龙佰集团（002601）：国内钛白粉承压，出海有望突出重围

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 19.45 billion yuan for the first three quarters of 2025, a decrease of 6.9% year-on-year, and a net profit attributable to shareholders of 1.67 billion yuan, down 34.7% year-on-year [6][12]. - In Q3 alone, the company achieved a revenue of 6.11 billion yuan, a decline of 13.7% year-on-year and 2.8% quarter-on-quarter, with a net profit of 290 million yuan, down 65.7% year-on-year and 58.6% quarter-on-quarter [6][12]. - The company plans to distribute a cash dividend of 1.0 yuan per 10 shares to all shareholders [6][12]. - The titanium dioxide industry is under pressure domestically, but the company is expected to stand out in international markets [12]. Financial Performance - The company’s revenue and net profit have shown significant declines in 2025, with Q3 net profit dropping by 65.7% year-on-year [6][12]. - The company is focusing on enhancing its core competitiveness and expanding its global presence through strategic acquisitions [12]. - The company has maintained a high dividend payout ratio, having distributed over 19.3 billion yuan since its listing [12]. Industry Context - The titanium dioxide industry is experiencing an imbalance in supply and demand, with prices continuing to decline [12]. - The company is actively pursuing an overseas expansion strategy to mitigate the impact of domestic market challenges, including anti-dumping investigations from various countries [12]. - The company is also investing in new energy sectors, which are expected to contribute positively to its profitability in the future [12].