide Segment - The titanium dioxide segment generated revenue of 9.38 billion yuan in the first half of 2024, accounting for 68% of total revenue, with production and sales volumes increasing by 10% and 4% YoY, respectively [1][9]. - The average market price for titanium dioxide in Q2 2024 was approximately 16,195 yuan per ton, reflecting a 3% YoY increase [1][9]. Titanium Concentrate and Sponge Titanium - The company’s titanium concentrate production reached 1.046 million tons in the first half of 2024, all for internal use, further enhancing self-sufficiency [1][9]. - Sponge titanium production and sales increased by 29% and 60% YoY, respectively, although the gross margin decreased [1][9]. Iron Concentrate Segment - The iron concentrate segment saw a decline in production and sales, with production down 14% and sales down 39% YoY, resulting in revenue of 1.06 billion yuan (down 18% YoY) [1][9].

证券代码：002601 证券简称：龙佰集团 公告编号：2024-053 龙佰集团股份有限公司 关于公司组织架构调整的公告 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。 2024 年 8 月 26 日 - 2 - 特此公告。 - 1 - 龙佰集团股份有限公司董事会 龙佰集团股份有限公司（以下简称"公司"）于 2024 年 8 月 26 日召开的第 八届董事会第十四次会议审议通过了《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： 股东大会 董事会 董事会秘书 监事会 审 计 委 员 会 薪酬与考核委员会 战 略 委 员 会 提 名 委 员 会 总 裁 审 计 部 董事长 龙 佰 研 究 院 供 应 链 管 理 销 售 公 司 战 略 发 展 部 副总裁、总监 总 裁 办 龙 佰 管 理 学 院 财 务 部 董 事 会 办 公 室 法 律 事 务 部 环 境 保 护 部 人 力 资 源 部 党 群 工 作 部 企 业 管 理 部 工 程 项 ...

关于公司股东承诺一定期限不减持公司股票的公告 龙佰集团股份有限公司 证券代码：002601 证券简称：龙佰集团 公告编号：2024-054 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。 许刚先生生前持有公司股份 626,515,969 股，占公司股份总额的 26.25%， 为公司原控股股东、实际控制人。根据上海市静安公证处于 2024 年 6 月 12 日出 具的证书编号为（2024）沪静证字第 1214 号、2024 年 6 月 14 日出具的证书编 号为（2024）沪静证字第 1216 号《公证书》，许刚先生生前持有的公司 626,515,969 股股份，由其女儿许冉女士继承 500,000,000 股，占公司总股本的 20.95%，其 儿子未成年人许某某先生继承 126,515,969 股，占公司总股本的 5.30%。鉴于未 成年人许某某先生系未成年人，其母亲王霞女士系未成年人许某某先生法定监护 人，故未成年人许某某先生因法定继承取得的上述公司股份所对应的一切权利， 包括（但不限于）参会权、提名权、提案权、表决权等身份性权利，上述权利均 依法由王霞女士 ...

