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 ...

证券代码：002601 证券简称：龙佰集团 公告编号：2024-062 龙佰集团股份有限公司 第八届监事会第十五次会议决议公告 本公司及监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、监事会会议召开情况 龙佰集团股份有限公司（以下简称"公司"）第八届监事会第十五次会议于 2024 年 10 月 28 日（周一）以通讯表决和现场表决相结合的方式召开。本次监 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监事。会议应参加表决监事 3 人，实际参加表决监 事 3 人。会议由监事会主席张海涛先生主持，会议的召开符合有关法律、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、监事会会议审议情况 本次监事会会议审议通过了如下议案： 1、审议通过《2024 年第三季度报告》。 关于本议案具体内容详见公司指定信息披露媒体《中国证券报》《证券时报》 《上海证券报》及巨潮资讯网（www.cninfo.com.cn）《关于续聘会计师事务所的 公告》。 经审核，监事会认为：公司 2024 年第三季 ...

一、拟续聘会计师事务所事项的情况说明 按照《国有企业、上市公司选聘会计师事务所管理办法》相关规定，为进一 步规范公司选聘会计师事务所程序，推动企业提升审计质量，公司通过公开招标 方式选聘具备证券、期货相关业务审计资格和上市公司审计服务经验与能力的会 计师事务所作为公司财务报表和内控审计机构，最终中标单位为立信会计师事务 所，中标价格为 207 万元/年，合同期限为 1 年。 立信会计师事务所持有财政部及中国证监会联合颁发的会计师事务所证券、 期货相关业务许可证，具备审计上市公司的资格，有较强的专业服务能力、投资 者保护能力。自 2013 年担任公司审计机构以来在审计工作中能够按照《企业会 计准则》和《审计准则》的有关规定对公司进行审计，出具的审计报告客观、公 正地反映了公司的财务状况及经营成果，较好地履行了双方合同所约定的责任和 义务。为满足公司财务审计和内控审计等要求，保证公司审计工作衔接的连续性、 完整性，经公司董事会综合评估及审慎研究，公司拟继续聘任立信会计师事务所 为公司 2024 年度财务报表和内控审计机构，聘期一年，并提请公司 2024 年第二 次临时股东大会审议批准。 二、拟续聘会计师事务所的基 ...

证券代码：002601 证券简称：龙佰集团 公告编号：2024-066 （一）股东大会届次：2024 年第二次临时股东大会。 （二）股东大会的召集人：本次股东大会由公司董事会召集，经公司第八届 董事会第十五次会议审议通过《关于召开 2024 年第二次临时股东大会的议案》， 同意召开本次股东大会。 （三）本次会议的召开符合有关法律、行政法规、部门规章、规范性文件和 公司章程的有关规定，会议的召开合法、合规。 关于召开 2024 年第二次临时股东大会的通知 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、召开会议的基本情况 （四）会议时间： 1、现场会议：2024 年 11 月 13 日（星期三）下午 14:30 2、网络投票：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 和下午 13:00-15:00；通过深圳证券交易所 互联网投票系统投票的具体时间为 2024 年 11 月 13 日上午 9:15 至下午 15:00。 龙佰集团股份有限公司 （五）会议召开方式：本次股东大会采 ...

本次独立董事专门会议审议通过了如下议案： 1、审议通过《关于 2024 年第三季度利润分配预案的议案》 独立董事认为：公司 2024 年第三季度利润分配预案与公司业绩相匹配，预 案符合公司实际情况，符合《公司法》《深圳证券交易所股票上市规则》《上市 公司监管指引第 3 号——上市公司现金分红》《公司章程》《公司未来三年 （2023-2025 年）股东回报规划》等相关规定，充分考虑了公司目前及未来业务 发展情况、盈利规模、投资资金需求等情况，符合公司实际情况和利润分配政策。 同时充分尊重了公司股东特别是中小股东的利益，体现了公司分配政策的一致性， 体现了对公司股东合理的投资回报。实施该方案符合公司和全体股东的利益，不 存在损害中小股东利益的情况。经综合考虑，独立董事同意将该议案提交公司董 事会审议。 龙佰集团股份有限公司 2024 年第一次独立董事专门会议决议 一、独立董事专门会议召开情况 龙佰集团股份有限公司（以下简称"公司"）2024 年第一次独立董事专门 会议于 2024 年 10 月 28 日（周一）以现场表决的方式召开。本次独立董事专门 会议通知已于 2024 年 10 月 25 日以书面送达或电子邮 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [2][4]. Core Viewpoints - Longbai Group is a global leader in titanium dioxide (TiO2) production, with a total capacity of 850,000 tons/year for sulfate process and 660,000 tons/year for chloride process, benefiting from strong resource and technological advantages [1][10]. - The domestic supply of titanium dioxide is expected to tighten, while overseas capacity is being reduced, leading to a favorable industry outlook [1][67]. - The company is expanding its sponge titanium production capacity, which is currently 80,000 tons/year, and is focusing on high-end applications in aerospace and defense [1][10]. - The company is strategically positioned in the new energy materials sector, with existing capacities of 100,000 tons for iron phosphate, 50,000 tons for lithium iron phosphate, and 25,000 tons for graphite anodes, although it plans to pause new investments in this area due to industry overcapacity [2][10]. Summary by Sections 1. Business Overview - Longbai Group is a diversified enterprise focusing on new material research and manufacturing, with a history of significant mergers and acquisitions that have bolstered its market position [10][19]. - The company has a young and professional management team, enhancing its innovative capabilities [19]. 2. Resource Supply Advantage - The company has secured mining rights for several iron mines, ensuring a resource reserve of over 300 million tons, which can sustain operations for approximately 20 years [1][45]. - The global supply of titanium ore is limited, with China being a major contributor to new resource increments [37][39]. 3. Titanium Dioxide Leadership - Longbai Group holds the largest production capacity for sulfate titanium dioxide globally and ranks first in China for chloride titanium dioxide production [1][62]. - The company is expected to benefit from a recovery in the titanium dioxide market as the real estate sector stabilizes [53][67]. 4. Sponge Titanium Production - The company is a pioneer in high-end sponge titanium production, with plans for further expansion and potential listing of its subsidiary to enhance market competitiveness [1][10]. 5. New Energy Materials - Longbai Group has established a foothold in the new energy materials market but will delay further capacity investments due to current industry overcapacity [2][10]. 6. Financial Forecast and Investment Advice - Revenue projections for 2024-2026 are estimated at 301.9 billion, 332.6 billion, and 367.0 billion yuan, with net profits of 34.6 billion, 40.8 billion, and 49.2 billion yuan respectively [2][3].

