证券代码：002601 证券简称：龙佰集团 公告编号：2025-022 龙佰集团股份有限公司 关于下属子公司完成注销登记的公告 4、法定代表人：闫明 5、注册资本：1000 万元人民币 6、成立日期：2022 年 10 月 10 日 2、统一社会信用代码：91410803MA9MD9H58C 3、公司类型：其他有限责任公司 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、基本情况 龙佰集团股份有限公司（以下简称"公司"）于 2022 年 4 月 11 日召开的第七 届董事会第三十三次会议、第七届监事会第三十三次会议审议通过了《关于与河 南豫矿开源矿业有限公司成立合资公司的议案》，公司与河南豫矿开源矿业有限 公司（以下简称"开源矿业"）拟就开源矿业境外子公司河南亚非地质工程（坦 桑尼亚）有限公司在坦桑尼亚联合共和国多多马省持有的一宗硬岩锂矿探矿权开 展合作。为实施上述合作，双方在国内成立合资公司河南龙佰锂能矿产资源勘探 有限公司（以下简称"龙佰锂能矿产"）。以上具体内容详见公司于 2022 年 4 月 13 日、2022 年 10 月 12 日披露于指定信息 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][7][17]. Core Views - The company has turned profitable in Q1 2025, with significant growth expected in the mining sector by 2026 [2]. - The company is positioned as a leader in titanium dioxide and sponge titanium production, with strong cost advantages and global pricing power [7]. - The report highlights the stability of titanium dioxide prices and the company's robust production capacity, which is expected to support future earnings [7]. Financial Performance Summary - **Revenue Forecast**: - 2024A: 27,539 million - 2025E: 30,386 million (10.3% YoY growth) - 2026E: 34,954 million (15.0% YoY growth) - 2027E: 39,100 million (11.9% YoY growth) [3][8] - **Net Profit Forecast**: - 2024A: 2,169 million - 2025E: 2,824 million (30.2% YoY growth) - 2026E: 3,821 million (35.3% YoY growth) - 2027E: 4,256 million (11.4% YoY growth) [3][8] - **Earnings Per Share (EPS)**: - 2024A: 0.91 - 2025E: 1.18 - 2026E: 1.60 - 2027E: 1.78 [3][8] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratios are projected at 18 for 2024, decreasing to 9 by 2027 [3][8]. Market Position and Strategy - The company has a strong market position with a titanium dioxide production capacity that ranks first globally, and it is actively expanding its titanium ore resources [7]. - A strategic partnership with Sichuan Resource Group aims to enhance the company's control over mineral resources, which is expected to solidify its market position [7]. - The report notes that the company’s operational efficiency and production capacity are superior to industry averages, with a utilization rate of 85.79% in 2024 [7].

Group 1: Market Performance and Management - The company's stock price has significantly lagged behind peers, with a low turnover rate indicating investor confidence issues [3][6] - The company has implemented measures such as share buybacks and management increases to stabilize market confidence and maintain market value [3][6] - The target market capitalization of 100 billion yuan remains a goal, although achieving it by the end of the current five-year plan seems unlikely [4][10] Group 2: Financial Performance and Dividends - The company reported a loss in the new energy materials sector, although losses have decreased compared to the previous quarter [5][14] - A dividend proposal for Q1 2025 is pending approval at the 2024 annual shareholders' meeting [3][5] - The company has faced a significant increase in financial expenses, primarily due to interest from share buybacks, amounting to approximately 300 million yuan [12][13] Group 3: Strategic Investments and Future Plans - The company is actively pursuing the listing of Yunnan Guotai, with ongoing support from the Yunnan Securities Regulatory Bureau [5][9] - There is a focus on reducing investments in new energy materials due to market conditions, while still monitoring the supply chain for potential opportunities [4][30] - The company aims to increase titanium concentrate production from 1.5 million tons to approximately 2.5 million tons by the end of the year [4][12] Group 4: Challenges and Market Conditions - The company is facing anti-dumping investigations from multiple countries, which have impacted sales and profit margins in the titanium dioxide sector [5][12] - The overall profitability has been affected by declining prices in the upstream raw materials market, leading to significant losses in the new energy sector [4][30] - The company is committed to improving operational performance and addressing the declining profit margins through increased R&D investment and product innovation [5][21]

