Investment Rating - The investment rating for Longbai Group is maintained at "Buy" [1][3]. Core Views - Longbai Group's performance shows steady growth, with a focus on deepening resource and industrial chain advantages. In the first half of 2024, the company achieved revenue of 13.804 billion yuan, a year-on-year increase of 4.09%, and a net profit attributable to shareholders of 1.721 billion yuan, up 36.40% year-on-year [1][3]. - The company is actively responding to challenges in the titanium dioxide market, with a focus on maintaining a balanced supply-demand situation and optimizing production efficiency [1][3]. - Longbai Group is committed to innovation and reform, enhancing production capacity utilization rates and market share, which contributed to steady growth in performance during the first half of 2024 [1][3]. Summary by Sections Financial Performance - In 2024H1, Longbai Group's titanium dioxide revenue reached 9.385 billion yuan, a year-on-year increase of 6.78%, with a gross margin of 33.51%, up 7.67 percentage points. The production volume was 649,600 tons, a year-on-year increase of 9.70% [1][3]. - The company produced 154.82 million tons of iron concentrate in 2024H1, with a net profit margin of 36.04% [3]. - Revenue from new energy materials was 414 million yuan, down 25.48% year-on-year, while zirconium products revenue was 433 million yuan, down 17.81% year-on-year [1][3]. Market Dynamics - The titanium dioxide market in China experienced a rebound in prices due to increased stocking demand, although competition pressure remains high as the market enters a seasonal downturn [1][3]. - The export volume of titanium dioxide from China reached 972,600 tons in 2024H1, a year-on-year increase of 16.31%, indicating competitive strength in the international market despite challenges such as potential tariffs from the EU [1][3]. Strategic Initiatives - Longbai Group is enhancing its industrial chain in scandium and vanadium materials, with plans to invest 1.08 billion yuan in a new materials industrial park [2][3]. - The company is focused on integrating its resource advantages and expanding its production capabilities, aiming to achieve an annual production of 7.6 million tons of iron concentrate and 2.48 million tons of titanium concentrate by the end of the 14th Five-Year Plan [3].

Investment Rating - Buy (Maintained) [6] Core Views - The company is a global leader in the titanium dioxide industry, with significant integrated advantages and the ability to navigate industry cycles [2] - The company has the lowest production costs in the industry, creating a strong competitive moat [3] - The company has a high dividend payout policy, with an average dividend payout ratio of 72% over the past seven years [4] - The titanium dioxide industry is at the bottom of its cycle, with the company well-positioned to benefit from future growth due to its cost advantages and capacity expansion [5] - The company is expected to achieve net profits of 3.8, 4.5, and 5.3 billion yuan in 2024, 2025, and 2026, respectively, with EPS of 1.59, 1.90, and 2.22 yuan [9] Company Overview - The company is the world's largest titanium dioxide producer, with an annual capacity of 1.51 million tons, and also the largest sponge titanium producer with an annual capacity of 80,000 tons [2] - The company has a fully integrated titanium industry chain, from titanium ore to titanium dioxide and titanium metal/derivatives, which provides significant cost advantages [2] - The company's titanium dioxide production cost in 2023 was 10,538 yuan/ton, significantly lower than its peers, ensuring profitability even during industry downturns [3] - The company plans to expand its titanium concentrate capacity to 2.5 million tons by 2025, further reducing production costs [3] Financial Performance - The company has maintained a high dividend payout ratio, with a total dividend payout of over 14.8 billion yuan in the past seven years [4] - In 2023, the company's dividend yield was 5.25%, well above the industry average [4] - The company's revenue grew from 2.06 billion yuan in 2014 to 26.79 billion yuan in 2023, with a CAGR of 33% [21] - Net profit grew from 63 million yuan in 2014 to 3.23 billion yuan in 2023, with a CAGR of 55% [21] - In H1 2024, the company achieved revenue of 13.8 billion yuan, up 4.09% YoY, and net profit of 1.72 billion yuan, up 36.4% YoY [21] Industry Overview - The global titanium dioxide industry is highly concentrated, with the top six producers accounting for 52% of global capacity [31] - China is the largest producer of titanium dioxide, with a capacity of 5 million tons in 2022, accounting for 53% of global capacity [34] - Overseas titanium dioxide capacity is declining due to environmental pressures and high labor costs, with several major producers closing plants in recent years [35] - Domestic titanium dioxide capacity in China is expected to increase by 700,000 tons in 2024 and 840,000 tons in 2025, but future growth is limited due to environmental regulations [37] Demand and Supply Dynamics - The titanium dioxide industry is at the bottom of its cycle, with most companies operating at a loss [5] - The company's cost advantages allow it to remain profitable even during industry downturns [5] - The company has 250,000 tons of unutilized titanium dioxide capacity, which will contribute to future growth [5] - Domestic demand for titanium dioxide is expected to improve, driven by recovery in downstream industries such as plastics, paper, and coatings [40] - Export demand is also expected to grow, particularly in emerging markets such as India, Brazil, and Turkey [45] Cost Advantages - The company has the lowest production costs in the industry, with a fully integrated supply chain from titanium ore to titanium dioxide [3] - The company's titanium concentrate capacity is expected to double by 2025, further reducing production costs [3] - The company's vertical integration and scale advantages allow it to maintain a significant cost advantage over its peers [3] Future Outlook - The company is expected to achieve net profits of 3.8, 4.5, and 5.3 billion yuan in 2024, 2025, and 2026, respectively, with EPS of 1.59, 1.90, and 2.22 yuan [9] - The company's PE ratios for 2024-2026 are 10.1x, 8.5x, and 7.3x, respectively, indicating significant upside potential [9] - The company's strong cost advantages and capacity expansion plans position it well for future growth [5][9] Risks - Economic downturn risks [10] - Significant fluctuations in product prices [10] - Delays in project construction [10] - Environmental policy restrictions [10] - Lower-than-expected progress in equity incentives [10]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 24.45 CNY per share, compared to the current price of 16.12 CNY [2]. Core Insights - The company achieved a revenue of 13.804 billion CNY in the first half of 2024, a year-on-year increase of 4.09%, and a net profit attributable to shareholders of 1.721 billion CNY, up 36.40% year-on-year. In Q2 alone, revenue was 6.510 billion CNY, a year-on-year increase of 3.59% but a quarter-on-quarter decrease of 10.75% [2]. - The production and sales of titanium dioxide continue to grow, with a significant increase in export growth. The company produced 649,600 tons of titanium dioxide in the first half of 2024, a year-on-year increase of 9.70%, with sales of 599,600 tons, a year-on-year increase of 3.70% [2]. - The company is expanding its production capacity, particularly in titanium ore, which is expected to enhance future growth. A strategic cooperation agreement was signed with Sichuan Resources Group to develop the Honggen South Mine, which has substantial reserves [2]. Financial Summary - The company forecasts net profits of 3.880 billion CNY, 4.603 billion CNY, and 5.455 billion CNY for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 20.3%, 18.6%, and 18.5% [3][9]. - The projected P/E ratios for 2024, 2025, and 2026 are 10x, 8x, and 7x respectively, with a target P/E of 15x for 2024 based on comparable company valuations [2][3].

