Group 1 - The chemical sector is experiencing a rebound, with the chemical ETF (516020) showing a significant increase of 1.77% as of the report, peaking at a 1.98% rise during the trading session [1][2] - Key stocks in the sector include New Chemical Materials, which surged over 8%, and other notable gainers such as New Fengming, Rongsheng Petrochemical, and Tongkun Co., all showing increases of over 4% [1][2] - Recent reports from major foreign investment firms, including UBS and Morgan Stanley, have upgraded their outlook on the Chinese chemical industry, predicting a new upward cycle from 2026 to 2028 due to multiple positive factors [1][3] Group 2 - Guohai Securities suggests that the re-evaluation of the Chinese chemical industry could lead to a significant slowdown in global capacity expansion, potentially transforming the industry from a cash-consuming entity to a cash-generating one [3] - The chemical ETF (516020) tracks the CSI sub-sector chemical industry index, covering popular themes such as AI computing power, de-involution, robotics, and new energy [3]

Group 1 - The core viewpoint is that external demand is expected to drive a recovery in the titanium dioxide market, with Longbai Group enhancing its competitiveness through a full industry chain layout [1] - China's titanium dioxide production capacity accounts for over 50% of global capacity, and the country has been increasing its influence in the global market as traditional European and American producers face operational pressures [1] - The rigid growth in demand from emerging countries and the irreplaceability of Chinese production capacity are anticipated to drive a recovery in the titanium dioxide market, presenting opportunities for leading companies like Longbai Group to achieve both volume and profit growth [1] Group 2 - The report indicates that due to significant increases in raw material prices, such as sulfur, and a decline in titanium dioxide prices, the company's net profit forecasts for 2025-2027 have been revised down to 1.847 billion, 2.825 billion, and 3.320 billion yuan respectively [1] - The target price is set at 23.80 yuan based on a 20x PE ratio for comparable companies in 2026, while maintaining an "overweight" rating [1]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 23.80 CNY based on a 20x PE ratio for comparable companies in 2026 [3][6]. Core Views - External demand is expected to drive a recovery in the industry, while the company strengthens its full industry chain layout to enhance competitiveness [2]. - The company has adjusted its net profit forecasts for 2025-2027 to 1.847 billion, 2.825 billion, and 3.320 billion CNY, respectively, due to rising raw material prices and declining product prices [3]. - The company is the largest titanium dioxide producer globally, with a production capacity of 1.51 million tons, and is actively expanding its overseas presence [10]. Financial Summary - Revenue projections for the company are as follows: 26.765 billion CNY in 2023, 27.513 billion CNY in 2024, 27.823 billion CNY in 2025, 33.349 billion CNY in 2026, and 35.980 billion CNY in 2027, with growth rates of 11.0%, 2.8%, 1.1%, 19.9%, and 7.9% respectively [5]. - The company's gross profit margin is projected to be 26.7% in 2023, decreasing to 21.1% in 2025, and then recovering to 23.4% by 2027 [5]. - The net profit margin is expected to decline from 12.1% in 2023 to 6.6% in 2025, before improving to 9.2% in 2027 [5]. - The return on equity (ROE) is forecasted to decrease from 14.9% in 2023 to 8.0% in 2025, then rise to 13.3% by 2027 [5].

Group 1 - The demand for titanium dioxide (TiO2) in emerging markets is expected to drive a recovery in the industry, despite low market expectations due to concerns over domestic demand being affected by macroeconomic factors [1] - China's titanium dioxide production capacity accounts for over 50% of the global total, and the country has been increasing its influence in the global market as traditional producers in Europe and the US face operational pressures [1] - The rigid growth in demand from emerging countries and the irreplaceability of Chinese production capacity are anticipated to lead to opportunities for leading companies in the titanium dioxide sector [1] Group 2 - The company has a current titanium dioxide production capacity of 1.51 million tons, making it the largest producer globally, with significant advantages in technology and industry chain [2] - The company plans to establish subsidiaries in Malaysia and the UK by October 2025 and intends to acquire Venator UK's titanium dioxide assets, which include a chlorinated titanium production facility with a design capacity of 150,000 tons [2] - The company is also advancing two core projects to enhance its titanium concentrate self-sufficiency, aiming to increase its titanium concentrate capacity to 2.48 million tons [2] Group 3 - Due to rising raw material prices and declining titanium dioxide prices, the company's net profit forecasts for 2025-2027 have been adjusted to 1.847 billion, 2.825 billion, and 3.320 billion yuan, respectively [2] - The target price for the company is set at 23.80 yuan, maintaining a buy rating based on a 20x PE ratio for comparable companies in 2026 [2]

