Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a total revenue of 27.54 billion yuan for 2024, reflecting a year-on-year increase of 2.8%. However, the net profit attributable to shareholders decreased by 32.8% to 2.17 billion yuan, with the net profit excluding non-recurring items also down by 32.8% to 2.10 billion yuan [6][10]. - In Q1 2025, the company achieved a revenue of 7.06 billion yuan, a year-on-year decline of 3.2% but a quarter-on-quarter increase of 6.1%. The net profit attributable to shareholders was 690 million yuan, down 27.9% year-on-year but recovering from a negative quarter-on-quarter result [6][10]. - The company plans to distribute a cash dividend of 5 yuan per 10 shares to all shareholders, totaling 1.19 billion yuan. Additionally, the chairman proposed a share buyback plan with a total fund of no less than 300 million yuan and no more than 500 million yuan for employee stock ownership plans or equity incentives [6][10]. Financial Performance - The company’s titanium dioxide sales reached 1.2545 million tons in 2024, an increase of 8.25% year-on-year, while sponge titanium sales rose by 42.57% to 66,900 tons. However, iron ore sales fell by 30.80% to 3.0022 million tons [10]. - The company is expected to achieve net profits of 2.48 billion yuan, 3.38 billion yuan, and 4.08 billion yuan for the years 2025, 2026, and 2027, respectively [10]. Market Strategy - The company is actively pursuing an overseas expansion strategy, adjusting its export focus towards emerging markets in the Middle East and Southeast Asia due to anti-dumping investigations affecting its international market space [10]. - The company aims to enhance its competitive strength by increasing its capital investment in its wholly-owned subsidiary, thereby supporting its external investments and business expansion [10]. Industry Outlook - The titanium dioxide industry is currently experiencing an imbalance in supply and demand, with prices showing slight fluctuations. However, the company anticipates a recovery in profitability due to increasing demand in sectors such as aerospace and medical [10].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][31] Core Views - The company is expected to see a decline in net profit for 2024, with a forecasted revenue of 27.51 billion yuan (up 2.8% year-on-year) and a net profit of 2.17 billion yuan (down 32.8% year-on-year). However, in the first quarter of 2025, the company is projected to turn a profit with a net profit of 690 million yuan (down 27.9% year-on-year, but up from a loss) [10][4] - The titanium dioxide market is experiencing increased supply, with domestic production expected to reach 4.67 million tons in 2024 (up 17% year-on-year). The average price for titanium dioxide is forecasted to decline, with an average of 15,526 yuan per ton in 2024 (down 2% year-on-year) [2][19] - The company is actively developing key projects to expand titanium concentrate production capacity, which is expected to support future growth despite current market pressures [3][20] Summary by Sections Financial Performance - In 2024, the company is projected to have a revenue of 27.51 billion yuan and a net profit of 2.17 billion yuan, with a significant drop in net profit attributed to lower iron concentrate prices and underperformance in the new energy sector [10][4] - The first quarter of 2025 shows a revenue of 7.05 billion yuan (down 3.2% year-on-year, up 6.1% quarter-on-quarter) and a net profit of 690 million yuan (down 27.9% year-on-year, but turning profitable quarter-on-quarter) [10][4] Market Dynamics - The company’s titanium dioxide sales volume is expected to grow to 1.2545 million tons in 2024 (up 8% year-on-year), with international sales accounting for 57% of total sales [2][19] - The average price of titanium concentrate is projected to be 2,180 yuan per ton in 2024 (up 3% year-on-year), while iron ore prices are expected to decline [3][20] Investment Recommendations - The company maintains a strong position in the titanium dioxide industry, with an increasing self-sufficiency rate in titanium concentrate. However, increased competition and weak demand in some regions due to macroeconomic factors have led to a downward revision of net profit forecasts for 2025-2026 [4][31] - The revised net profit forecasts for 2025 and 2026 are 3.006 billion yuan and 3.894 billion yuan, respectively, with corresponding EPS of 1.26 yuan and 1.63 yuan [4][31]

