龙佰集团：二季度净利同比增长，钛精矿自给率再提升

Investment Rating - The investment rating for the company is "Outperform the Market" [1][4][12]. Core Views - The company reported a year-on-year increase in revenue and net profit for Q2 2024, with revenue reaching 6.5 billion yuan (up 4% YoY) and net profit at 770 million yuan (up 13% YoY) [1][5]. - The growth in revenue and net profit is primarily driven by the increase in production and sales of titanium dioxide, along with improved gross margins [1][5]. - The company has achieved a higher self-sufficiency rate in titanium concentrate, with production increasing by 73% YoY to 1.046 million tons in the first half of 2024 [1][9]. Summary by Relevant Sections Financial Performance - In the first half of 2024, the company achieved revenue of 13.79 billion yuan (up 4% YoY) and a net profit of 1.72 billion yuan (up 36% YoY) [1][5]. - The Q2 2024 revenue was 6.5 billion yuan (up 4% YoY, down 11% QoQ) and net profit was 770 million yuan (up 13% YoY, down 19% QoQ) [1][5]. - The gross margin for sales in Q2 2024 was 26.7%, a slight decrease from the previous year [5]. Titanium Dioxide Segment - The titanium dioxide segment generated revenue of 9.38 billion yuan in the first half of 2024, accounting for 68% of total revenue, with production and sales volumes increasing by 10% and 4% YoY, respectively [1][9]. - The average market price for titanium dioxide in Q2 2024 was approximately 16,195 yuan per ton, reflecting a 3% YoY increase [1][9]. Titanium Concentrate and Sponge Titanium - The company’s titanium concentrate production reached 1.046 million tons in the first half of 2024, all for internal use, further enhancing self-sufficiency [1][9]. - Sponge titanium production and sales increased by 29% and 60% YoY, respectively, although the gross margin decreased [1][9]. Iron Concentrate Segment - The iron concentrate segment saw a decline in production and sales, with production down 14% and sales down 39% YoY, resulting in revenue of 1.06 billion yuan (down 18% YoY) [1][9].