Core Viewpoint - Longbai Group is actively implementing its share repurchase plan, which is progressing as scheduled and complies with relevant laws and regulations [1] Group 1: Repurchase Plan Overview - Longbai Group's share repurchase plan was approved on June 6, 2025, with a total repurchase fund range set between 500 million yuan (50,000 million) and 1 billion yuan (100,000 million) [2] - The repurchase period is set for 12 months from the date of board approval, ending on June 5, 2026 [2] - Due to the company's equity distribution in the first and third quarters of 2025, the maximum repurchase price has been adjusted from 24.82 yuan per share to 24.22 yuan per share [2] Group 2: Implementation Progress - As of January 31, 2026, Longbai Group has been continuously executing the repurchase plan since the first repurchase on July 1, 2025, in accordance with the established plan [3] - The cumulative repurchase activities are in compliance with the regulations set forth by the Shenzhen Stock Exchange and other relevant guidelines [3] Group 3: Compliance and Future Arrangements - Longbai Group emphasizes strict adherence to regulatory requirements during the repurchase process, avoiding significant price-impacting events and adhering to trading restrictions [4] - The company plans to continue the repurchase based on market conditions and will fulfill its information disclosure obligations in a timely manner [5] - This repurchase is seen as a significant measure to optimize the capital structure and enhance shareholder returns, reflecting the company's confidence in its future development [5]

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。 龙佰集团股份有限公司（以下简称"公司"）于2025年6月6日召开的第八届董 事会第十九次会议，审议通过了《关于回购公司股份方案的议案》，同意公司使 用自有资金及回购专项贷款以集中竞价的方式回购公司股份，回购股份的种类为 公司已发行的人民币普通股（A股）股票，将用于股权激励或员工持股计划。本 次回购股份的资金总额不低于人民币50,000万元（含）且不超过人民币100,000 万元（含），因公司实施了2025年第一季度权益分派和2025年第三季度权益分派 回购股份的价格由不超过人民币24.82元/股（含）调整为不超过人民币24.22元/ 股（含），具体回购股份的数量以回购期满时实际回购的股份数量为准。本次回 购股份的实施期限自公司董事会审议通过本次回购股份方案之日起12个月内。 证券代码：002601 证券简称：龙佰集团 公告编号：2026-002 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 ...

Summary of Key Points from Conference Call Records Industry Overview - The chemical industry is expected to experience a significant decline in new supply in 2026 and 2027, leading to an upward cycle due to price synergy effects and the exit of overseas capacity [1][2] - The tightening of national carbon emission targets will impact the approval of oil and infrastructure projects, pushing chemical companies towards green transformation [1][7] Core Insights and Arguments - Major chemical companies have made substantial fixed asset investments during the 14th Five-Year Plan, which are expected to translate into profits in the coming years, with some companies potentially having P/E ratios as low as 3-4 times [1][5] - The PX market is operating at high capacity utilization, with expected profits around 1,000 CNY/ton being sustainable due to the rapid digestion of new capacity [1][9] - The olefin market is projected to improve long-term, supported by national policies, with an expected upward cycle from 2027 to 2029 [1][11] Company-Specific Insights Wanhua Chemical - Fixed assets and construction projects have significantly increased, with potential profits at the bottom of the cycle estimated at 15-16 billion CNY, and central profit levels reaching around 30 billion CNY [3][20] - The company’s market cap corresponds to a P/E ratio of 8-9 times, indicating substantial profit potential as the cycle rebounds [20] Longbai Group - Fixed assets have grown significantly, with potential profits estimated at 12 billion CNY based on historical averages [21][22] - The company’s market cap corresponds to a P/E ratio of around 9 times, suggesting a favorable valuation [22] Rongsheng Petrochemical - Fixed asset investments have been significantly higher than those of Hengli Petrochemical, with potential peak profits estimated between 20 billion to 30 billion CNY [23][24] - Future profitability will depend on the market conditions for ethylene and its downstream products [24] Hengli Petrochemical - The company is seen as stable and a key indicator of product reversals, with significant overseas expansion potential [14][13] - Expected profits could reach 60-70 billion CNY if current favorable conditions persist [13] Shenghong Petrochemical - The company has not fully benefited from industry conditions but has significant upside potential, with expected profits from new energy sectors [12] Other Important Insights - The chemical industry is currently characterized by a shorter duration from the bottom of the down cycle to the upturn, aided by price synergy effects and high industry concentration [4] - The large refining industry is at the tail end of its capacity cycle, with cash flow expected to improve significantly [8] - The agricultural chemicals sector faces oversupply issues, with key signals from agricultural product prices [28] Market Trends and Future Outlook - The oil market is expected to improve in the second half of 2026, with prices potentially fluctuating between 70-80 USD per barrel [15][16] - OPEC is likely to maintain production levels, indicating a slow growth cycle for oil supply, which could stabilize prices [17] - The refrigerant market is expected to see price increases, although the rate of increase may slow down [33][34] This summary encapsulates the key points from the conference call records, highlighting the chemical industry's dynamics, company-specific insights, and broader market trends.

