LB Group(002601) 开源证券·2025-04-25 05:44Investment Rating - The investment rating for Longbai Group is "Buy" (maintained) [2] Core Views - The company is facing pressure on its performance in 2024 but is actively advancing its mining development and internationalization of titanium dioxide [1] - The company reported a revenue of 27.54 billion yuan in 2024, a year-on-year increase of 2.78%, but a net profit attributable to shareholders of 2.17 billion yuan, a year-on-year decrease of 32.79% [5] - The report highlights the potential for capacity expansion in the mining sector and the stability of profitability from titanium concentrate and titanium dioxide [5] Financial Performance Summary - In 2024, the company produced 1.2955 million tons of titanium dioxide, an increase of 8.74% year-on-year, and sold 1.2545 million tons, an increase of 8.25% year-on-year [5] - The average prices for titanium concentrate, titanium dioxide, and sponge titanium in 2024 were 2,181 yuan/ton, 15,572 yuan/ton, and 48,200 yuan/ton, respectively [5] - The company’s net profit forecasts for 2025-2027 are 3.52 billion yuan, 4.69 billion yuan, and 5.29 billion yuan, respectively, with corresponding EPS of 1.48 yuan, 1.96 yuan, and 2.21 yuan [5][6] Market Position and Strategy - The company is expanding its overseas market share and establishing overseas production bases to achieve a full-process internationalization from raw materials to sales [5] - Longbai Group is focusing on two key mining projects: the joint development of the Hongge North Mining Area and the development of the Xujia Gou Iron Mine, which are expected to sustain growth in mining capacity [5]