华金证券：给予龙佰集团增持评级

Group 1 - The core viewpoint of the report is that Longbai Group is facing pressure on its titanium dioxide performance due to market conditions, but it is actively improving its industrial chain layout and expanding overseas markets [1][3]. - In the first half of 2025, Longbai Group reported a revenue of 13.33 billion yuan, a year-on-year decrease of 3.34%, and a net profit attributable to shareholders of 1.39 billion yuan, down 19.53% [1][2]. - The sales revenue for titanium dioxide, sponge titanium, and new energy materials in the first half of 2025 were 8.66 billion yuan, 1.49 billion yuan, and 527 million yuan, with year-on-year changes of -7.68%, 12.96%, and 27.23% respectively [2][3]. Group 2 - The company is enhancing its industrial chain integration and expanding its overseas market presence, aiming to mitigate the impact of anti-dumping taxes on titanium dioxide exports by establishing new factories abroad [3][4]. - Longbai Group is the only company in China that integrates the entire titanium industry chain, which includes coupling the titanium industry with lithium battery projects to diversify its market [3][4]. - The company maintains a strong dividend policy and is expected to achieve revenues of 30.10 billion yuan, 32.72 billion yuan, and 34.76 billion yuan from 2025 to 2027, with corresponding net profits of 2.96 billion yuan, 3.79 billion yuan, and 4.39 billion yuan [4].