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、交易情况概述 龙佰集团: 关于回购子公司股权的进展公告 证券代码：002601 证券简称：龙佰集团 公告编号：2025-002 龙佰集团股份有限公司 龙佰集团股份有限公司（以下简称"公司"）第七届董事会第四十九次会议、 为优化云南国钛金属股份有限公司（以下简称"云南国钛"）公司治理，促进其 业务发展，云南国钛引入 19 名战略投资者。19 名战略投资者按照 3.20 元/股的 价格，以现金认购云南国钛新增股份 3.30 亿股（增资款 10.56 亿元），受让公司 下属子公司龙佰禄丰钛业有限公司（以下简称"禄丰钛业"）所持有的云南国钛 股份 3.80 亿股（股份转让款 12.16 亿元）。以上内容详见公司在 2023 年 3 月 25 日、2023 年 4 月 11 日、2023 年 5 月 11 日、2023 年 5 月 19 日刊载于《中国证 券报》《证券时报》及巨潮资讯网（www.cninfo.com.cn）的相关公告。 公司于 2024 年 12 月 30 日召开的第八届董事会第十七次会议审议通过了《关 ...

证券代码：002601 证券简称：龙佰集团 公告编号：2025-003 龙佰集团股份有限公司 关于公司股东股份质押及解除质押的公告 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"）接到公司股东谭瑞清先 生、河南银泰投资有限公司（以下简称"银泰投资"）的通知，获悉谭瑞清先生 所持有的本公司部分股份办理了质押，银泰投资所持有的本公司部分股份办理了 解除质押。具体事项如下： | | | | | | | | 已质押股份 | | 未质押股份 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 本次质押及 | 本次质押及 | 占其 | 占公 | 情况 | | 情况 | | | | 持股数量 | 持股 | 解除质押前 | 解除质押后 | 所持 | 司总 | | 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 | 已质押股 | 质押 | 股份限 | 质押 ...

公司于 2024 年 12 月 30 日召开的第八届董事会第十七次会议审议通过了《关 于回购子公司股权的的议案》。根据公司、禄丰钛业、云南国钛与 19 名战略投 资者签署的《关于云南国钛金属股份有限公司之投资合同书》及《关于云南国钛 金属股份有限公司投资合同书之补充协议》的约定，经友好协商，公司、禄丰钛 业、云南国钛拟与 19 名战略投资者解除前述合同及协议，同时公司以原价（即 3.20 元/股）回购 19 名战略投资者持有的全部云南国钛股份，股份原价为 22.72 亿元，并向 19 名战略投资者支付资金使用费约 3.02 亿元【暂估至 2024 年 12 月 31 日，具体以支付时资金实际使用天数计算的金额为准】，回购总价款合计约 25.74 亿元。本次交易完成后，公司及禄丰钛业持有的云南国钛股权由 50.9960% 变更为 83.3238%，云南国钛仍然是公司的控股子公司，不会导致公司合并报表 - 1 - 范围发生变化。以上内容详见公司在 2024 年 12 月 31 日刊载于《中国证券报》 《证券时报》《上海证券报》及巨潮资讯网（www.cninfo.com.cn）的相关公告。 二、交易进展情况 证券代 ...

2025 年 03 月 16 日 行业研究 评级：推荐(维持) 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 [Table_Title] 欧美 MDI 厂商发布涨价函，关注铬盐在军工领 域的应用 ——基础化工行业周报 最近一年走势 | 行业相对表现 | | | 2025/03/14 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 基础化工 | 4.1% | 0.5% | 9.7% | | 沪深 300 | 1.7% | 1.9% | 12.5% | 相关报告 《基础化工行业周报：振华股份铬盐价格上涨，中 策橡胶 IPO 过会（推荐）*基础化工*李永磊，董伯 骏》——2025-02-16 《基础化工行业周报：轮胎原材料价格指数走低， 赛轮轮胎拟扩建柬埔寨工厂（推荐）*基础化工*李 永磊，董伯骏》——2025-01-12 《基 ...

证券代码：002601 证券简称：龙佰集团 公告编号：2025-001 关于公司股东股份质押及质押延期的公告 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"）接到公司股东谭瑞清先 生的通知，获悉其所持有的本公司部分股份办理了质押及质押延期，具体事项如 下： | | 是否为控股 股东或第一 | 本次质押数 | 占其所 持股份 | 占公司 总股本 | 是否 | 是否 为补 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | | | | | 为限 | | 质押起始 | 质押到期 | | 质权人 | 质押 | | 名称 | 大股东及其 一致行动人 | 量（股） | 比例 （%） | 比例 （%） | 售股 | 充质 押 | 日 | 日 | | | 用途 | | | | | | | | | | | | | 置换 | | | 否 | 2,320,000 | 1.18 | 0.10 | 否 | 是 ...

