一季度业绩同比大幅改善，钛产业景气度持续向好

Investment Rating - The investment rating for Longbai Group is "Buy" (maintained) [1][2] Core Views - The company's performance in Q1 showed significant improvement year-on-year, with the titanium industry continuing to show favorable conditions [1] - The recovery in the titanium dioxide industry has led to a rebound in prices, with the company effectively increasing its production capacity and sales volume of titanium dioxide and sponge titanium [1] - The company is expected to see a steady increase in net profit for 2024-2026, with projected figures of 39.02 billion, 44.90 billion, and 53.15 billion yuan respectively, reflecting year-on-year growth rates of 21.0%, 15.0%, and 18.4% [2] Financial Performance Summary - In 2023, Longbai Group achieved operating revenue of 26.794 billion yuan, a year-on-year increase of 10.93%, while net profit attributable to shareholders decreased by 5.64% to 3.226 billion yuan [1] - For Q1 2024, the company reported revenue of 7.294 billion yuan, a year-on-year increase of 4.54% and a quarter-on-quarter increase of 12.03%, with net profit attributable to shareholders reaching 0.951 billion yuan, up 64.15% year-on-year [1] - The gross profit margin for Q1 2024 improved to 28.29%, reflecting a quarter-on-quarter increase of 0.75 percentage points [1] Production and Sales Overview - In 2023, the company produced 1.1914 million tons of titanium dioxide, a year-on-year increase of 20.36%, with sales volume reaching 1.1589 million tons, up 24.93% year-on-year [1] - The production of sponge titanium in 2023 was 51,800 tons, an increase of 36.05% year-on-year, while sales reached 47,000 tons, up 28.15% year-on-year [1] - The company has seen a significant increase in export volume, with 164.2 million tons of titanium dioxide exported in 2023, a year-on-year increase of 16.75% [1] Future Outlook - The company is expected to benefit from the ongoing expansion of titanium dioxide production capacity and the growth of the new energy industry, which will further solidify its position in the titanium industry [1] - The projected net profit growth rates for 2024-2026 indicate a strong upward trend, with the current price-to-earnings ratio (P/E) for the stock being 13, 12, and 10 times for the respective years [2]