资料显示，龙佰集团股份有限公司位于河南省焦作市中站区冯封办事处，成立日期1998年8月20日，上 市日期2011年7月15日，公司主营业务涉及从事钛白粉、锆制品和硫酸铝等产品的生产与销售。主营业 务收入构成为：钛白粉64.99%，海绵钛11.17%，铁系产品8.77%，其他(补充)4.59%，新能源材料 3.95%，锆系制品3.86%，其他2.66%。 龙佰集团所属申万行业为：基础化工-化学原料-钛白粉。所属概念板块包括：钛白粉、染料涂料、小金 属、MSCI中国、增持回购等。 8月27日，龙佰集团盘中下跌2.03%，截至13:46，报18.84元/股，成交4.33亿元，换手率1.15%，总市值 449.58亿元。 资金流向方面，主力资金净流出2565.68万元，特大单买入2067.53万元，占比4.77%，卖出2184.87万 元，占比5.04%；大单买入7767.16万元，占比17.92%，卖出1.02亿元，占比23.57%。 龙佰集团今年以来股价涨9.71%，近5个交易日涨5.31%，近20日涨7.60%，近60日涨17.36%。 分红方面，龙佰集团A股上市后累计派现193.87亿元。近三年，累计派现59 ...

投资要点 事件：龙佰集团发布2025 年半年报，25H1 公司实现营业收入133.31 亿元，同比下降3.34%；归母净利 润13.85 亿元，同比下降19.53%；扣非后归母净利润13.47 亿元，同比下降19.61%。单季度看，25Q2 公 司实现营业收入62.82 亿元，同比下降3.50%；归母净利润6.99 亿元，同比下降9.24%；扣非后归母净利 润6.88 亿元，同比下降8.27%。 钛白粉市场承压，海绵钛回暖。25H1 公司钛白粉、海绵钛、新能源材料的收入分别为86.64、14.90、 5.27 亿元，同比变化-7.68%、12.96%、27.23%；毛利率分别为27.11%、-0.05%、12.39%，同比变 化-6.40pct、-10.54pct、14.97pct。2025 H1钛白粉、海绵钛的销售量分别为61.20、3.87 万吨，同比变化 2.08%、25.51%。25H1内公司钛白粉销量进一步提高，市场占有率提升，但是销售收入较上年有所降 低。 风险提示：新增供给超预期；需求不及预期；贸易摩擦风险；项目进度不及预期；安全环保风险。 2025 年上半年钛精矿价格有所回落，钛白粉价格持续下 ...

华金证券股份有限公司骆红永近期对龙佰集团（002601）进行研究并发布了研究报告《钛白粉低迷业绩承 压，持续完善产业链布局》，给予龙佰集团增持评级。 最新盈利预测明细如下： 投资建议：龙佰集团为国内钛产业链龙头，强化上游资源保障，不断深化产业链一体化和衍生资源综合利 用，持续高分红回馈投资者。我们维持盈利预测，预计公司2025-2027年收入分别为301.04/327.17/347.62亿 元，同比增长9.3%/8.7%/6.2%，归母净利润分别为29.61/37.88/43.93亿元，同比增长36.5%/27.9%/16.0%，对应 PE分别为15.0x/11.7x/10.1x；维持"增持"评级。 风险提示：新增供给超预期；需求不及预期；贸易摩擦风险；项目进度不及预期；安全环保风险。 证券之星数据中心根据近三年发布的研报数据计算，东北证券喻杰研究员团队对该股研究较为深入，近三年 预测准确度均值为43.94%，其预测2025年度归属净利润为盈利30.88亿，根据现价换算的预测PE为14.91。 龙佰集团 投资要点 事件：龙佰集团发布2025年半年报，25H1公司实现营业收入133.31亿元，同比下降3.34% ...