Group 1 - On January 30, Longbai Group's stock fell by 2.08%, with a trading volume of 842 million yuan [1] - The financing data for Longbai Group on the same day showed a financing purchase amount of 47.97 million yuan and a financing repayment of 76.99 million yuan, resulting in a net financing outflow of 29.03 million yuan [1] - As of January 30, the total balance of margin trading for Longbai Group was 620 million yuan, with a financing balance of 616 million yuan, accounting for 1.17% of the circulating market value, which is below the 40th percentile level over the past year [1] Group 2 - On January 30, Longbai Group repaid 65,400 shares in securities lending and sold 8,900 shares, with a selling amount of 197,200 yuan based on the closing price [1] - The securities lending balance was 3.96 million yuan, which is above the 80th percentile level over the past year, indicating a high level [1] - Longbai Group's main business includes the production and sales of titanium dioxide, zirconium products, and aluminum sulfate, with titanium dioxide accounting for 64.99% of its main business revenue [1] Group 3 - As of December 19, the number of shareholders for Longbai Group was 80,600, a decrease of 1.79% from the previous period [2] - The average circulating shares per person increased by 1.82% to 24,667 shares [2] - For the period from January to September 2025, Longbai Group reported an operating income of 19.436 billion yuan, a year-on-year decrease of 6.86%, and a net profit attributable to shareholders of 1.674 billion yuan, down 34.68% year-on-year [2] Group 4 - Longbai Group has distributed a total of 19.624 billion yuan in dividends since its A-share listing, with 5.717 billion yuan distributed in the last three years [3] - As of September 30, 2025, Hong Kong Central Clearing Limited was the eighth largest circulating shareholder, holding 39.6965 million shares, a decrease of 1.3365 million shares from the previous period [3]

Group 1 - The chemical raw materials sector increased by 3.58% on January 28, with Satellite Chemical leading the gains [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] - Key stocks in the chemical raw materials sector showed significant price increases, with Satellite Chemical rising by 8.86% to a closing price of 24.21 [1] Group 2 - The chemical raw materials sector experienced a net inflow of 870 million yuan from main funds, while retail investors saw a net outflow of 673 million yuan [2] - Major stocks like Baofeng Energy and Satellite Chemical had notable net inflows from main funds, with Baofeng Energy receiving 223 million yuan [3] - Retail investors showed significant outflows in several stocks, including Baofeng Energy and Satellite Chemical, indicating a shift in investor sentiment [3]

Group 1 - Core viewpoint: Huazhong Securities has given Longbai Group (002601.SZ) a "buy" rating based on several factors [1] Group 2 - Factor 1: Titanium dioxide prices are expected to remain under pressure in 2025, with the industry initiating multiple joint price increases, potentially leading to a rebound in 2026 [1] - Factor 2: The acquisition of Venator UK’s titanium dioxide assets enhances the company's global layout [1] - Factor 3: Continuous investment in upstream mineral resource development strengthens the company's integrated industrial chain advantages [1] - Factor 4: Active share buybacks demonstrate confidence, while equity incentives enhance motivation [1]