Investment Rating - The report maintains a "Buy" investment rating for Longbai Group (002601.SZ) [1] Core Views - Longbai Group, as a leader in the titanium industry, has shown steady growth and established scale advantages that create long-term barriers to entry [5] - The company achieved a total revenue of 27.539 billion yuan in 2024, a year-on-year increase of 2.78%, while the net profit attributable to shareholders decreased by 32.79% to 2.169 billion yuan [4][8] - In Q1 2025, the company reported a revenue of 7.060 billion yuan, a year-on-year decline of 3.21%, but a quarter-on-quarter increase of 6.10% [4] Summary by Sections Market Performance - Longbai Group's performance is compared to the CSI 300 index, showing fluctuations in stock performance [3] Financial Performance - In 2024, the company produced 1.2955 million tons of titanium dioxide, a year-on-year increase of 8.74%, and sold 1.2545 million tons, a year-on-year increase of 8.25% [5] - The revenue from titanium dioxide accounted for 69% of total revenue, while sponge titanium production increased by 34.56% to 69,700 tons [5] - The company’s operating cash flow increased by 11.54% to 3.797 billion yuan in 2024 [6] Research and Development - Longbai Group is advancing in the new energy materials sector, with breakthroughs in high-performance lithium iron phosphate and artificial graphite materials [7] - The company is working on projects to produce 200,000 tons of lithium-ion battery anode materials and 200,000 tons of lithium iron phosphate [7] Profit Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 3.187 billion, 3.752 billion, and 4.110 billion yuan respectively, with corresponding P/E ratios of 12.4, 10.5, and 9.6 [8][10]

Investment Rating - The investment rating for the basic chemical industry is "Positive (Maintain)" [1] Core Insights - The basic chemical industry achieved a revenue of 23,219.8 billion yuan in 2024, with a year-on-year increase of 3.2%, but a net profit attributable to shareholders of 1,185.6 billion yuan, reflecting a year-on-year decrease of 6.2% [6][35] - In Q1 2025, the industry reported a revenue of 5,602.8 billion yuan, a year-on-year increase of 5.8%, and a net profit of 369.7 billion yuan, which is an increase of 11.8% year-on-year [6][35] - The profitability of the industry showed a sales gross margin of 17.2% in Q1 2025, with a net profit margin of 0.1% [6][35] Summary by Sections Industry Overview - The chemical raw materials and chemical products manufacturing industry saw a revenue of 91,986.4 billion yuan in 2024, with a cumulative year-on-year increase of 4.2%, while total profits decreased by 8.6% [5][26] - Fixed asset investment in the industry increased by 8.6% year-on-year, but the growth rate declined by 4.8 percentage points [5][26] Q1 Performance - In Q1 2025, the basic chemical sector experienced revenue growth, with a year-on-year increase of 5.8% and a net profit increase of 11.8% [6][35] - The sales gross margin for Q1 2025 was 17.2%, reflecting a slight decrease year-on-year but an increase compared to the previous quarter [6][35] Sub-industry Analysis - In 2024, the chlor-alkali and textile chemical products sub-industries showed significant profit growth, with chlor-alkali achieving a net profit growth of 262.8% [40][41] - For Q1 2025, the chlor-alkali sub-industry continued to lead with a net profit growth of 132.2% [41] Key Company Tracking - Major companies in the basic chemical sector, such as Wanhua Chemical and Hualu Hengsheng, reported significant net profit growth in 2024, with many companies experiencing a decrease in capital expenditures [5][6][35]

