证券代码：002601 证券简称：龙佰集团 公告编号：2025-001 关于公司股东股份质押及质押延期的公告 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。 近日，龙佰集团股份有限公司（以下简称"公司"）接到公司股东谭瑞清先 生的通知，获悉其所持有的本公司部分股份办理了质押及质押延期，具体事项如 下： | | 是否为控股 股东或第一 | 本次质押数 | 占其所 持股份 | 占公司 总股本 | 是否 | 是否 为补 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | | | | | 为限 | | 质押起始 | 质押到期 | | 质权人 | 质押 | | 名称 | 大股东及其 一致行动人 | 量（股） | 比例 （%） | 比例 （%） | 售股 | 充质 押 | 日 | 日 | | | 用途 | | | | | | | | | | | | | 置换 | | | 否 | 2,320,000 | 1.18 | 0.10 | 否 | 是 ...

Investment Rating - The report maintains a "Strong Buy" rating for Longbai Group [2][5]. Core Views - Longbai Group is a leading enterprise in the titanium dioxide industry, with a production capacity of 1.51 million tons of titanium dioxide and 80,000 tons of sponge titanium, both ranking first globally. The company utilizes both sulfate and chloride processes for titanium dioxide production, with its chloride process technology being internationally competitive while effectively reducing production costs [3]. - The company has a comprehensive integrated advantage in the titanium dioxide industry chain, controlling high-quality mineral resources and deep processing capabilities. It has multiple mining rights to ensure stable supply of titanium concentrate for production [3][4]. - The titanium dioxide industry is currently at a cyclical low in profitability, but there are expectations for marginal improvement. Demand is anticipated to recover due to ongoing macroeconomic policy support in China, which may lead to a rebound in the industry's long-term profitability [4]. Financial Forecasts - The company forecasts net profits of 3.615 billion, 4.225 billion, and 4.877 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.52, 1.77, and 2.05 yuan. The current stock price corresponds to P/E ratios of 12, 10, and 9 times for the same years [5][6]. - Revenue is projected to grow from 26.794 billion yuan in 2023 to 37.138 billion yuan in 2026, with growth rates of 10.92%, 10.86%, 11.51%, and 12.12% for the respective years [6]. Company Overview - Longbai Group is a large diversified enterprise group focused on the research, manufacturing, and deep integration of new materials such as titanium, zirconium, and lithium. Its products are sold in over 100 countries and regions across six continents [7]. - The company has established a green industrial chain from mineral extraction and processing to the manufacturing of titanium dioxide and titanium metals, with production bases located in several provinces in China [7].

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][5]. Core Viewpoints - The company is a leading player in the titanium dioxide industry, with a production capacity of 1.51 million tons of titanium dioxide and 80,000 tons of sponge titanium, both ranking first globally. It is one of the few suppliers that utilize both sulfate and chloride processes for titanium dioxide production, achieving cost reductions and increasing market share [3]. - The company has a strong integrated advantage in the titanium dioxide industry chain, controlling high-quality mineral resources and processing capabilities. It has multiple mining rights to ensure stable supply of titanium concentrate for production [3][4]. - The titanium dioxide industry is currently at a cyclical low, but there are expectations for marginal improvement. With ongoing macroeconomic policy support in China, demand for titanium dioxide is expected to recover, leading to a potential rebound in industry profitability [4]. - The company is actively expanding its upstream mineral resources and has signed a strategic cooperation framework agreement with Sichuan Natural Resources Group to enhance its resource layout [4]. Financial Forecasts - The company’s revenue is projected to grow from 26.79 billion yuan in 2023 to 37.14 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 12.12% [6]. - Net profit is expected to increase from 3.62 billion yuan in 2024 to 4.88 billion yuan in 2026, with corresponding earnings per share (EPS) rising from 1.52 yuan to 2.05 yuan [5][6]. - The price-to-earnings (P/E) ratio is projected to decrease from 12 times in 2024 to 9 times in 2026, indicating potential undervaluation [5][6].

