龙佰集团：三季度业绩符合预期，稳步拓展上游钛矿资源

Investment Rating - Buy rating for the company [1] Core Views - The company's Q3 2024 performance met expectations, with revenue of 208.85 billion yuan, up 2.97% YoY, and net profit of 25.64 billion yuan, up 19.68% YoY [2] - Titanium dioxide prices stabilized and volumes increased, driving the company's performance growth in the first three quarters of 2024 [2] - The company is steadily expanding upstream titanium ore resources, having signed strategic cooperation agreements and acquired new mining rights [2] - The company's leading position in titanium dioxide and sponge titanium is solid, with a complete industry chain layout [2] - The company is expected to achieve net profits of 32.76/40.52/46.67 billion yuan in 2024-2026, with EPS of 1.37/1.70/1.96 yuan and P/E ratios of 14/12/10 [2] Financial Performance - Revenue in 2023 was 267.94 billion yuan, expected to grow to 290.42/322.77/350.51 billion yuan in 2024-2026 [2] - Net profit in 2023 was 32.26 billion yuan, expected to grow to 32.76/40.52/46.67 billion yuan in 2024-2026 [2] - Gross margin in 2023 was 26.8%, expected to improve to 26.9%/27.8%/28.8% in 2024-2026 [4] - ROE in 2023 was 12.9%, expected to improve to 12.6%/14.6%/15.6% in 2024-2026 [4] Industry Analysis - Domestic titanium dioxide production in the first three quarters of 2024 was 3.4864 million tons, up 20.81% YoY [2] - Titanium dioxide exports in the first three quarters of 2024 were 1.4402 million tons, up 14.80% YoY [2] - Domestic apparent consumption of titanium dioxide in the first three quarters of 2024 was 2.1177 million tons, up 25.48% YoY [2] - The average price of rutile titanium dioxide in the first three quarters of 2024 was 15,839 yuan/ton, up 1.77% YoY [2] - The average price of titanium concentrate in the first three quarters of 2024 was 2,103 yuan/ton, up 4.16% YoY [2] Company Operations - The company has titanium dioxide production capacity of 1.51 million tons/year and sponge titanium capacity of 80,000 tons/year, ranking among the world's top [2] - The company is the only titanium dioxide producer in China with a complete titanium industry chain [2] - The company has multiple mining rights and is expanding its upstream titanium ore resources [2]