龙佰集团股份有限公司 证券代码：002601 证券简称：龙佰集团 公告编号：2024-060 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： 1、公司未在下列期间回购公司股份： 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股计划。本次回购股份 的资金总额不低于人民币10,000万元（含）且不超过人民币20,000万元（含）， 回购股份的价格为不超过人民币32.10元/股（含），具体回购股份的数量以回购 期满时实际回购的股份数量为准。本次回购股份的实施期限自公司董事会审议通 过本次回购股份方案之日起12个月内。具体内容详见公司于2024年6月18 ...

证 2024 年 09 月 23 日 研 告 s 公 司 研 究 究 报 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------|-------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - Maintains an "Overweight" rating with a target price of 20.75 yuan, corresponding to a 14.17X PE ratio for 2024 [5] Core Views - Titanium dioxide exports in August showed steady growth, with a 16.88% YoY increase and a 0.65% MoM increase, totaling 16.07 million tons [5] - The export price of titanium dioxide in August was approximately 2,161 USD/ton, a 1.39% YoY increase but a 4.42% MoM decrease [5] - The proportion of exports to the EU rebounded to 11% in August after a sharp drop to 4% in July due to anti-dumping measures, with a 163.40% MoM increase in export volume [5] - Domestic apparent consumption of titanium dioxide in August was 243,000 tons, a 11.53% YoY increase and a 5.65% MoM increase [5] - The company's titanium dioxide production capacity is the largest globally, with significant cost advantages due to its integrated titanium concentrate production capacity exceeding 1 million tons annually [5] Industry Analysis - The operating rate of the titanium dioxide industry in China reached 80.96% in August, a 4.38 percentage point increase MoM, with production of 397,200 tons, a 14.76% YoY increase and a 4.39% MoM increase [5] - The domestic demand for titanium dioxide is expected to improve further as real estate policies and related stimulus measures take effect [5] Financial Projections - Revenue is projected to grow from 26,794 million yuan in 2023 to 36,079 million yuan in 2026, with a CAGR of 10.3% [10] - Net profit attributable to the parent company is expected to increase from 3,226 million yuan in 2023 to 5,623 million yuan in 2026, with a CAGR of 20.3% [10] - EPS is forecasted to rise from 1.35 yuan in 2023 to 2.36 yuan in 2026 [10] Valuation - The company's current PE ratio is 12.31x for 2023, 11.36x for 2024, and 8.84x for 2025, based on the latest share capital [10] - The PB ratio is 1.77x for 2023, 1.68x for 2024, and 1.55x for 2025 [10] Key Projects and Resources - The company is advancing projects such as the Fengyuan technical transformation, the integration of the Hongge mining area, and the development of the Xujiagou project [5] - It recently announced the acquisition of the exploration rights for the Changchong titanium mine in Yunnan Province [5]

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [15]. Core Insights - The company reported a revenue of 13.792 billion yuan for the first half of 2024, representing a year-on-year growth of 4.10%. The net profit attributable to shareholders was 1.721 billion yuan, up 36.40% year-on-year, with a basic earnings per share of 0.72 yuan [2][3]. - The recovery in titanium dioxide prices has driven growth in the company's performance, with domestic prices rising from 14,967 yuan/ton to 16,050 yuan/ton in 2023, a 7.23% increase. The average price in the first half of 2024 was 16,174 yuan/ton, up 4.62% year-on-year [2][3]. - The company has strengthened its competitive position through vertical integration, acquiring several upstream titanium resources, which has improved its cost structure and resource security [6][3]. Financial Performance - The company's gross margin for the first half of 2024 was 27.53%, an increase of 2.42 percentage points year-on-year, while the net margin improved by 2.95 percentage points to 12.47% [3]. - The titanium dioxide business achieved a gross margin of 33.51%, up 7.67 percentage points year-on-year, contributing significantly to the overall profitability [3]. - The company produced 1.049 million tons of titanium concentrate in the first half of 2024, a 73.00% increase year-on-year, all of which was used internally [6]. Future Outlook - The company anticipates a recovery in performance in the second half of 2024, driven by seasonal demand and improved product competitiveness [6]. - Earnings per share (EPS) are projected to be 1.47 yuan and 1.64 yuan for 2024 and 2025, respectively, with corresponding price-to-earnings (PE) ratios of 10.95 and 9.80 based on the closing price of 16.11 yuan on September 18, 2024 [6].