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]

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 ...

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 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [6] Core Views - The company has shown a quarter-on-quarter improvement in net profit for Q3, with a focus on enhancing its titanium ore resources to solidify its cost advantage [2][5] - Despite a decline in domestic titanium dioxide prices, the overall export volume continues to grow, supporting the company's revenue [3] - The company has effectively controlled its expenses, leading to a significant increase in cash flow [4] Summary by Sections Financial Performance - For the first nine months of 2024, the company achieved total revenue of 20.885 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 [2] - In Q3 alone, 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%, with a net profit of 842 million yuan, down 4.29% year-on-year but up 9.33% quarter-on-quarter [2] Market Dynamics - The average price of titanium dioxide in Q3 was 15,407 yuan per ton, reflecting a 4.70% decrease quarter-on-quarter, while the export volume of titanium dioxide increased by 11.66% year-on-year [3] - The price of titanium concentrate remained stable, with the average price in Q3 at 2,227 yuan per ton, up 0.85% quarter-on-quarter [3] Cost Management - The company has successfully reduced its total expense ratio to 10.99%, down 1.07 percentage points year-on-year, indicating effective internal management [4] - The net cash flow from operating activities in Q3 was 2.592 billion yuan, a year-on-year increase of 13.58% [4] Resource Strategy - The company is actively increasing its titanium ore resource reserves, recently acquiring exploration rights for a new titanium mine, which is expected to enhance its self-sufficiency and reduce reliance on external markets [5] - This strategy is anticipated to support profit growth as the self-sufficiency rate of raw materials improves [5] Profit Forecast - The company is projected to achieve net profits of 3.8 billion yuan, 4.5 billion yuan, and 5.3 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 12.2, 10.3, and 8.8 [6]

证券代码：002601 证券简称：龙佰集团 公告编号：2024-069 龙佰集团股份有限公司 关于公司股东股份解除质押的公告 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。 近日，龙佰集团股份有限公司（以下简称"公司"）接到公司股东河南银泰 投资有限公司（以下简称"银泰投资"）的通知，获悉其所持有的本公司部分股 份办理了解除质押，具体事项如下： 备注：各列数字加总与合计数存在差异系四舍五入所致。 二、股东股份累计质押情况 - 2 - 三、备查文件 相关机构出具的证明文件。 特此公告。 龙佰集团股份有限公司董事会 2024 年 11 月 11 日 截至公告披露日，上述股东及其一致行动人所持质押股份情况如下： | | | | | | | 已质押股份 | | 未质押股份 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 占其 | 占公 | 情况 | | 情况 | | | | 持股数量 | 持股 | 累计质押数 | 所持 | 司总 | 已质押 | 占已 | 未质押 | ...

Investment Rating - The report maintains a "Strong Buy" rating for Longbai Group (002601) with a target price of 23.85 CNY per share [1]. Core Views - Longbai Group's revenue for the first three quarters of 2024 reached 20.885 billion CNY, a year-on-year increase of 2.97%, while the net profit attributable to shareholders was 2.564 billion CNY, up 19.68% year-on-year [1]. - In Q3 2024, the company achieved a revenue of 7.081 billion CNY, reflecting a year-on-year growth of 0.85% and a quarter-on-quarter increase of 8.77% [1]. - The report highlights strong export orders for titanium dioxide, despite a slight decline in prices, indicating robust demand in the market [1]. - The company is expanding its production capacity in the titanium ore segment, which is expected to contribute to future growth [1]. Financial Summary - For 2024-2026, the forecasted net profit attributable to shareholders is 3.261 billion CNY, 3.790 billion CNY, and 4.566 billion CNY, representing year-on-year growth rates of 1.1%, 16.2%, and 20.5% respectively [2][5]. - The projected P/E ratios for 2024, 2025, and 2026 are 14x, 12x, and 10x respectively, with a target price based on a historical valuation of 15x P/E for 2025 [1][5]. - The company’s total revenue is expected to grow from 26.794 billion CNY in 2023 to 34.939 billion CNY in 2026, with a compound annual growth rate of approximately 9% [2][5]. Market Position - Longbai Group is positioned as a global leader in titanium dioxide and sponge titanium production, with a strong cost advantage compared to overseas competitors [1]. - The company has a significant market share and is expected to maintain its pricing power due to its concentrated titanium ore resources [1].

证券代码：002601 证券简称：龙佰集团 公告编号：2024-068 龙佰集团股份有限公司 关于公司股东股份质押的公告 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。 二、股东股份累计质押情况 截至公告披露日，上述股东及其一致行动人所持质押股份情况如下： | | | | | | | | 已质押股份 | | 未质押股份 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 占其 | 占公 | 情况 | | 情况 | | | | 持股数量 | 持股 | 本次质押前 | 本次质押后 | 所持 | 司总 | 已质押 | 占已 | 未质押 | 占未 | | 股东名称 | （股） | 比例 | 质押股份数 | 质押股份数 | 股份 | 股本 | 股份限 | 质押 | 股份限 | 质押 | | | | （%） | 量（股） | 量（股） | 比例 | 比例 | 售和冻 | 股份 | 售和冻 | 股份 | | | | | | | （%） | （%） | 结数量 ...