Core Viewpoint - Longbai Group reported a decline in revenue and net profit for the first half of 2025, impacted by anti-dumping measures and a strategic shift towards overseas expansion [1][2]. Financial Performance - For the first half of 2025, the company achieved revenue of 13.342 billion yuan, a year-on-year decrease of 3%, and a net profit attributable to shareholders of 1.385 billion yuan, down 20% [1]. - In Q2 2025, revenue was 6.282 billion yuan, a decline of 4% year-on-year, with a net profit of 699 million yuan, down 9% [1]. - Revenue from titanium dioxide and sponge titanium businesses was 8.7 billion yuan and 1.5 billion yuan, respectively, with year-on-year changes of -8% and +13% [1]. Pricing and Sales Dynamics - The average price of titanium dioxide decreased by 12% year-on-year, while the average price of sponge titanium increased by 3% [1]. - The company produced 690,000 tons of titanium concentrate, all for internal use [1]. - The export volume of titanium dioxide was 420,000 tons, down 14% year-on-year and 17% quarter-on-quarter [1]. Strategic Initiatives - The company is accelerating its overseas expansion strategy in response to anti-dumping duties affecting exports, with preliminary site selection and resource integration underway [1]. - Longbai Group is enhancing its upstream raw material supply by advancing key projects, including the joint development of the Hongge North Mine and the Xujia Gou Iron Mine, aiming for an annual titanium concentrate capacity of 2.48 million tons and iron concentrate capacity of 7.6 million tons [2]. Shareholder Confidence - The company plans to repurchase shares using its own funds and a special loan of 500 to 1,000 million yuan, with a total repurchase amount of approximately 25.48 million yuan, reflecting confidence in long-term development [2]. Future Profit Projections - The projected net profit attributable to shareholders for 2025-2027 is estimated at 2.91 billion yuan, 3.76 billion yuan, and 4.29 billion yuan, respectively, maintaining a "recommended" investment rating [3].

Group 1 - The core viewpoint is that Ansteel Group has achieved significant progress in high-quality development following major restructuring reforms, with a notable increase in profits and production efficiency [1] - In the first half of the year, Ansteel's total profit exceeded the budget target set by the State-owned Assets Supervision and Administration Commission by 27%, with steel exports growing for four consecutive years [1] - The company implemented the "1357" initiative, focusing on 41 key measures across 18 areas to enhance operational efficiency and reduce costs, achieving a cost reduction of 90 yuan per ton of steel and 57 yuan per ton of iron ore, totaling 4.1 billion yuan in savings [1] Group 2 - Ansteel emphasizes high-end, intelligent, and green transformation as key to enhancing core competitiveness, with R&D expenditure intensity reaching 2.81%, above the industry average, and high-end products accounting for 49.7% of total output [2] - The company has made significant progress in smart manufacturing, with a 37% completion rate for intelligent upgrades and an 86% CNC rate for key processes, showing improvements compared to 2024 targets [2] - Ansteel has implemented over 1,100 ultra-low emission modifications, achieving a 16% reduction in sulfur dioxide and an 18% reduction in nitrogen oxides emissions, marking historical lows [2] Group 3 - Ansteel plays a crucial role in maintaining the safety of the industrial and supply chains, with market shares of over 50% in rail transit steel and over 20% in energy steel [3] - The company is actively involved in mineral resource exploration and development, enhancing its resource security and supporting new mine construction [3] - Strategic emerging industries have seen record production levels, with revenues from these sectors accounting for 31.7% of total income, an increase of 10.7 percentage points year-on-year [3]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4][8] Core Views - The company reported a revenue of 13.33 billion yuan for the first half of 2025, a year-on-year decline of 3.34%, and a net profit attributable to shareholders of 1.385 billion yuan, down 19.53% year-on-year [4][5] - The titanium dioxide industry continues to face downward pressure on profitability due to capacity expansion, demand slowdown, and anti-dumping measures, while the new energy business shows improved profitability [4][6] - The company maintains strong performance resilience due to its integrated supply chain and upstream resource guarantees, despite the industry's downturn [6][7] Summary by Sections Financial Performance - The company achieved a titanium dioxide production of 682,200 tons in the first half of 2025, up 5.02% year-on-year, with sales of 612,000 tons, an increase of 2.08% year-on-year [4] - Revenue from titanium dioxide was 8.684 billion yuan, down 7.68% year-on-year, while sponge titanium production reached 36,200 tons, up 9.30% year-on-year, with sales of 38,700 tons, a 25.51% increase [4][5] - The overall gross margin for the company was 23.62%, a decrease of 3.91 percentage points year-on-year, with a net profit margin of 10.48%, down 1.94 percentage points [5] Business Segments - Revenue from iron-based products and zirconium products was 1.169 billion yuan and 515 million yuan, respectively, with year-on-year growth of 10.61% and 18.95% [5] - New energy materials generated revenue of 527 million yuan, reflecting a year-on-year increase of 27.23% [5] Industry Outlook - The titanium dioxide industry is currently at a low point, with prices at their lowest since 2020, and the company is expected to enhance its resource security through upstream integration projects [6][7] - The company is actively expanding its global footprint and adjusting its operational strategies in response to anti-dumping investigations affecting the titanium dioxide sector [8] - Earnings per share (EPS) for 2025 and 2026 are projected to be 1.20 yuan and 1.47 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 14.90 and 12.15 [8]