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company demonstrates strong resilience as a market leader, with significant dividends reflecting management confidence [1] - The integrated advantages in the titanium dioxide sector support good profitability, although margins in iron and titanium products remain under pressure [2] - The industry landscape for titanium dioxide is expected to improve, with dividends and share buybacks showcasing the company's confidence [3] - Profit forecasts have been adjusted downward due to ongoing pressures in downstream demand, with expected net profits for 2025-2027 revised to 2.9 billion, 3.7 billion, and 4.2 billion RMB respectively [4] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 27.51 billion RMB, a year-on-year increase of 2.8%, while net profit attributable to shareholders was 2.17 billion RMB, down 33% year-on-year [1] - The company reported a revenue of 7.05 billion RMB in Q1 2025, a decrease of 3% year-on-year, with a net profit of 690 million RMB, down 28% year-on-year [1][2] Product Performance - Titanium dioxide sales increased by 8.3% to 1.254 million tons in 2024, with revenue rising by 6.8% to 18.98 billion RMB, despite a 1.3% decrease in average price [2] - The company's gross margin for titanium dioxide improved by 2.8 percentage points to 31.4% due to integrated raw material advantages [2] Market Outlook - The price of titanium dioxide has seen slight increases, with the sulfuric acid method priced at 14,800 RMB/ton and the chloride method at 18,100 RMB/ton as of April 18 [3] - The company is expanding its integrated raw material advantages through ongoing development projects, which are expected to maintain a low-cost competitive edge in the medium to long term [3] Valuation and Estimates - The target price for the company is set at 19.20 RMB, based on a 16x PE ratio for 2025, reflecting a strong market position despite downward adjustments in profit forecasts [4][6] - The company’s estimated EPS for 2025 is projected at 1.20 RMB, with a downward revision from previous estimates [4][5]

Core Viewpoint - The company's 2024 performance fell short of expectations, while 1Q25 results slightly exceeded market expectations, primarily driven by better sales of titanium dioxide products [1][3]. Financial Performance - In 2024, the company reported revenue of 27.5 billion yuan, a year-on-year increase of 2.8%, and a net profit of 2.169 billion yuan, corresponding to earnings per share of 0.91 yuan, which represents a decline of 32.79% year-on-year [1]. - The gross margin in 4Q24 was 19%, showing a significant decline of 8.6 percentage points year-on-year and 6.8 percentage points quarter-on-quarter [1]. - The net cash flow from operating activities for 2024 was 3.8 billion yuan, an increase of 11.54% year-on-year [1]. - In 1Q25, revenue was 7.06 billion yuan, a year-on-year decrease of 3.21%, with a net profit of 686 million yuan, corresponding to earnings per share of 0.29 yuan, down 27.9% year-on-year [3]. Product Performance - Titanium dioxide revenue in 2024 grew by 6.82% to 18.98 billion yuan, with sales volume increasing by 8.25% to 1.255 million tons, despite a 1.3% decline in average price to 15,130 yuan per ton [2]. - The gross margin for titanium dioxide improved by 2.83 percentage points to 31.35% [2]. - Revenue from iron products decreased by 24.5% to 1.942 billion yuan, with sales volume down 30.8% to 3 million tons, leading to a gross margin decline of 8.34 percentage points to 40.81% [2]. - Sponge titanium revenue increased by 16.7% to 2.65 billion yuan, with sales volume up 42.6% to 66,900 tons, but the price fell by 18% to 39,600 yuan per ton, resulting in a gross margin drop of 14.77 percentage points to 3.11% [2]. Development Trends - The company has a relative advantage in titanium dioxide exports, particularly in regions with fast-growing demand such as India and Brazil, due to the lowest anti-dumping tax rate among domestic companies [4]. - The joint development of the Hongge North Mine and the Xujia Gou Iron Mine is ongoing, with expectations for new titanium ore capacity to gradually release by 2026, which will drive profit growth [4]. Profit Forecast and Valuation - Due to declining gross margins for titanium dioxide and sponge titanium products, the profit forecast for 2025 has been reduced by 26% to 2.8 billion yuan, with a 2026 profit forecast of 4.24 billion yuan [5]. - The current stock price corresponds to a price-to-earnings ratio of 14.3x for 2025 and 9.5x for 2026, with a target price of 23 yuan, indicating a potential upside of 36% [5].