Investment Rating - The report maintains a "Buy" rating for Longbai Group with a target price of RMB 24.30 per share [4][5]. Core Insights - The titanium dioxide market remains under pressure due to anti-dumping tax policies and weak seasonal demand, leading to losses in the sponge titanium and new energy materials segments [2][3]. - Longbai Group plans to achieve titanium concentrate production capacity of 2.48 million tons and iron concentrate capacity of 7.6 million tons by the end of 2025, with tight supply expected to keep titanium concentrate prices fluctuating at high levels [3][4]. - The company continues to export titanium dioxide to Europe and Brazil despite the imposition of anti-dumping duties, with some marginal producers reducing output or halting production [3][4]. Summary by Sections Market Performance - In Q4, Longbai Group's titanium dioxide sales were approximately 300,000 tons, with total annual sales nearing 1.25 million tons. The market faced challenges from anti-dumping taxes and seasonal demand weakness, resulting in a slight loss during exports to the EU [2][3]. Production Capacity and Strategy - The company anticipates a titanium concentrate output of 1.3 to 1.4 million tons in 2024, with Q4 prices experiencing seasonal fluctuations. The sponge titanium segment saw a slight increase in sales to 20,000 tons, but price declines led to losses [2][3]. Financial Projections - Revenue projections for Longbai Group show a steady increase from RMB 26.765 billion in 2023 to RMB 36.886 billion by 2028, with net profit expected to rise from RMB 3.226 billion in 2023 to RMB 5.095 billion in 2028 [7]. - The report estimates earnings per share (EPS) to be RMB 1.45 for 2024, increasing to RMB 2.14 by 2028 [7]. Valuation - The target price of RMB 24.30 per share is based on a discounted cash flow (DCF) valuation method, maintaining a weighted average cost of capital (WACC) of 7.4% [4][5].

Investment Rating - The investment rating for Longbai Group is maintained as "Overweight" [8][15]. Core Views - The report highlights that the titanium dioxide and titanium ore market has experienced a downturn since Q4 2024, primarily due to slow recovery in demand from sectors like real estate and the impact of anti-dumping measures on titanium dioxide exports from the EU and Brazil. Despite these challenges, Longbai Group's integrated advantages in the titanium industry and its leading cost advantages are expected to sustain its performance [13][14]. - The average price of domestic 46% titanium concentrate in Q4 2024 was reported at RMB 2,050 per ton, a decrease of 4.0% quarter-on-quarter, attributed to increased domestic supply and weak downstream demand for titanium dioxide. Longbai Group possesses high-quality titanium ore resources, with reserves accounting for 80% of the national total, and plans to expand its production capacity significantly by 2025 [13][14]. - The report anticipates a slight adjustment in profit expectations due to the decline in titanium dioxide and titanium ore prices, projecting net profits for 2024-2026 at RMB 3.21 billion, RMB 3.93 billion, and RMB 4.86 billion respectively, with corresponding EPS of RMB 1.35, RMB 1.65, and RMB 2.04 [15]. Financial Summary - Revenue projections for Longbai Group are as follows: RMB 24.16 billion in 2022, RMB 26.79 billion in 2023, RMB 28.84 billion in 2024E, RMB 31.29 billion in 2025E, and RMB 34.92 billion in 2026E, reflecting growth rates of 17.16%, 10.92%, 7.65%, 8.48%, and 11.62% respectively [9]. - The company's net profit attributable to the parent company is expected to decline from RMB 3.42 billion in 2022 to RMB 3.23 billion in 2023, before recovering to RMB 3.93 billion in 2025 and RMB 4.87 billion in 2026, indicating a growth trajectory in the latter years [9][15]. - The target price for Longbai Group is set at RMB 21.45, with the current closing price at RMB 17.18, suggesting a potential upside [10][15].

龙佰集团股份有限公司 证券代码：002601 证券简称：龙佰集团 公告编号：2024-083 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。 2、审议通过《关于回购子公司股权的议案》。 关于本议案具体内容详见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）《关于回购子公司股权的公 告》。 第八届董事会第十七次会议决议公告 一、董事会会议召开情况 龙佰集团股份有限公司（以下简称"公司"）第八届董事会第十七次会议于 2024 年 12 月 30 日（周一）以通讯表决和现场表决相结合的方式召开。本次董 事会的会议通知和议案已于 2024 年 12 月 25 日按《公司章程》规定以书面送达 或电子邮件的方式发送至全体董事。本次会议应出席董事 9 人，实际出席董事 9 人。会议由董事长和奔流先生主持，会议的召开和表决符合有关法律、行政法规、 部门规章、规范性文件和公司章程的规定，会议表决合法有效。 二、董事会会议审议情况 本次董事会会议审议通过了如下议案： 1、审议通过《关于制定公司<市值管理制度>的议案》 ...

