龙佰集团(002601)：钛白粉低迷业绩承压 持续完善产业链布局

Group 1 - The company reported a decline in revenue and net profit for the first half of 2025, with operating income of 13.33 billion yuan, down 3.34% year-on-year, and net profit attributable to shareholders of 1.39 billion yuan, down 19.53% year-on-year [1] - The titanium dioxide market is under pressure, while sponge titanium shows signs of recovery, with revenues from titanium dioxide, sponge titanium, and new energy materials at 8.66 billion, 1.49 billion, and 527 million yuan respectively, with year-on-year changes of -7.68%, 12.96%, and 27.23% [1][2] - The company has increased its market share in titanium dioxide sales despite a decrease in sales revenue compared to the previous year, with sales volumes of 612,000 tons for titanium dioxide, up 2.08% year-on-year [1] Group 2 - The price of titanium concentrate has declined in the first half of 2025, and the price of titanium dioxide continues to decrease due to anti-dumping measures affecting exports, leading to a supply surplus and demand pressure in the industry [2] - Sponge titanium prices have increased by approximately 10.64% in the first half of the year, supported by strong demand from military and new energy sectors, which is driving price increases and optimizing the industry structure [2] Group 3 - The company is actively improving its industrial chain and expanding overseas markets, focusing on a low-cost, integrated approach to reduce costs and enhance competitive advantages [3] - The company is the only titanium dioxide producer in China with a complete titanium industrial chain and is integrating this with lithium battery projects to diversify its market presence [3] - Despite the impact of anti-dumping taxes on titanium dioxide exports, the company is implementing strategies to build new factories overseas, enhancing brand recognition and avoiding high anti-dumping taxes while increasing production scale [3] Group 4 - The company is positioned as a leader in the domestic titanium industry, strengthening upstream resource security and continuously deepening industrial chain integration [4] - Revenue forecasts for 2025-2027 are projected at 30.10 billion, 32.72 billion, and 34.76 billion yuan, with year-on-year growth rates of 9.3%, 8.7%, and 6.2% respectively, and net profits expected to be 2.96 billion, 3.79 billion, and 4.39 billion yuan [4]