Core Insights - Longbai Group reported a revenue of 27.513 billion yuan for 2024, a year-on-year increase of 2.80%, and a net profit attributable to shareholders of 2.169 billion yuan, with basic earnings per share of 0.91 yuan [2] - In Q1 2025, the company achieved a revenue of 7.060 billion yuan and a net profit of 686 million yuan [2] Group 1: Market Position and Production - Longbai Group is a leading diversified enterprise focused on the research, manufacturing, and integration of new materials such as titanium, zirconium, and lithium, with a production capacity of 1.51 million tons of titanium dioxide and 80,000 tons of sponge titanium, ranking first globally [3] - The company is the largest producer of titanium dioxide and has both sulfate and chloride process capabilities, with its production base in Jiaozuo, Henan, being the largest single-site titanium dioxide production facility globally [3][4] - In 2024, Longbai Group produced 1.2955 million tons of titanium dioxide, an increase of 8.74%, and sold 1.2545 million tons, with domestic sales accounting for 42.91% and international sales for 57.09% [4] Group 2: R&D and Innovation - The company increased its R&D investment, achieving a new high in R&D intensity, focusing on original innovation and key technology development to enhance its comprehensive technical strength [5] - Longbai Group is committed to creating a differentiated competitive advantage in the titanium industry, with ongoing efforts in product development, raw material substitution, and cost control [6] - The company holds over 1,270 patents, including more than 410 invention patents, and has been recognized for its technological advancements and contributions to national and industry standards [6] Group 3: Dividend Policy - In 2024, Longbai Group distributed cash dividends totaling 2.144 billion yuan, representing 98.85% of its annual net profit, continuing a trend of substantial dividends in recent years [7] - The company plans to distribute additional cash dividends of 1.186 billion yuan for Q1 2025, with a proposal for a share buyback of 300 million to 500 million yuan to support employee stock ownership plans [7]

☑ 是 □ 否 如否，请详细说明：______________________________ 二、本人不存在《中华人民共和国公司法》第一百四十六条等规定不得担 任公司董事的情形。 ☑ 是 □ 否 如否，请详细说明：______________________________ 三、本人符合中国证监会《上市公司独立董事管理办法》和深圳证券交易 所业务规则规定的独立董事任职资格和条件。 龙佰集团股份有限公司 独立董事候选人声明与承诺 声明人郭宇峰作为龙佰集团股份有限公司第八届董事会独立董事候选人， 已充分了解并同意由提名人龙佰集团股份有限公司董事会提名为龙佰集团股 份有限公司（以下简称该公司）第八届董事会独立董事候选人。现公开声明和 保证，本人与该公司之间不存在任何影响本人独立性的关系，且符合相关法律、 行政法规、部门规章、规范性文件和深圳证券交易所业务规则对独立董事候选 人任职资格及独立性的要求，具体声明并承诺如下事项： 一、本人已经通过龙佰集团股份有限公司第八届董事会提名委员会或者独 立董事专门会议资格审查，提名人与本人不存在利害关系或者其他可能影响独 立履职情形的密切关系。 ☑ 是 □ 否 如否，请详细说明 ...

