LB Group(002601)2024-10-29 06:10Investment Rating - The investment rating for Longbai Group is maintained at "Buy" [1] Core Views - The company reported a quarter-on-quarter revenue growth in Q3 2024, with a total revenue of 70.81 billion yuan, reflecting a year-on-year increase of 0.85% and a quarter-on-quarter increase of 8.77% [5] - The net profit attributable to shareholders for Q3 2024 was 8.42 billion yuan, showing a year-on-year decrease of 4.29% but a quarter-on-quarter increase of 9.33% [5] - The company is optimistic about its mining capacity expansion potential and continues to focus on high dividend payouts to shareholders [5] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 208.05 billion yuan, up 2.97% year-on-year, and a net profit of 25.64 billion yuan, up 19.68% year-on-year [5] - The earnings per share (EPS) for 2024-2026 are projected to be 1.39, 1.47, and 1.96 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 14.5, 13.6, and 10.2 times [5][6] - The company plans to distribute a cash dividend of 3.00 yuan per 10 shares, totaling 7.13 billion yuan, with a dividend payout ratio of 83.65% for the first three quarters of 2024 [5] Market and Pricing Insights - The average market price for titanium dioxide in Q3 2024 was 15,404.5 yuan per ton, a decrease of 762 yuan from Q2, while the price for titanium concentrate increased by 20 yuan to 2,227.5 yuan per ton [5] - The company is actively advancing its joint development project for two mines, with expected production capacities of 2.48 million tons per year for titanium concentrate and 7.6 million tons per year for iron concentrate by 2025 [5]