证券日报网讯 雄韬股份（002733）11月25日在互动平台回答投资者提问时表示，公司有全球化的产业 布局，不论中美关系的走向如何，公司的主旨不让中美关系影响客户的产品需求，包括客户较为关心的 交期、价格等。公司综合客户的需求，提供较为完善的解决方案。公司将继续强化和优化核心竞争优 势，积极开拓市场，一切有序推进。 ...

Core Insights - The company reported a total revenue of 19.45 billion yuan for the first three quarters of 2025, a year-on-year decrease of 6.9%, and a net profit attributable to shareholders of 1.67 billion yuan, down 34.7% year-on-year [1] - In Q3 2025, 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 289 million yuan, down 65.7% year-on-year and 58.6% quarter-on-quarter [1] Industry Overview - The titanium dioxide industry is experiencing a severe supply glut, with domestic supply growth significantly outpacing demand growth, exacerbated by the EU's anti-dumping and countervailing duties impacting exports [2] - The average price of domestic sulfuric acid titanium dioxide was 14,100 yuan/ton, down 10.5% year-on-year, while the price difference for sulfuric acid titanium dioxide was 6,708 yuan/ton, down 15.2% year-on-year [2] - The company's chlorination titanium dioxide average price was 16,994 yuan/ton, down 10.0% year-on-year, with a price difference of 11,671 yuan/ton, down 2.7% year-on-year [2] - The company's gross margin for the first three quarters was 22.29%, a decrease of 4.65 percentage points year-on-year, and the annualized ROE was 9.60%, down 5.14 percentage points year-on-year [2] Strategic Developments - The company signed an asset purchase agreement with Venator UK to acquire assets related to titanium dioxide production for a total price of 69.9 million USD, with estimated taxes of approximately 14.19 million USD [3] - Venator UK is the only chlorination titanium dioxide production facility under Venator, with a designed capacity of 150,000 tons/year, and the acquisition aims to enhance production efficiency and optimize sales structure [3] - The company is actively promoting upstream resource projects, including the joint development of the Hongge North Mine and the Xujiagou Iron Mine, aiming for a titanium concentrate capacity of 2.48 million tons/year and iron concentrate capacity of 7.6 million tons/year [4] Financial Performance and Outlook - The company has maintained a high dividend payout ratio, with cumulative dividends exceeding 19.3 billion yuan since its listing, and plans to distribute 237 million yuan in cash dividends for Q3 2025, representing 82% of the quarterly net profit [4] - The profit forecast for 2025-2027 has been revised downwards, with expected net profits of 2.054 billion yuan (down 31%), 2.803 billion yuan (down 17%), and 3.378 billion yuan (down 10%) respectively [5] - Despite the current challenges, the company retains a strong core advantage in titanium resources and is expected to achieve long-term growth as it expands its titanium dioxide production capacity and resource layout [5]

Core Viewpoint - Longbai Group reported a decline in revenue and net profit for Q3 2025, indicating ongoing challenges in the titanium dioxide market and overall industry performance [1][2]. Financial Performance - For Q3 2025, Longbai Group achieved revenue of 6.105 billion yuan, a year-on-year decrease of 14%, and a net profit attributable to shareholders of 289 million yuan, down 66% year-on-year [1]. - The company’s gross margin for Q3 was 19.4%, a decrease of 6 percentage points year-on-year and 5 percentage points quarter-on-quarter [2]. - The overall revenue for the first three quarters of 2025 was 19.436 billion yuan, down 7% year-on-year, with a net profit of 1.674 billion yuan, down 35% year-on-year [1]. Market Conditions - The titanium dioxide market remains at a low point, with prices for various titanium products showing significant declines: titanium concentrate at 1,707 yuan/ton (-23% YoY), sulfuric acid titanium dioxide at 13,725 yuan/ton (-12% YoY), and chlorinated titanium dioxide at 17,492 yuan/ton (-11% YoY) [2]. - The company faced pressure from increased supply of titanium iron ore and weak downstream demand, which negatively impacted the price differentials in the industry [2]. Export Dynamics - In Q3, titanium ore and concentrate imports were nearly 1.2 million tons, down 12% year-on-year, while titanium dioxide exports were approximately 430,000 tons, down 8% year-on-year but up 3% quarter-on-quarter [2]. - The temporary cancellation of anti-dumping duties by India is expected to provide short-term benefits for domestic exports, with increased activity anticipated as overseas Christmas stocking begins [2]. Strategic Developments - Longbai Group's subsidiary, Bailian Europe, plans to acquire assets related to titanium dioxide from Venator UK for $69.9 million, which includes land, equipment, and intellectual property [3]. - This acquisition aims to enhance production efficiency, reduce costs, and expand the company's global footprint in the titanium dioxide market [3]. Investment Outlook - The company forecasts net profits attributable to shareholders for 2025-2027 to be 2.03 billion, 3.40 billion, and 3.89 billion yuan, respectively, maintaining a "recommended" investment rating [4].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported better-than-expected performance in Q3 2025, with revenue and net profit for the first three quarters reaching 15.01 billion and 1.54 billion yuan, respectively, representing year-on-year growth of 8.8% and 13.2% [5][6] - Domestic sales are stabilizing and improving, while foreign trade shows resilience, with significant growth in mattress sales in Southeast Asia and other non-US markets [6][8] - The company's gross margin for the first three quarters was 32.4%, up 0.5 percentage points year-on-year, and the net profit margin was 10.2%, up 0.4 percentage points year-on-year [6][8] Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 5.21 billion yuan, a year-on-year increase of 6.5%, and a net profit of 5.2 billion yuan, up 12.0% year-on-year [5][6] - The company’s operating expenses ratio for the first three quarters was 19.2%, down 0.9 percentage points year-on-year, indicating improved operational efficiency [7] Growth Opportunities - The company is focusing on structural growth opportunities in the domestic market, particularly in functional and smart furniture, which are driving long-term performance [6][8] - The company is expanding its global footprint with production bases in Vietnam, Mexico, and the US, leading to rapid growth in non-US markets [6][8] Earnings Forecast and Valuation - The report slightly raises the net profit forecast for 2025-2027 to 2.04 billion, 2.27 billion, and 2.54 billion yuan, respectively, with corresponding EPS of 2.48, 2.76, and 3.09 yuan [8][9] - The current stock price corresponds to a P/E ratio of 12, 11, and 10 for the years 2025-2027, indicating that the company is currently undervalued [8][9]