证券代码：002601 证券简称：龙佰集团 公告编号：2025-017 龙佰集团股份有限公司 关于会计政策变更的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 龙佰集团股份有限公司（以下简称"公司"）于 2025 年 4 月 22 日召开的第 八届董事会第十八次会议、第八届监事会第十八次会议审议通过了《关于会计政 策变更的议案》。现将具体情况公告如下： 一、本次会计政策变更概述 （一）变更原因 2023 年 10 月 25 日，财政部制定并印发了《企业会计准则解释第 17 号》（财 会〔2023〕21 号，以下简称"解释第 17 号"），解释第 17 号规范了"关于流动 负债与非流动负债的划分""关于供应商融资安排的披露""关于售后租回交易 的会计处理"等问题的会计处理，并于 2024 年 1 月 1 日起生效。 2023 年 8 月 1 日，财政部发布了《企业数据资源相关会计处理暂行规定》 （财会〔2023〕11 号），适用于符合企业会计准则相关规定确认为无形资产或存 货等资产的数据资源，以及企业合法拥有或控制的、预期会给企业带来经济利益 ...

龙佰集团股份有限公司 2024 年度企业社会责任报告 2025 年 4 月 22 日 | 目 录 1 | | | --- | --- | | 一、报告前言 | 3 | | 二、董事长致辞 | 4 | | 三、集团概况 | 6 | | （一）公司简介 | 6 | | （二）企业文化 | 7 | | （三）2024 年集团要事 7 | | | （四）2024 年企业荣誉及专利成果 10 | | | （五）社会责任绩效 21 | | | 四、责任绩效突出 彰显社会风范 22 | | | （一）社会责任总目标 22 | | | （二）履行社会责任总路径 22 | | | （三）社会责任组织架构 22 | | | （四）社会责任相关外部倡议 23 | | | （五）社会责任沟通 23 | | | （六）社会责任履行认可 25 | | | 五、治理体系完善，实现合规运营 25 | | | （一）规范公司治理体系，强化企业内控建设 25 | | | （二）公司股权结构图 27 | | | （三）搭建专业数据平台，保障公司信息安全 28 | | | （四）完善风险管控体系，防范系统性风险 28 | | | （五）构建沟通与投 ...

证券代码：002601 证券简称：龙佰集团 公告编号：2025-019 龙佰集团股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 龙佰集团股份有限公司（以下简称"公司"）已于 2025 年 4 月 24 日在公司 指定信息披露媒体《中国证券报》《证券时报》《上海证券报》及巨潮资讯网 （www.cninfo.com.cn）披露《2024 年年度报告摘要》和《2025 年第一季度报告》， 在巨潮资讯网（www.cninfo.com.cn）披露了《2024 年年度报告》，敬请投资者查 阅。 为方便广大投资者进一步了解公司 2024 年度及 2025 年第一季度财务状况、 生产经营情况及未来发展战略，公司拟于 2025 年 5 月 7 日（星期三）15:00— 17:00 在全景网举行 2024 年度暨 2025 年第一季度业绩说明会，本次业绩说明会 将采用网络远程的方式举行，投资者可登录全景网"投资者关系互动平台" （https://ir.p5w.net）参与业绩说明会。 出席本次业绩说明 ...

龙佰集团股份有限公司 2025 年第一次独立董事专门会议决议 一、独立董事专门会议召开情况 龙佰集团股份有限公司（以下简称"公司"）2025 年第一次独立董事专门 会议于 2025 年 4 月 22 日（周二）以现场表决的方式召开。本次独立董事专门会 议通知已于 2025 年 4 月 16 日以书面送达或电子邮件的方式发送至各位独立董事。 本次会议应出席独立董事 3 人，实际出席独立董事 3 人，会议由独立董事梁丽娟 女士主持，会议的召开和表决符合《公司法》《上市公司独立董事管理办法》等 规定，会议表决合法有效。 二、独立董事专门会议审议情况 本次独立董事专门会议审议通过了如下议案： 1、审议通过《关于 2024 年度核销资产及计提资产减值准备的议案》 独立董事认为：公司本次核销资产及计提资产减值准备事项符合《企业会计 准则》和公司相关会计政策的规定，体现了会计谨慎性原则，依据充分合理，能 够客观、公允地反映公司财务状况和经营成果，公司本次核销资产及计提资产减 值准备符合公司的整体利益，不存在损害公司和全体股东特别是中小股东利益的 情况。经综合考虑，独立董事同意将该议案提交公司董事会审议。 表决结果：同意 3 ...