Energy Storage Lithium-Ion Battery Market Growth - Global energy storage lithium-ion battery (ESS Lib) shipments reached 224.2GWh in 2023, up from 28.5GWh in 2020, with 114.5GWh shipped in the first half of 2024, indicating strong market growth[33] - China's energy storage lithium-ion battery shipments grew by 58% from 130GWh in 2022 to 206GWh in 2023, with 116GWh shipped in the first half of 2024, a 41% increase compared to the same period in 2023[33] Titanium Dioxide Production and Market Leadership - The company is a global leader in titanium dioxide production, with its "Snow Lotus" brand sold in over 110 countries and regions, offering 21 product grades[36] - The company has a comprehensive industrial chain, producing titanium dioxide, sponge titanium, and other related products, with a focus on large-scale, continuous production and integrated operations[40] - The company has an annual production capacity of 1.51 million tons of titanium dioxide and 80,000 tons of sponge titanium, both ranking first globally[44] - The company's Jiaozuo production base in Henan Province has an annual titanium dioxide production capacity of 650,000 tons, making it the largest single-site titanium dioxide production base globally[44] - The company's "Snow Lotus" brand titanium dioxide is sold in over 110 countries and regions worldwide[46] New Energy Sector Transition - The company is transitioning into the new energy sector, leveraging its titanium industry expertise to develop lithium-ion battery materials, including lithium iron phosphate and graphite anodes[42] - The company has entered the new energy battery field through acquisitions and new projects, including a 200,000-ton lithium iron phosphate project and a 100,000-ton graphite anode project, with some phases already in mass production[43] - The company leverages titanium dioxide by-products like ferrous sulfate to produce lithium iron phosphate (LFP), reducing production costs and providing a new pathway for resource utilization[34] Financial Performance and Revenue - Revenue for the first half of 2024 reached 13.792 billion yuan, a year-on-year increase of 4.10%[58] - Net profit attributable to shareholders was 1.721 billion yuan, up 36.40% year-on-year[58] - Revenue for the reporting period increased by 4.10% year-on-year to RMB 13,791,626,891.46[67] - Net cash flow from operating activities surged by 67.20% to RMB 1,370,946,690.41, driven by increased cash receipts from sales and services[68] - Net cash flow from financing activities decreased by 79.25% to RMB 216,244,256.01, primarily due to increased debt repayments[68] Product Sales and Market Expansion - Titanium dioxide sales accounted for 68.05% of total revenue, with a year-on-year increase of 6.78% to RMB 9,384,799,651.53[69] - Sponge titanium sales grew by 21.47% to RMB 1,318,760,604.18, representing 9.56% of total revenue[69] - Overseas revenue increased by 9.51% to RMB 6,116,325,325.85, accounting for 44.35% of total revenue[70] - Titanium dioxide production in the first half of 2024 was 649,600 tons, a year-on-year increase of 9.70%[59] - Titanium dioxide exports reached 972,600 tons, a year-on-year increase of 16.31%[57] - Sponge titanium production increased by 29.12% year-on-year to 33,100 tons[59] Research and Development - The company has 1,252 valid patents, including 391 invention patents and 861 utility model patents[51] - The company has won 32 provincial and ministerial-level science and technology progress awards, including 6 first prizes and over 10 second prizes[51] - The company developed 6 new or upgraded product grades, with 5 already recognized by customers[62] - The company is actively researching 8 new or upgraded product grades[62] - The company is accelerating the development of new products in areas such as vanadium energy storage and titanium metal materials[62] Subsidiaries and Acquisitions - The company has established subsidiaries in the United States, the United Kingdom, and Hong Kong, and has set up Shanghai Baililian Technical Service Co., Ltd. in Shanghai[54] - The company has completed several strategic acquisitions, including the acquisition of TR52 ink business from Huntsman in 2014 and the acquisition of Sichuan Longmang Titanium Industry Co., Ltd. in 2016[50] - The company invested 30,000,000 yuan in a new subsidiary, Henan Dongkang New Energy Materials Technology Co., Ltd., which focuses on vanadium electrolyte production and sales[75] - The company sold a 20% stake in Henan Zhongyuan Titanium Industry Co., Ltd. for 50 million yuan, contributing 0.0971% to the company's net profit[80] - Longbai Sichuan, a subsidiary, reported a net profit of 201,049,557.93 