Investment Rating - The report maintains a "Buy-B" rating for the company Longbai Group (002601.SZ) [1] Core Views - The titanium dioxide market remains stable, with a quarter-on-quarter performance increase in Q3 2024. The company reported a revenue of 20.885 billion yuan for the first three quarters of 2024, a year-on-year increase of 2.97%, and a net profit attributable to shareholders of 2.564 billion yuan, a year-on-year increase of 19.68% [2][3] - In Q3 2024, the company achieved a revenue of 7.081 billion yuan, a year-on-year increase of 0.85% and a quarter-on-quarter increase of 8.77%. The net profit attributable to shareholders for the same quarter was 842 million yuan, a year-on-year decrease of 4.29% but a quarter-on-quarter increase of 9.33% [3] - The gross profit margin for the first three quarters of 2024 was 26.95%, an increase of 0.51 percentage points year-on-year, while the expense ratio decreased to 11%, a year-on-year decrease of 1.07 percentage points [3] Summary by Sections Market Performance - As of October 31, 2024, the closing price was 18.84 yuan, with a year-to-date high of 23.20 yuan and a low of 15.12 yuan. The circulating A-shares are 1.989 billion, with a total market capitalization of 44.958 billion yuan [1] Financial Performance - The company’s earnings per share (EPS) for September 30, 2024, was 1.08 yuan, with a return on equity (ROE) of 9.63% [1] - The report projects net profits for 2024-2026 to be 3.308 billion, 3.836 billion, and 4.758 billion yuan respectively, with corresponding price-to-earnings (PE) ratios of 13.6, 11.7, and 9.4 times [5] Industry Insights - The titanium dioxide market is characterized by stable pricing, with the average market price in Q3 2024 at 15,407.18 yuan per ton, a decrease of 759.63 yuan per ton or 4.70% from the previous quarter. The industry supply is sufficient, with an estimated production of 1.182 million tons in Q3, relying on exports to alleviate domestic demand pressure [3] - The company’s subsidiary successfully acquired exploration rights for titanium ore resources, enhancing the company's resource reserves and core competitiveness [4]

Investment Rating - The report maintains a "Buy" rating for the company [1][13][21] Core Views - The company continues to enhance its titanium ore resource reserves, with a dividend payout ratio of 83.65% in the first three quarters of 2024, balancing shareholder returns with long-term development [1][9] - The average price of titanium dioxide decreased by 1.77% year-on-year and 4.71% quarter-on-quarter, while the average price of titanium concentrate increased by 5.62% year-on-year and 2.02% quarter-on-quarter [5][6] - The company has signed strategic cooperation agreements to improve its supply chain resilience and flexibility, aligning with its core business development strategy [6][9] Financial Performance Summary - For the first three quarters of 2024, the company achieved operating 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, a year-on-year increase of 19.68% [5][11] - 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% [5][11] - The company’s gross profit margin for Q3 2024 was 25.81%, a decrease of 3.15% year-on-year and 0.87% quarter-on-quarter [5][11] Price and Market Data - As of October 30, 2024, the company's stock price was 19.21 yuan, with a market capitalization of approximately 45.84 billion yuan [3][5] - The company is the largest titanium dioxide producer globally, with an annual production capacity of 1.51 million tons [9][11] Earnings Forecast - The company’s projected operating revenues for 2024, 2025, and 2026 are 28.088 billion yuan, 32.444 billion yuan, and 34.626 billion yuan, respectively, with corresponding net profits of 3.354 billion yuan, 4.128 billion yuan, and 4.634 billion yuan [11][21]

%% %% 丨证券研究报告丨 公司研究丨点评报告丨龙佰集团（002601.SZ） [Table_Title] 内外压力趋紧，公司逆势提升 | --- | |-------| | | | | | | | | | | 分析师及联系人 [Table_Author] 马太 SAC：S0490516100002 SFC：BUT911 王明 SAC：S0490521030001 SFC：BVA881 请阅读最后评级说明和重要声明 龙佰集团（002601.SZ） cjzqdt11111 资料来源：Wind 相关研究 [Table_Title2] 内外压力趋紧，公司逆势提升公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 [Table_Summary2] 事件描述 公司发布 2024 三季报，前三季度实现收入 208.8 亿元（同比+3.0%），实现归属净利润 25.6 亿元（同比+19.7%），实现归属扣非净利润 25.3 亿元（同比+22.9%）。2024Q3 实现收入 70.8 亿元（同比+0.8%，环比+8.8%），实现归属净利润 8.4 亿元（同比-4.3%，环比+9.3%），实现 归属扣非净利润 ...

龙佰集团（ [Table_StockNameRptType] 002601） 公司点评 三季度业绩环比改善，拓展钛产业链一体化 | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------|----------|--------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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]

基础化工/化学原料 公 司 研 究 龙佰集团（002601.SZ） 2024 年 10 月 29 日 Q3 业绩环比增长，持续分红回报股东 ——公司信息更新报告 投资评级：买入（维持） | --- | |---------------------------| | | | | | 蒋跨跃（分析师） | | jiangkuayue@kysec.cn | | 证书编号： S0790523120001 | | | | --- | --- | |-------------------------|-------------| | 日期 | 2024/10/28 | | 当前股价 ( 元 ) | 20.07 | | 一年最高最低 ( 元 ) | 23.20/15.12 | | 总市值 ( 亿元 ) | 478.93 | | 流通市值 ( 亿元 ) | 399.12 | | 总股本 ( 亿股 ) | 23.86 | | 流通股本 ( 亿股 ) | 19.89 | | 近 3 个月换手率 (%) | 57.42 | 股价走势图 -20% -10% 0% 10% 20% 30% 2023-10 2024-02 2024-06 ...

证券研究报告 | 2024年10月29日 龙佰集团（002601.SZ） 优于大市 三季度归母净利环比提升，钛白粉出口仍较强 公司 2024 年三季度归母净利润环比提升。公司 2024 年三季度营收 70.7 亿元（同比+1%，环比+9%），归母净利润 8.4 亿元（同比-4%，环比+9%）， 扣非归母净利润 8.5 亿元（同比-1%，环比+14%）。毛利率/净利率为 25.8%/11.9%，期间费用率 11.3%，同比略有下滑。营收及归母净利润环 比增长主要来源于主营业务钛白粉的产销量增长。 2024 年三季度钛白粉出口量同比提升，海外部分地区价格上涨。我国钛白 粉供给仍在增加，据卓创资讯，2024 年前三季度我国钛白粉行业总产量 达 282 万吨，同比增加 15 万吨，增幅 6%。国内钛白粉市场供需偏弱， 均价有所下滑，据 Wind 数据，2024 年三季度国内金红石型钛白粉均价 约 15148 元/吨（同比-4%，环比-6%）。但海外部分地区价格提升，如 欧盟在反倾销增加关税后，当地钛白粉价格提升，据 Bloomberg 数据， 2024 年三季度欧洲钛白粉价格 3360 美元/吨，环比上涨 453 美 ...

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 ...

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 ...

龙佰集团股份有限公司 2024 年第三季度报告 证券代码：002601 证券简称：龙佰集团 公告编号：2024-063 龙佰集团股份有限公司 2024 年第三季度报告 2024 年 10 月 1 龙佰集团股份有限公司 2024 年第三季度报告 2 龙佰集团股份有限公司 2024 年第三季度报告 □是 否 龙佰集团股份有限公司 2024 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记 载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务 信息的真实、准确、完整。 3.第三季度报告是否经过审计 □是 否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |----------------------------------------------- ...