证券代码：002601 证券简称：龙佰集团 公告编号：2024-057 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 备注：河南银泰投资有限公司、汤阴县豫鑫木糖开发有限公司系谭瑞清先生 控制的法人。 三、备查文件 一、股东股份解除质押基本情况 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 | | | 股东名称 | 持股数量 （股） | 持股 比例 （%） | 本次解除质 押前质押股 份数量（股） | 本次解除质 押后质押股 份数量（股） | 所持 股份 比例 | 司总 股本 比例 | | 占已 | 未质押 | 占未 质押 | | | | | | | | | 已质押股 | | | | | | | | | | | | 份限售和 | 质押 | 股份限 | | | | | | | | | | 冻结数量 ...

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 | | | 股东名称 | 持股数量 | 持股 | 本次质押前 | 本次质押后 | 所持 | 司总 | | 占已 | 未质押 | 占未 | | | | 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 | | | （股） | （%） | 量（股） | 量（股） | 比例 | 比例 | 份限售和 | | | | | | | | | | | | | 股份 | 售和冻 | 股份 | | | | | | | （%） | （%） | 冻结数量 | | | | | | | | | | | | （股） | 比例 | 结数量 | 比例 | | | | | | | | | | （%） | （股） | （%） | | 谭瑞清 ...

Investment Rating - The report maintains a "Strong Buy" rating for Longbai Group [2] Core Views - Longbai Group's core business, particularly in titanium dioxide and sponge titanium, has shown good growth, contributing to the company's overall performance [2] - The company is actively expanding its upstream mineral resources to strengthen its integrated supply chain advantages [2] - The report adjusts profit forecasts for 2024-2026, predicting net profits of 36.15 billion, 42.25 billion, and 48.77 billion respectively, with corresponding EPS of 1.52, 1.77, and 2.05 [2] Financial Performance - In the first half of 2024, Longbai Group achieved revenue of 137.91 billion, a year-on-year increase of 4.10%, and a net profit of 17.21 billion, up 36.40% year-on-year [2] - The titanium dioxide business revenue grew by 6.78% to 93.85 billion, with sales volume increasing by 3.7% to 599,600 tons [2] - Sponge titanium revenue increased by 21.47% to 13.19 billion, with sales volume rising by 60.32% to 30,800 tons [2] Production Capacity and Resource Development - Longbai Group is a leading player in the titanium dioxide industry, with a production capacity of 1.51 million tons for titanium dioxide and 80,000 tons for sponge titanium, ranking among the top globally [2][3] - The company is developing joint mining projects to significantly enhance its controlled resources of vanadium-titanium magnetite, laying a solid foundation for future raw material supply [2] Strategic Partnerships - Longbai Group has signed a strategic cooperation framework agreement with Sichuan Natural Resources Group to collaborate in various fields, including mining, vanadium-titanium industry, and titanium concentrate trade [2]