Investment Rating - The investment rating for the basic chemical industry is "Positive" (maintained) [1] Core Views - The report highlights that inventory is continuously being released, leading to an upward trend in the polyester filament market. As of April 29, the average market price for POY was 6350 CNY/ton, an increase of 71.43 CNY/ton from the previous week. However, the average prices for FDY and DTY decreased by 7.14 CNY/ton and 8.57 CNY/ton, respectively [5][22][20] Summary by Sections Industry Trends - The chemical industry index underperformed the CSI 300 index by 0.07% this week, with 261 out of 545 stocks in the chemical sector rising and 267 falling [18] - The CCPI (China Chemical Product Price Index) remained stable at 4024 points [21] Key Product Tracking - The operating rate of weaving machines in Jiangsu and Zhejiang decreased to 54%, down 5 percentage points from the previous week [23] - The average price of viscose staple fiber fell by 1.13% to 13150 CNY/ton due to increased low-priced supply and weak demand [26] - The pure soda market showed a steady upward trend, with light soda averaging 1329 CNY/ton and heavy soda at 1467 CNY/ton, reflecting a 0.76% and 0.34% increase, respectively [38] Industry News - Kuwait Petrochemical Company signed a joint venture agreement to acquire 25% of Wanhua Chemical's subsidiary for 638 million USD [6] Recommended and Beneficiary Stocks - Recommended stocks include leading companies in the chemical sector such as Wanhua Chemical, Hualu Hengsheng, and Hengli Petrochemical. Beneficiary stocks include companies like Yuntianhua and Zhongjin Lingnan Nonfemet Company [7]

Group 1: Investment Trends of Super Investors - Super investors in A-shares have shown a significant divergence in investment directions, with a focus on computing power and humanoid robots by individual investors, while billion-dollar private equity firms have concentrated on materials and resources sectors [1] - Notable individual investor Zhang Jianping has heavily increased his stake in computing power concepts, becoming a top shareholder in companies like Hangang Steel and Aofei Data, while also increasing his holdings in Cambrian [1] - Investor Ge Weidong has entered the top ten shareholders of Su Da Weige, holding 1.62 million shares valued at approximately 30 million yuan, indicating a strategic focus on micro-nano optical materials and communication industries [1] Group 2: Private Equity Movements - Over 20 billion-dollar private equity firms have appeared in the first quarter reports of listed companies, with firms like Gao Yi Asset and Xuan Yuan Private Equity being particularly active [3] - Gao Yi Asset has newly entered the top ten shareholders of companies such as Guoci Materials and China Aluminum, while increasing stakes in Longbai Group and Zijin Mining, and reducing holdings in Hikvision and Yangnong Chemical [3] - Xuan Yuan Private Equity has also made significant moves, entering the top ten shareholders of Huabao Co. and Stanley, while reducing positions in companies like Jidong Equipment [4] Group 3: Sector Focus and Company Highlights - The computing power and humanoid robot sectors are gaining traction among individual investors, with companies like Zhongjian Technology being highlighted as key players in the humanoid robot concept [1][2] - The materials and resources sectors are favored by private equity firms, with companies like Wolong Nuclear Materials receiving attention from multiple billion-dollar private equity products [4] - The first quarter has seen a notable increase in collaboration agreements between companies like Zhongding Co. and various robot enterprises, positioning Zhongding as a leader in the humanoid robot sector [2]

Group 1 - The Shanghai Composite Index opened lower and the CSI 300 Chemical Index reported 2064.08 points, with a decline of 7.57% in the last month, 6.98% in the last three months, and 6.77% year-to-date [1] - The CSI 300 Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing a comprehensive analysis tool for investors [1] - The top ten weights in the CSI 300 Chemical Index are: Wanhua Chemical (23.08%), Salt Lake Industry (13.6%), Baofeng Energy (7.79%), Juhua Co. (7.6%), Hengli Petrochemical (7.22%), Satellite Chemical (6.88%), Hualu Hengsheng (6.64%), Zangge Mining (6.38%), Longbai Group (6.1%), and Rongsheng Petrochemical (5.49%) [1] Group 2 - In terms of industry composition within the CSI 300 Chemical Index, other chemical raw materials account for 39.09%, polyurethane for 23.08%, potassium fertilizer for 19.98%, fluorochemical for 7.60%, titanium dioxide for 6.10%, and organic silicon for 4.15% [2] - The index sample is adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the CSI 300 Index samples or significant events affecting sample companies [2]