Investment Rating - The report maintains a "Buy" rating for Longbai Group, indicating an expectation of stock price appreciation relative to the industry index by over 15% in the next six months [6][16]. Core Views - Longbai Group's performance has shown a quarter-on-quarter increase despite a decline in titanium dioxide and sponge titanium prices, attributed to sales growth and upstream titanium ore resource layout [2][6]. - The company is expected to expand its titanium ore resource reserves, providing a solid raw material guarantee for future production [4][6]. Financial Performance Summary - For the first three quarters of 2024, Longbai Group reported operating revenue of 20.866 billion yuan, a year-on-year increase of 2.98%, and a net profit attributable to shareholders of 2.564 billion yuan, up 19.68% year-on-year [1]. - The third quarter of 2024 saw operating revenue of 7.075 billion yuan, a year-on-year increase of 0.87% and a quarter-on-quarter increase of 8.78% [1]. - The company's net profit for the third quarter was 842 million yuan, down 4.29% year-on-year but up 9.33% quarter-on-quarter [1]. Revenue and Profit Forecast - Revenue projections for Longbai Group are 29.313 billion yuan for 2024, 32.316 billion yuan for 2025, and 36.853 billion yuan for 2026, with year-on-year growth rates of 9.5%, 10.2%, and 14.0% respectively [6][10]. - Net profit forecasts are 3.351 billion yuan for 2024, 3.995 billion yuan for 2025, and 4.809 billion yuan for 2026, with corresponding growth rates of 3.9%, 19.2%, and 20.4% [6][11]. Cost and Expense Analysis - Sales expenses decreased by 5.60% year-on-year, with a sales expense ratio of 1.84% [3]. - Financial expenses increased by 58.36% year-on-year, with a financial expense ratio of 1.44% [3]. - Research and development expenses decreased by 20.89% year-on-year, with a research expense ratio of 4.20% [3]. Cash Flow Overview - The net cash flow from operating activities for the first three quarters of 2024 was 2.592 billion yuan, up 13.61% year-on-year [3]. - The net cash flow from investing activities was -1.078 billion yuan, an increase of 44.39% year-on-year [3]. - The net cash flow from financing activities was -889 million yuan, a decrease of 338.01% year-on-year [3].

证券代码：002601 证券简称：龙佰集团 公告编号：2024-067 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 10 月 31 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。 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2024年6月17日召开的第八 届董事会第十二次会议，审议通过了《关于回购公司股份方案的议案》，同意公 司使用自有资金以集中竞价的方式回购公司股份，回购股份的 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 19.21 yuan, implying a potential upside based on the current market conditions [2][6] Core Views - The company achieved a 2.98% YoY increase in revenue to 208.66 billion yuan and a 19.68% YoY increase in net profit to 25.64 billion yuan in the first three quarters of 2024 [2] - Despite a challenging market environment, the company managed to grow its revenue and profit through market expansion and optimized sales strategies [3] - The company's integrated industrial chain and cost advantages have strengthened its competitiveness, particularly in the face of high raw material prices [4][6] Financial Performance - The company's gross margin improved by 0.41 percentage points YoY to 26.95% in the first three quarters of 2024, while the net margin increased by 1.26 percentage points to 12.25% [4] - In Q3 2024, the company's revenue grew by 0.87% YoY and 8.78% QoQ to 70.74 billion yuan, while net profit declined by 4.29% YoY but increased by 9.33% QoQ to 8.42 billion yuan [3] - The company's EPS for the first three quarters of 2024 was 1.08 yuan, and it announced a dividend plan of 3.00 yuan per 10 shares [2] Industry Outlook - The titanium dioxide industry is expected to benefit from macroeconomic recovery and supportive government policies, which could drive future demand growth [4] - The company's technological innovation, cost reduction, and product optimization strategies are expected to enhance its market competitiveness and share [4] Integrated Industrial Chain - The company has been actively expanding its upstream resources, including acquiring titanium-related assets, which has improved its self-sufficiency in raw materials and reduced costs [6] - In 2024, the company produced 1.0456 million tons of titanium concentrate, a 73% YoY increase, all of which was used internally [6] - The company has signed a strategic cooperation agreement to develop the Hongge South Mine, which is expected to further enhance its resource security and cost advantages [6] Valuation and Forecast - The company's EPS for 2024 and 2025 is forecasted to be 1.47 yuan and 1.64 yuan, respectively, with a PE ratio of 13.06x and 11.70x based on the closing price of 19.21 yuan on October 30, 2024 [6] - The report highlights the company's strong industry position and growth prospects, supporting the "Buy" rating [6]