LB Group(002601) 开源证券·2025-04-25 06:23Investment Rating - The investment rating for Longbai Group is "Buy" (maintained) [2] Core Views - The company is facing pressure on its performance in 2024 but is actively advancing its mining development and internationalization of titanium dioxide [1] - The company reported a revenue of 27.54 billion yuan in 2024, a year-on-year increase of 2.78%, but a net profit attributable to shareholders of 2.17 billion yuan, a year-on-year decrease of 32.79% [5] - The report highlights the potential for capacity expansion in the mining sector, despite challenges such as increased impairment losses and financial expenses [5] Financial Summary - Revenue and profit forecasts for 2025-2027 are as follows: - 2025: Net profit of 3.52 billion yuan, EPS of 1.48 yuan, PE ratio of 11.4 times - 2026: Net profit of 4.69 billion yuan, EPS of 1.96 yuan, PE ratio of 8.6 times - 2027: Net profit of 5.29 billion yuan, EPS of 2.21 yuan, PE ratio of 7.6 times [5][6] - The company’s titanium dioxide production in 2024 was 1.2955 million tons, an increase of 8.74% year-on-year, with sales of 1.2545 million tons, up 8.25% year-on-year [5] - The average prices for titanium concentrate and titanium dioxide in 2024 were 2,181 yuan/ton and 15,572 yuan/ton, respectively [5] Market Performance - The current stock price is 16.39 yuan, with a market capitalization of 39.111 billion yuan and a circulating market capitalization of 32.580 billion yuan [2] - The stock has seen a turnover rate of 50.95% over the past three months [2]