Core Viewpoint - Longbai Group's subsidiary, Billions Europe Ltd, has signed an asset purchase agreement to acquire titanium dioxide-related assets from Venator UK for $69.9 million, which is significantly below the asset's book value of approximately $195 million, indicating a strategic acquisition opportunity [1][2][3] Summary by Sections Acquisition Details - The acquisition involves the purchase of assets including land, buildings, machinery, spare parts, business records, intellectual property, and inventory related to the titanium dioxide business [2] - The purchase price of $69.9 million represents only 35.8% of the book value of the assets, showcasing a substantial discount [3] Strategic Importance - The acquisition targets Venator UK's chloride titanium dioxide production technology and capacity, which is the only facility under Venator Materials PLC capable of producing this type of titanium dioxide, with a designed annual capacity of 150,000 tons [1][3] - This move is expected to enhance Longbai Group's product matrix in chloride titanium dioxide and support its global industrial layout [4] Financial Context - The assets have a book value of approximately $534 million, with a net value of about $195 million after accounting for depreciation of around $339 million [2] - The transaction is seen as a high-value investment given the significant discount to the asset's book value [3] Additional Investments - Concurrently, Longbai Group plans to invest $55 million to establish two wholly-owned subsidiaries in the UK and Malaysia, furthering its international expansion strategy [6][7] - The UK subsidiary, named "LB British Titanium Industry Co., Ltd," will focus on the production and sales of titanium dioxide, potentially managing the acquired business from Venator UK [6] - The Malaysian subsidiary, "LB Advanced Material Asia Sdn. Bhd.," will have a broader scope, including the production and sale of chemicals and providing technical services [6][7] Market Positioning - The overseas investments are part of Longbai Group's strategy to enhance its international competitiveness and market share, aiming for sustainable long-term development [7]

Core Viewpoint - Longbai Group plans to acquire titanium dioxide-related assets from Venator UK for $69.9 million, with additional estimated taxes of approximately $14.19 million, funded through self-owned or self-raised funds [1][2]. Group 1: Transaction Details - The acquisition includes assets such as land, buildings, machinery, spare parts, business records, intellectual property, and inventory related to titanium dioxide production [2]. - Venator UK is the only facility under Venator that produces titanium dioxide using the chloride process, with a designed annual capacity of 150,000 tons [2]. - As of August 31, 2025, the book value of the targeted assets is approximately $195 million, with a historical cost of about $534 million and accumulated depreciation of around $339 million [2]. Group 2: Operational Implications - Longbai Group will assume the rights and obligations of employees maintaining the factory, who are currently under the employment contracts of Venator UK [2]. - The transaction is contingent upon the appointment of a manager for Venator UK due to its financial difficulties, which must be included in the asset purchase agreement [3]. - Post-acquisition, Longbai Group aims to integrate the assets across production, supply, and sales to reduce costs, enhance capacity utilization, and optimize the sales structure, thereby advancing its global industrial layout and improving service quality for global customers [3].

