龙佰集团：钛白粉市场持稳，Q3业绩环比增长

Investment Rating - The report maintains a "Buy-B" rating for the company Longbai Group (002601.SZ) [1] Core Views - The titanium dioxide market remains stable, with a quarter-on-quarter performance increase in Q3 2024. The company reported a revenue of 20.885 billion yuan for the first three quarters of 2024, a year-on-year increase of 2.97%, and a net profit attributable to shareholders of 2.564 billion yuan, a year-on-year increase of 19.68% [2][3] - In Q3 2024, the company achieved a revenue of 7.081 billion yuan, a year-on-year increase of 0.85% and a quarter-on-quarter increase of 8.77%. The net profit attributable to shareholders for the same quarter was 842 million yuan, a year-on-year decrease of 4.29% but a quarter-on-quarter increase of 9.33% [3] - The gross profit margin for the first three quarters of 2024 was 26.95%, an increase of 0.51 percentage points year-on-year, while the expense ratio decreased to 11%, a year-on-year decrease of 1.07 percentage points [3] Summary by Sections Market Performance - As of October 31, 2024, the closing price was 18.84 yuan, with a year-to-date high of 23.20 yuan and a low of 15.12 yuan. The circulating A-shares are 1.989 billion, with a total market capitalization of 44.958 billion yuan [1] Financial Performance - The company’s earnings per share (EPS) for September 30, 2024, was 1.08 yuan, with a return on equity (ROE) of 9.63% [1] - The report projects net profits for 2024-2026 to be 3.308 billion, 3.836 billion, and 4.758 billion yuan respectively, with corresponding price-to-earnings (PE) ratios of 13.6, 11.7, and 9.4 times [5] Industry Insights - The titanium dioxide market is characterized by stable pricing, with the average market price in Q3 2024 at 15,407.18 yuan per ton, a decrease of 759.63 yuan per ton or 4.70% from the previous quarter. The industry supply is sufficient, with an estimated production of 1.182 million tons in Q3, relying on exports to alleviate domestic demand pressure [3] - The company’s subsidiary successfully acquired exploration rights for titanium ore resources, enhancing the company's resource reserves and core competitiveness [4]