Investment Rating - The industry investment rating is "Recommended" [3][22]. Core Insights - The prices of pure MDI and TDI have shifted from rising to falling due to demand not meeting expectations. MDI is currently facing a 41.5% tariff due to an anti-dumping investigation in the US, but the impact on the company's performance is expected to be limited as they adjust channels through Hungarian production [3][13]. - Potash prices continue to rise, with domestic upstream operating rates low and the demand peak approaching. The international market is experiencing supply tightness due to Ural Potash Company announcing the closure of three mines for maintenance, leading to a reduction of at least 300,000 tons in Q2 production [3][12]. Industry Performance Statistics and Analysis - From February 17 to February 21, 2025, the Shenwan Basic Chemical Index increased by 1.19%, outperforming the Shanghai Composite Index, which rose by 0.97%. The best-performing sectors included membrane materials, other rubber products, and carbon black, while the worst-performing sectors were phosphate fertilizers, nitrogen fertilizers, and soda ash [9]. - The price of titanium dioxide has risen to 14,546 RMB/ton, up 0.43% week-on-week, driven by cost pressures and the upcoming demand peak. Dragon Group announced a price increase of 300 RMB/ton for domestic customers and 50 USD/ton for international customers [11]. - The price of potassium chloride is currently 2,954 RMB/ton, with a weekly increase of 5.61% and a monthly increase of 14.58%. Domestic supply is expected to decrease by about 15% due to winter maintenance, while international supply is constrained by geopolitical factors [12]. Price Trends of Key Products - TDI price has decreased by 12.82% to 12,925 RMB/ton due to low downstream demand and limited orders, leading to a surplus of market supply [12][16]. - Pure MDI price has dropped by 2.05% to 19,100 RMB/ton, with market activity subdued as downstream demand remains weak [13][16]. - The overall chemical product prices have shown active performance since the beginning of 2025, primarily due to cost pressures and supply-demand mismatches [13]. Recommended Companies - The report highlights several companies with strong long-term prospects, including Wanhua Chemical, Hualu Hengsheng, Baofeng Energy, Longbai Group, Satellite Petrochemical, Juhua Co., Huat Gas, Yake Technology, and Jiangnan Chemical [14].

Investment Rating - The report maintains a "Strong Buy" rating for Longbai Group [2][5]. Core Views - Longbai Group is a leading enterprise in the titanium dioxide industry, with a production capacity of 1.51 million tons of titanium dioxide and 80,000 tons of sponge titanium, both ranking first globally. The company utilizes both sulfate and chloride processes for titanium dioxide production, with its chloride process technology being internationally competitive while effectively reducing production costs [3]. - The company has a comprehensive integrated advantage in the titanium dioxide industry chain, controlling high-quality mineral resources and deep processing capabilities. It has multiple mining rights to ensure stable supply of titanium concentrate for production [3][4]. - The titanium dioxide industry is currently at a cyclical low in profitability, but there are expectations for marginal improvement. Demand is anticipated to recover due to ongoing macroeconomic policy support in China, which may lead to a rebound in the industry's long-term profitability [4]. Financial Forecasts - The company forecasts net profits of 3.615 billion, 4.225 billion, and 4.877 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.52, 1.77, and 2.05 yuan. The current stock price corresponds to P/E ratios of 12, 10, and 9 times for the same years [5][6]. - Revenue is projected to grow from 26.794 billion yuan in 2023 to 37.138 billion yuan in 2026, with growth rates of 10.92%, 10.86%, 11.51%, and 12.12% for the respective years [6]. Company Overview - Longbai Group is a large diversified enterprise group focused on the research, manufacturing, and deep integration of new materials such as titanium, zirconium, and lithium. Its products are sold in over 100 countries and regions across six continents [7]. - The company has established a green industrial chain from mineral extraction and processing to the manufacturing of titanium dioxide and titanium metals, with production bases located in several provinces in China [7].