证券代码：002601 证券简称：龙佰集团 公告编号：2024-084 龙佰集团股份有限公司 第八届监事会第十七次会议决议公告 本公司及监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。 一、监事会会议召开情况 本议案获得通过，同意 3 票，反对 0 票，弃权 0 票，回避 0 票。 2、审议通过《关于回购子公司股权的议案》。 关于本议案具体内容详见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）《关于回购子公司股权的公 告》。 本议案获得通过，同意 3 票，反对 0 票，弃权 0 票，回避 0 票。 - 1 - 三、备查文件 龙佰集团股份有限公司（以下简称"公司"）第八届监事会第十七次会议于 2024 年 12 月 30 日（周一）以通讯表决和现场表决相结合的方式召开。本次监 事会的会议通知和议案已于 2024 年 12 月 25 日按《公司章程》规定以书面送达 或电子邮件的方式发送至全体监事。会议应参加表决监事 3 人，实际参加表决监 事 3 人。会议由监事会主席张海涛先生主持，会议的召开符合有关法律、行 ...

证券代码：002601 证券简称：龙佰集团 公告编号：2024-085 龙佰集团股份有限公司 关于回购子公司股权的公告 本次交易完成后，公司及禄丰钛业持有的云南国钛股权由 50.9960%变更为 83.3238%，云南国钛仍然是公司的控股子公司，不会导致公司合并报表范围发生 变化。 本次回购子公司股权不构成关联交易，亦不构成《上市公司重大资产重组管 理办法》规定的重大资产重组。本次回购子公司股权在公司股东大会授权范围内， 无需再次提交股东大会批准。 二、交易标的基本情况 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"）于 2024 年 12 月 30 日召开的 第八届董事会第十七次会议审议通过了《关于回购子公司股权的的议案》，现将 相关事项公告如下： 一、本次交易情况概述 公司第七届董事会第四十九次会议、2023 年第三次临时股东大会审议通过 了《关于子公司引入战略投资者的议案》。为优化云南国钛金属股份有限公司（以 下简称"云南国钛"）公司治理，促进其业务发展，云南国钛引入 19 名战略投 资者。19 名战略投资者按照 ...

证券代码：002601 证券简称：龙佰集团 公告编号：2024-082 龙佰集团股份有限公司 关于股份回购结果暨股份变动的公告 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"）于 2024 年 6 月 17 日召开的第 八届董事会第十二次会议审议通过了《关于回购公司股份方案的议案》，同意公 司以自有资金通过集中竞价交易方式回购公司已发行的人民币普通股（A 股）股 票，用于员工持股计划或者股权激励。回购股份的价格为不超过人民币 32.10 元/股（含），回购股份的资金总额不低于人民币 10,000.00 万元（含）且不超 过人民币 20,000.00 万元（含）。回购股份的实施期限为自董事会审议通过本次 回购公司股份方案之日起 12 个月内。具体内容详见公司于 2024 年 6 月 18 日刊 载 于 《 中 国 证 券 报 》 《 证 券 时 报 》 《 上 海 证 券 报 》 及 巨 潮 资 讯 网 (http://www.cninfo.com.cn）的《回购股份报告书》《关于回购公司股份方案 的公告》。 截至本公告披 ...

龙佰集团股份有限公司 关于公司独立董事辞职的公告 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"）董事会于近日收到公司独立董 事邱冠周先生提交的书面辞职报告。邱冠周先生因个人原因，申请辞去公司第八 届董事会独立董事、提名委员会委员及召集人、薪酬与考核委员会委员职务，辞 职后邱冠周先生将不再担任公司任何职务。 邱冠周先生辞职将导致公司独立董事人数少于董事会人数的三分之一，为了 保证董事会工作正常开展，根据《公司法》《上市公司独立董事管理办法》《深 圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》和《公 司章程》等有关规定，邱冠周先生的辞职申请将在公司股东大会选举产生新的独 立董事后生效。在辞职生效前，邱冠周先生将按照法律法规和《公司章程》的有 关规定，继续履行公司独立董事及其在董事会下设专门委员会中的相关职责。公 司将按照相关规定尽快完成新的独立董事选举工作。 证券代码：002601 证券简称：龙佰集团 公告编号：2024-081 截至本公告披露日，邱冠周先生未持有本公司股票，不存在应当履行而未履 行的 ...