yuan, contributing significantly to the company's overall performance[82] - Longbai Mining and Metallurgy, another subsidiary, achieved a net profit of 1,289,891,218.70 yuan, further bolstering the company's financial results[82] Guarantees and Financial Commitments - Longbai Group Co., Ltd. provided a total of 120,000 units of joint liability guarantees for Gansu Detong Titanium Metal Co., Ltd. from 2022 to 2023[178] - The total amount of joint liability guarantees provided by Longbai Group Co., Ltd. for Gansu Detong Titanium Metal Co., Ltd. reached 6,369.47 million units in November 2023[178] - Longbai Group Co., Ltd. provided joint liability guarantees for Gansu Detong Titanium Metal Co., Ltd. amounting to 1,537.83 million units in October 2023[178] - Longbai Group Co., Ltd. provided a total of 120,000 in guarantees for Gansu Detong Guotai Metal Co., Ltd. from April 16, 2024, to October 16, 2024, amounting to 56.83[180] - Henan Bailian New Materials Co., Ltd. provided a total of 450,000 RMB in joint liability guarantees on December 7, 2022, with various amounts ranging from 6.00 RMB to 7,861.80 RMB, covering periods from 2023 to 2024[183] - Henan Bailian New Materials Co., Ltd. provided a total of 450,000 RMB in joint liability guarantees on December 6, 2023, with various amounts ranging from 320.00 RMB to 10,000.00 RMB, covering periods from January 8, 2024, to December 11, 2024[186] - Henan Bailian New Materials Co., Ltd. provided a total of 450,000 in guarantees for multiple periods in 2024, with amounts ranging from 6.06 to 557.19[188] Corporate Governance and Shareholder Meetings - The company held its 2023 Annual General Meeting on May 14, 2024, with an investor participation rate of 43.75%[93] - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the first half of the year[95] - In 2021, the company implemented a restricted stock incentive plan, granting 13,906,000 shares to 4,859 incentive recipients at a price of 15.64 yuan per share[99] - The company granted 2,800,000 restricted shares to a senior executive on September 3, 2021, at a price of 15.64 yuan per share[100] - In 2021, the company repurchased and canceled 260,000 restricted shares due to the departure, retirement, or death of 16 incentive recipients[101] - In 2022, the company repurchased and canceled 930,000 restricted shares due to the departure, retirement, or death of 34 incentive recipients[102] - On May 17, 2022, the company granted 9,975,000 reserved restricted shares to 833 incentive recipients at a price of 9.38 yuan per share[103] Risk Factors - The company faces risks from global macroeconomic changes and international geopolitical shifts, which could impact the titanium dioxide industry and market demand[83] Environmental and Cost Efficiency - The company has implemented a unique "horizontal coupling green economy model" that enables the recycling of waste by-products, reducing environmental costs and raw material costs[48] - The company has developed a vertical integration production model, ensuring stable supply of titanium concentrate and enabling the production of various titanium products across the entire industry chain[47] Dividend and Financial Expenses - The company distributed a cash dividend of RMB 1.432 billion in Q1 2024, with a cumulative dividend payout exceeding RMB 17.4 billion since listing[66] - Financial expenses increased by 114.17% to RMB 214,424,988.72, mainly due to reduced foreign exchange gains[68] Asset and Liability Management - The company's monetary funds increased to 9,020,038,234.90 yuan, accounting for 13.32% of total assets, up by 2.34% compared to the previous year[72] - Accounts receivable rose to 3,789,849,647.31 yuan, representing 5.60% of total assets, an increase of 0.88% from the previous year[72] - Fixed assets grew to 25,336,848,785.41 yuan, making up 37.43% of total assets, a 0.59% increase from the previous year[72] - Short-term borrowings increased to 10,018,946,791.21 yuan, accounting for 14.80% of total assets, up by 1.95% compared to the previous year[72] - Long-term borrowings decreased to 9,600,955,932.77 yuan, representing 14.18% of total assets, a decrease of 2.68% from the previous year[72]

龙佰集团股份有限公司 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公司的关联 关系 | 上市公司核算的 会计科目 | 2024 年期初占 用资金余额 | 年度占 2024 用累计发生 金额（不含利 | 年度 2024 占用资金 的利息(如 | 2024 年度偿 还累计发生 金额 | 2024 年期 末占用资金 余额 | 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 息） | 有) | | | | | | | 焦作市中州炭素有限责任公司 | 全资子公司 | 应收款项融资 | | 4,678.63 | | 3,000.00 | 1,678.63 | 销售商品、提供劳务 | 经营性往来 | | | 中州禄丰炭材料有限责任公司 | 全资子公司 | 其他应收款 | | 11,200.00 | | | 11,200.00 | 借款 | 非经营性往来 | | | 中州禄丰炭材料有限责任公司 | 全资子公司 | 其他应收款 | | | 94.29 | 94.29 | ...