证券代码：002601 证券简称：龙佰集团 公告编号：2024-055 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。 截至 2024 年 8 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 9,441,100 股，占公司目前总股本的 0.3956%，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 159,981,571 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。 二、其他事项说明 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 9 号——回购股份》 的相关规定，具体说明如下： 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 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][6]. Core Views - The company achieved a revenue of 13.792 billion yuan in the first half of 2024, representing a year-on-year growth of 4.10%. The total profit reached 2.114 billion yuan, up 34.96%, and the net profit attributable to shareholders was 1.721 billion yuan, increasing by 36.40% [5][6]. - The company sold 599,600 tons of titanium dioxide in the first half of 2024, a growth of 3.70% year-on-year, with domestic sales accounting for 41.39% and international sales for 58.61% [5]. - The company continues to strengthen its integrated supply chain layout, with titanium dioxide production capacity of 1.51 million tons per year and sponge titanium capacity of 80,000 tons per year, ranking among the top globally [5][6]. Financial Performance Summary - The company’s revenue for 2023 is projected at 26.794 billion yuan, with a year-on-year growth of 10.9%. The net profit is expected to be 3.226 billion yuan, reflecting a decline of 5.6% [7][9]. - The earnings per share (EPS) for 2024 is estimated at 1.59 yuan, with a projected growth in net profit to 3.795 billion yuan in 2024, representing a growth of 17.6% [7][9]. - The gross margin is expected to improve from 26.7% in 2023 to 28.0% in 2024, indicating a positive trend in profitability [9][10]. Strategic Developments - The company signed a strategic cooperation framework agreement with Sichuan Resources Group, which includes collaboration in mining rights and resource development [6]. - The company has made significant investments in expanding its production lines, including a 400,000-ton chloride titanium dioxide production line and various green manufacturing projects [5][6].

Investment Rating - The report maintains a "Buy" rating for the company [1][9][36] Core Insights - The company achieved record high production and sales of titanium dioxide in the first half of 2024, with a significant increase in net profit [4][6][9] - The average selling price of titanium dioxide rose by 4.03% year-on-year, contributing to the overall revenue growth [4][6] - The company is positioned as a global leader in the titanium dioxide market, with advanced production technologies and a strong market share [7][9] Financial Performance - In the first half of 2024, the company reported revenue of 137.92 billion yuan, a year-on-year increase of 4.10%, and a net profit of 17.21 billion yuan, up 36.40% [3][4] - The gross profit margin improved to 27.53%, reflecting a 2.43 percentage point increase year-on-year [3][4] - The company’s return on equity (ROE) reached 7.19%, an increase of 1.45 percentage points compared to the previous year [3][4] Segment Performance - Titanium dioxide products generated revenue of 93.85 billion yuan, a 6.78% increase year-on-year, with a gross margin of 33.51% [4][11] - Iron products saw a revenue decline of 17.54% year-on-year, while sponge titanium products increased by 21.47% [4][11] - The company produced 64.96 million tons of titanium dioxide in the first half of 2024, a 9.70% increase year-on-year [4][11] Price Trends - The average price of titanium dioxide in Q2 2024 was 16,166.29 yuan per ton, reflecting a 3.52% increase year-on-year [6][9] - The average price of titanium concentrate was 2,094.31 yuan per ton, up 3.75% year-on-year [6][9] Future Outlook - The company is expected to achieve revenues of 295 billion yuan in 2024, with net profits projected at 36 billion yuan, indicating strong growth potential [9][36] - The report highlights the company's competitive advantages in production technology and resource availability, supporting its growth trajectory [7][9]

Investment Rating - The report maintains a "Buy" rating for Longbai Group (002601.SZ) [2][5] Core Views - In the first half of 2024, Longbai Group achieved a revenue of 13.792 billion yuan, a year-on-year increase of 4.1%, and a net profit attributable to shareholders of 1.721 billion yuan, up 36.4% year-on-year [1] - The company has signed a strategic cooperation agreement with Sichuan Resources Group to deepen its upstream resource layout, which is expected to enhance its raw material supply capabilities [1][2] Summary by Sections Financial Performance - In H1 2024, the titanium dioxide business generated revenue of 9.385 billion yuan, a 6.8% increase year-on-year, with a gross margin improvement of 7.7 percentage points to 33.5% [1] - The company sold 599,600 tons of titanium dioxide in H1 2024, a 3.7% increase year-on-year, with international sales accounting for 58.6% of total sales [1] - The production of titanium concentrate reached 1.0456 million tons, a significant increase of 73.0% year-on-year, ensuring a stable supply of raw materials [1] Strategic Developments - The strategic cooperation with Sichuan Resources Group involves collaboration in the vanadium-titanium magnetite mining and processing sectors, aiming to explore new opportunities in the vanadium-titanium industry [1] - The partnership will prioritize the supply of titanium concentrate to Longbai Group, enhancing its resource acquisition capabilities both domestically and internationally [1] Profit Forecast and Valuation - The profit forecasts for 2024-2026 have been adjusted downward due to recent narrowing of titanium dioxide profit margins and the impact of anti-dumping measures in the EU [2] - Expected net profits for 2024, 2025, and 2026 are 3.517 billion yuan (down 12.3%), 4.375 billion yuan (down 14.2%), and 4.924 billion yuan (down 16.7%) respectively [2]