Core Viewpoint - Longbai Group plans to acquire assets related to titanium dioxide business from Venator UK for a total consideration of $69.9 million, which will enhance its global industrial layout and diversify its chlorination titanium dioxide product matrix [1] Group 1: Acquisition Details - The acquisition will be conducted in cash and includes assets such as land, buildings, machinery, spare parts, business accounts, intellectual property, and inventory [1] - The transaction price of $69.9 million is exclusive of VAT, stamp duty, and other taxes, which are expected to be approximately $14.19 million [1] - The final acquisition price will be adjusted based on the inventory situation at the time of closing [1] Group 2: Strategic Implications - This acquisition is aimed at advancing the company's global industrial layout [1] - It will enrich the company's product matrix for chlorination titanium dioxide [1]

Core Insights - The company reported a revenue of 9.39 billion yuan for H1 2025, a year-on-year increase of 6.18%, while the net profit attributable to shareholders was 796 million yuan, a decrease of 4.60% [1] - In Q2 2025, the company achieved a revenue of 5.12 billion yuan, reflecting a year-on-year growth of 8.76%, with a net profit of 474 million yuan, up 14.73% year-on-year [1] - The company accelerated cash flow recovery, with operating cash flow reaching 589 million yuan, compared to 257 million yuan in the same period last year [1] - The overseas market showed significant growth, with revenue contribution reaching 43% [1] - Total sales volume for H1 2025 was 204,200 units, a year-on-year increase of 17.23%, with domestic sales at 126,200 units (up 11.28%) and overseas sales at 73,600 units (up 23.08%) [1] Intelligent Logistics Growth - The intelligent logistics business grew rapidly, with a year-on-year increase of 59.1%, becoming a new performance growth point [2] - The company is enhancing its mid-to-high-end warehousing product lineup and expanding into niche markets [2] - Strategic partnerships were established with companies like SF Express and JD.com to innovate downstream application scenarios [2] - A joint innovation lab was established with Huawei to collaborate on key areas such as data communication and autonomous driving [2] Electric and Hydrogen Energy Transition - The company is actively investing in lithium battery and hydrogen energy technologies, with electric product sales increasing by 28% in H1 2025 [2] - The sales proportion of electric products rose to 68%, an increase of 2.5 percentage points from the end of 2024 [2] - The company is a leader in the industry for launching hydrogen fuel forklift products [2] Global Manufacturing Expansion - The company is accelerating the construction of manufacturing facilities for heavy-duty forklifts and other products [3] - A global operational structure is being developed, including the establishment of the first overseas manufacturing plant in Thailand [3] - Vertical integration of key component production is being pursued to ensure performance and supply chain security [3] Profit Forecast and Valuation - The company is projected to achieve net profits of 1.465 billion yuan, 1.557 billion yuan, and 1.720 billion yuan for 2025-2027 [4] - A "recommended" rating is maintained for the company [4]

Core Viewpoint - Jiangsu Leili plans to establish overseas production bases in Malaysia, Vietnam, and Mexico to enhance its global industrial layout and meet the growing demand in the micro-special motor market [1][2]. Group 1: Investment Projects - The investment in Malaysia amounts to 216 million yuan, focusing on household appliance motors and industrial control motors [1]. - The investment in Vietnam is 139 million yuan, targeting household appliance motors, industrial control motors, and health movement motors [1]. - The investment in Mexico totals 84.94 million yuan, with products including refrigerator injection molding components [1]. - The total external investment for these projects is approximately 440 million yuan [1]. Group 2: Strategic Importance - The investments aim to deepen the company's global presence, enhance product competitiveness, and reduce trade risks while optimizing the supply chain [2]. - The company also plans to invest 500 million yuan in a micro motor and component production base and laboratory in Changzhou [2]. - An additional investment of no less than 150 million yuan is planned for smart sensing lidar and vehicle thermal management micro motors in Jiaxing [2]. Group 3: Business Overview - Jiangsu Leili specializes in the R&D, production, and sales of micro-special motors for household appliances, new energy vehicles, medical instruments, and industrial control [3]. - In the first half of 2025, the company reported revenues of 1.958 billion yuan, a year-on-year increase of 20.71%, and a net profit of 186 million yuan, up 8.45% [3]. - The company has established R&D and manufacturing bases in North America, Europe, and Southeast Asia, enhancing its global operational system [3].

Core Insights - The event focused on strategies for companies to achieve resilient growth amidst current economic challenges, emphasizing the importance of collaboration among government, enterprises, and the political advisory body [2][4]. Group 1: Economic Challenges and Responses - The local economy faces challenges such as uneven industrial structure, heavy fiscal burdens, and a turbulent external environment, necessitating a unified approach from government, businesses, and political advisors [4]. - The meeting included presentations from four companies—津上精密, 独山能源, 卫星石化, and 上方生物—sharing their experiences in key areas like new energy, humanoid robotics, integrated industrial chain development, chemical new materials, and global industrial layout [2]. Group 2: Recommendations and Strategies - Constructive suggestions were made regarding how to navigate foreign trade challenges, ensure effective overseas investments, enhance collaboration across the industrial chain, and ensure precise implementation of policies benefiting enterprises [2]. - The need for government to continuously optimize the business environment was highlighted, positioning itself as a "guardian" for enterprise growth, while urging entrepreneurs to focus on core competencies for high-quality development [4][5].