Investment Rating - The report maintains a "Strong Buy" rating for Longbai Group [2][4]. Core Views - The price of titanium dioxide is at a bottom level, and there is potential for a rebound as demand gradually recovers. The company has recently increased prices for domestic and international customers [3][4]. - Longbai Group is strengthening its upstream mineral resource layout, enhancing its integrated industrial chain advantages. The company is actively developing key projects to increase its titanium concentrate and iron concentrate production capacity [4][6]. Financial Performance Summary - In the first half of 2025, Longbai Group achieved revenue of 13.33 billion yuan, a year-on-year decrease of 3.34%, and a net profit of 1.39 billion yuan, down 19.53% year-on-year. Despite a 2.08% increase in titanium dioxide sales volume to 612,000 tons, revenue from titanium dioxide fell by 7.68% to 8.66 billion yuan due to price declines [3]. - Revenue from other products such as sponge titanium, iron-based products, zirconium products, and new energy materials showed growth, with increases of 12.96%, 10.61%, 18.95%, and 27.23% respectively [3]. Production Capacity and Resource Development - Longbai Group has a titanium dioxide production capacity of 1.51 million tons and sponge titanium capacity of 80,000 tons, ranking among the top globally. The company is working on projects to enhance its titanium concentrate and iron concentrate production capacities significantly [4][6]. Profit Forecast and Valuation - The profit forecast for Longbai Group remains unchanged for 2025-2027, with expected net profits of 2.78 billion yuan, 3.10 billion yuan, and 3.64 billion yuan respectively. The corresponding EPS for these years is projected to be 1.17 yuan, 1.30 yuan, and 1.53 yuan, with current P/E ratios of 15, 13, and 11 times [4][5].