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][5]. Core Viewpoints - The company is a leading player in the titanium dioxide industry, with a production capacity of 1.51 million tons of titanium dioxide and 80,000 tons of sponge titanium, both ranking first globally. It is one of the few suppliers that utilize both sulfate and chloride processes for titanium dioxide production, achieving cost reductions and increasing market share [3]. - The company has a strong integrated advantage in the titanium dioxide industry chain, controlling high-quality mineral resources and processing capabilities. It has multiple mining rights to ensure stable supply of titanium concentrate for production [3][4]. - The titanium dioxide industry is currently at a cyclical low, but there are expectations for marginal improvement. With ongoing macroeconomic policy support in China, demand for titanium dioxide is expected to recover, leading to a potential rebound in industry profitability [4]. - The company is actively expanding its upstream mineral resources and has signed a strategic cooperation framework agreement with Sichuan Natural Resources Group to enhance its resource layout [4]. Financial Forecasts - The company’s revenue is projected to grow from 26.79 billion yuan in 2023 to 37.14 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 12.12% [6]. - Net profit is expected to increase from 3.62 billion yuan in 2024 to 4.88 billion yuan in 2026, with corresponding earnings per share (EPS) rising from 1.52 yuan to 2.05 yuan [5][6]. - The price-to-earnings (P/E) ratio is projected to decrease from 12 times in 2024 to 9 times in 2026, indicating potential undervaluation [5][6].

Investment Rating - The report maintains a "Buy" rating for Longbai Group with a target price of RMB 24.30 per share [4][5]. Core Insights - The titanium dioxide market remains under pressure due to anti-dumping tax policies and weak seasonal demand, leading to losses in the sponge titanium and new energy materials segments [2][3]. - Longbai Group plans to achieve titanium concentrate production capacity of 2.48 million tons and iron concentrate capacity of 7.6 million tons by the end of 2025, with tight supply expected to keep titanium concentrate prices fluctuating at high levels [3][4]. - The company continues to export titanium dioxide to Europe and Brazil despite the imposition of anti-dumping duties, with some marginal producers reducing output or halting production [3][4]. Summary by Sections Market Performance - In Q4, Longbai Group's titanium dioxide sales were approximately 300,000 tons, with total annual sales nearing 1.25 million tons. The market faced challenges from anti-dumping taxes and seasonal demand weakness, resulting in a slight loss during exports to the EU [2][3]. Production Capacity and Strategy - The company anticipates a titanium concentrate output of 1.3 to 1.4 million tons in 2024, with Q4 prices experiencing seasonal fluctuations. The sponge titanium segment saw a slight increase in sales to 20,000 tons, but price declines led to losses [2][3]. Financial Projections - Revenue projections for Longbai Group show a steady increase from RMB 26.765 billion in 2023 to RMB 36.886 billion by 2028, with net profit expected to rise from RMB 3.226 billion in 2023 to RMB 5.095 billion in 2028 [7]. - The report estimates earnings per share (EPS) to be RMB 1.45 for 2024, increasing to RMB 2.14 by 2028 [7]. Valuation - The target price of RMB 24.30 per share is based on a discounted cash flow (DCF) valuation method, maintaining a weighted average cost of capital (WACC) of 7.4% [4][5].

Investment Rating - The investment rating for Longbai Group is maintained as "Overweight" [8][15]. Core Views - The report highlights that the titanium dioxide and titanium ore market has experienced a downturn since Q4 2024, primarily due to slow recovery in demand from sectors like real estate and the impact of anti-dumping measures on titanium dioxide exports from the EU and Brazil. Despite these challenges, Longbai Group's integrated advantages in the titanium industry and its leading cost advantages are expected to sustain its performance [13][14]. - The average price of domestic 46% titanium concentrate in Q4 2024 was reported at RMB 2,050 per ton, a decrease of 4.0% quarter-on-quarter, attributed to increased domestic supply and weak downstream demand for titanium dioxide. Longbai Group possesses high-quality titanium ore resources, with reserves accounting for 80% of the national total, and plans to expand its production capacity significantly by 2025 [13][14]. - The report anticipates a slight adjustment in profit expectations due to the decline in titanium dioxide and titanium ore prices, projecting net profits for 2024-2026 at RMB 3.21 billion, RMB 3.93 billion, and RMB 4.86 billion respectively, with corresponding EPS of RMB 1.35, RMB 1.65, and RMB 2.04 [15]. Financial Summary - Revenue projections for Longbai Group are as follows: RMB 24.16 billion in 2022, RMB 26.79 billion in 2023, RMB 28.84 billion in 2024E, RMB 31.29 billion in 2025E, and RMB 34.92 billion in 2026E, reflecting growth rates of 17.16%, 10.92%, 7.65%, 8.48%, and 11.62% respectively [9]. - The company's net profit attributable to the parent company is expected to decline from RMB 3.42 billion in 2022 to RMB 3.23 billion in 2023, before recovering to RMB 3.93 billion in 2025 and RMB 4.87 billion in 2026, indicating a growth trajectory in the latter years [9][15]. - The target price for Longbai Group is set at RMB 21.45, with the current closing price at RMB 17.18, suggesting a potential upside [10][15].