Core Viewpoint - The company reported a slight increase in revenue for 2024 but a significant decline in net profit, indicating potential challenges ahead in profitability despite stable revenue growth in certain segments [1][2]. Financial Performance - In 2024, the company achieved a revenue of 27.539 billion yuan, a year-on-year increase of 2.78%, while the net profit attributable to shareholders was 2.169 billion yuan, a year-on-year decrease of 32.79% [1]. - The fourth quarter of 2024 saw a revenue of 6.654 billion yuan, a year-on-year increase of 2.20%, but a net loss of 395 million yuan, reflecting a significant decline in profitability [1]. - For Q1 2025, revenue was 7.060 billion yuan, a year-on-year decrease of 3.21%, while net profit was 686 million yuan, down 27.86% year-on-year [1]. Product Performance - The company has a titanium dioxide production capacity of 1.51 million tons per year, with 2024 production and sales volumes of 1.2955 million tons and 1.2545 million tons, respectively, showing increases of 8.74% and 8.25% year-on-year [2]. - Titanium concentrate production for 2024 was approximately 1.493 million tons, a year-on-year increase of 1.25%, with prices remaining relatively high, indicating stable profitability [2]. - Iron ore sales faced pressure with a total of 3.0022 million tons sold in 2024, a decrease of 30.80%, while sponge titanium sales increased by 42.57% [2]. Shareholder Returns - The company maintained a high dividend payout, distributing 2.144 billion yuan in 2024 and 1.186 billion yuan in Q1 2025, resulting in a dividend yield of approximately 5.48% based on a market capitalization of 39.1 billion yuan [3]. One-time Expenses - The company incurred significant one-time expenses in Q4 2024, including interest expenses related to the planned spin-off of a subsidiary and goodwill impairment, totaling approximately 554 million yuan [4][5]. - The company repurchased shares from strategic investors for a total of 2.597 billion yuan, including interest payments of about 325 million yuan [4]. Future Outlook - The company is expected to achieve revenues of 28.927 billion yuan, 30.251 billion yuan, and 31.505 billion yuan from 2025 to 2027, with net profits projected at 2.876 billion yuan, 3.845 billion yuan, and 4.081 billion yuan, respectively [6].

Investment Rating - The report maintains an "Outperform" rating for the company [1][6]. Core Views - The company has significant resource and cost advantages, with ongoing projects such as the joint mining development and the scandium-vanadium new materials park [1][15]. - The earnings forecasts for 2025-2026 have been lowered due to pressure on titanium dioxide prices, with EPS estimates for 2025, 2026, and 2027 at 1.20, 1.59, and 1.93 RMB respectively [6][13]. - The target price is set at 22.22 RMB, based on a PE ratio of 18.48 for 2025 [6][13]. Financial Summary - The company reported total revenue of 27.54 billion RMB in 2024, a year-on-year increase of 2.78%, with a net profit attributable to shareholders of 2.17 billion RMB, down 32.79% year-on-year [6][14]. - For Q1 2025, the company achieved revenue of 7.06 billion RMB, a decrease of 3.21% year-on-year, but a turnaround in net profit to 686 million RMB [6][14]. - The company’s titanium dioxide capacity stands at 1.51 million tons/year, and sponge titanium capacity at 80,000 tons/year, both leading globally [6][15]. Project Developments - Numerous projects are underway, including the joint mining projects and the planned scandium-vanadium new materials park, which will include various production capacities for vanadium and aluminum products [6][15]. - The company is also making progress in overseas exploration and base construction [6][16].