Summary of Longbai Group's Conference Call Company Overview - **Company**: Longbai Group - **Industry**: Titanium Dioxide and New Materials Key Financial Metrics - **Net Profit**: Decreased by 16.61% YoY to 1.347 billion CNY [2][3] - **Earnings Per Share**: Decreased by 19.44% YoY to 0.85 CNY [2][3] - **Total Assets**: Slight decrease of 1.12% YoY to 65.461 billion CNY [3] - **Net Assets**: Increased by 0.95% YoY to 23.221 billion CNY [2][3] - **Revenue**: Decreased by 3.34% YoY to 13.331 billion CNY [3] Product Performance - **Titanium Dioxide Sales**: Total sales of 612,000 tons, with domestic sales at 43.71% and international sales at 56.29% [2][6] - **Production and Sales**: - Titanium Dioxide: Production of 682,000 tons (+5.02% YoY), sales of 612,000 tons (+2.08% YoY) [4] - Sulfuric Acid Titanium Dioxide: Sales of 204,400 tons (+4.07% YoY) [6] - Chloride Titanium Dioxide: Sales of 63,100 tons (+21.93% YoY) [6] - Iron Phosphate: Production of 45,800 tons (+64.1% YoY), sales of 38,500 tons (+90.64% YoY) [7] Strategic Adjustments - **Investment Strategy**: Shift from rapid expansion to enhancing asset yield, optimizing project investments, and reducing unnecessary expenditures [2][9] - **Market Response**: Plans to adapt flexibly to global economic uncertainties and raw material price fluctuations to ensure stable development and profitability [2][10] New Energy Business - **Loss Reduction**: Significant reduction in losses in the new energy sector, with a notable increase in production and sales of iron phosphate, leading to positive gross margins [11] - **Sulfuric Iron Price Impact**: Increased prices of sulfuric iron contributed positively to profitability [11] Market Conditions and Future Outlook - **Market Performance**: Prices of seasoning powders and mineral products have declined, with slight decreases in sales in Taiwan [10] - **Profitability Improvement**: Slight improvement in overall profitability in Q2 compared to Q1, driven by reduced losses in positive and negative electrode materials [12] - **Price Trends**: Cautious optimism for Q3 market conditions, with expectations of price adjustments due to low price differentials in the industry [16] Challenges and Risks - **Export Restrictions**: Anti-dumping measures from various countries have limited exports of titanium dioxide, leading to increased domestic supply and lower prices [17][18] - **Profit Margins**: Current profit margins for titanium dioxide are under pressure, with expectations of continued challenges in Q3 and Q4 [18] Future Plans - **New Capacity**: Plans to increase titanium ore capacity to 2.48 million tons, with new production expected by late 2025 to early 2026 [5][13] - **Overseas Expansion**: Establishing overseas bases in Southeast Asia and Malaysia, with production expected to start in the second half of 2026 [14][39] - **Sustainable Practices**: Responding to national calls to reduce supply and avoid vicious competition through production adjustments [33] Conclusion - **Longbai Group** aims to maintain stable growth and profitability while navigating market challenges and adjusting its strategies to enhance operational efficiency and market presence [41]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [8]. Core Viewpoints - The company reported a revenue of 13.34 billion yuan in the first half of 2025, a decrease of 3.3% year-on-year, and a net profit attributable to shareholders of 1.39 billion yuan, down 19.5% year-on-year [2][6]. - In Q2 2025, the company achieved a revenue of 6.28 billion yuan, a year-on-year decrease of 3.5% and a quarter-on-quarter decrease of 11.0%, with a net profit of 700 million yuan, down 9.2% year-on-year but up 1.9% quarter-on-quarter [2][6]. - The titanium dioxide market remains under pressure, with the company maintaining profitability in the titanium dioxide segment, particularly in the chloride process titanium dioxide [11]. - The company's sales of titanium dioxide reached 612,000 tons in the first half of 2025, an increase of 2.1% year-on-year, while sales of sponge titanium rose by 25.5% year-on-year [11]. - The company is accelerating its overseas expansion strategy to mitigate the impact of anti-dumping investigations on its titanium dioxide products in international markets [11]. - The company's new energy materials segment saw a revenue increase of 27.2% year-on-year, with a gross margin improvement from -2.6% to 12.4% [11]. - The company plans to enhance its production capacity for titanium concentrate and iron concentrate through the joint development of key mining projects [11]. Financial Summary - The company expects net profits attributable to shareholders to be 2.38 billion yuan in 2025, 3.27 billion yuan in 2026, and 4.09 billion yuan in 2027 [11].

Core Viewpoint - Longbai Group reported a decline in revenue and net profit for the first half of 2025, while continuing to expand through acquisitions and technological innovation [1][2]. Financial Performance - The company achieved operating revenue of 13.331 billion yuan, a year-on-year decrease of 3.34% [1]. - The net profit attributable to shareholders was 1.385 billion yuan, down 19.53% year-on-year [1]. - The net profit after deducting non-recurring items was 1.347 billion yuan, a decline of 19.61% compared to the previous year [1]. Business Strategy and Operations - Longbai Group employs a dual-driven development model of mergers and acquisitions alongside organic growth, focusing on elements such as titanium, zirconium, vanadium, iron, and scandium [1]. - The company has made several acquisitions, including Sichuan Longmang Titanium Industry Co., Ltd. and Yunnan Metallurgical New Li Titanium Industry Co., Ltd. [1]. - New production lines and projects have been established, including a 400,000-ton chlorination titanium dioxide production line and a 30,000-ton green manufacturing project for titanium materials [1]. Product Performance - The company established a titanium dioxide plastic division to cater to specialized sales, enhancing customer satisfaction [2]. - Titanium dioxide production increased by 5.02% year-on-year to 682,200 tons, with sales rising by 2.08% to 612,000 tons, of which international sales accounted for 56.29% [2]. - Sponge titanium production reached 36,200 tons, up 9.30%, while sales increased by 25.51% to 38,700 tons [2]. - Iron concentrate production was 1.5701 million tons, a 1.41% increase, with sales at 1.5820 million tons, up 2.15% [2]. - Phosphate iron production surged by 64.10% to 45,800 tons, with sales increasing by 90.64% to 38,500 tons [2]. International Expansion - In response to anti-dumping measures on titanium dioxide in China, the company is actively pursuing an overseas strategy, conducting due diligence in various countries [3]. - Establishing new factories abroad will allow the company to be closer to end markets, enhancing brand recognition and mitigating high anti-dumping taxes [3]. - The overseas strategy aims to integrate global resources for mutual benefits [3].