总投资20亿元！又一储能龙头逆势扩产

Core Viewpoint - Longpan Technology (603906.SH) has approved a plan to invest up to 2 billion yuan in a high-performance lithium battery cathode material project, which will be implemented by its wholly-owned subsidiary, Liyuan (Jiangsu) Technology Co., Ltd. [1][8] Investment Project - The project will be constructed in two phases, with the first phase aiming for a production capacity of 120,000 tons of lithium iron phosphate, expected to start construction in Q1 2026 and be completed in Q3 2026. The company will initiate the second phase based on market conditions [2][9] - This new capacity will increase the total planned capacity from a previous 62,500 tons per year to 100,000 tons per year, further solidifying its position in the lithium iron phosphate cathode material sector [2][9] Company Overview - Longpan Technology, established in 2003, initially focused on lubricants but has expanded into three main sectors: lithium materials, automotive chemicals, and hydrogen energy. The company has undergone significant transformations, including the acquisition of the lithium iron phosphate cathode material business from BETTERI in 2021 [3][10] - The company went public on the Hong Kong Stock Exchange in 2024, becoming a dual-listed entity, and has a current A-share market capitalization of approximately 14 billion yuan [3][10] - Longpan Technology has established a strong position in the lithium iron phosphate cathode material market, with stable partnerships with major global lithium battery manufacturers, and ranks among the top in domestic shipments [3][10] Financial Performance - Longpan Technology is currently in a transformation phase, with net losses of 1.233 billion yuan and 636 million yuan expected for 2023 and 2024, respectively [5][11] - In the first three quarters of 2025, the company reported revenue of 5.825 billion yuan, a slight increase of 2.91% year-on-year, with a net loss of approximately 110 million yuan, a significant reduction of 63.53% compared to the same period last year [5][11] - The automotive fine chemicals segment performed well, generating 2.64 billion yuan in revenue, a profit increase of 35.2% to 124 million yuan, while the lithium iron phosphate cathode material segment saw a revenue decline of 6.3% to 2.359 billion yuan, but its losses narrowed by 36.7% to 186 million yuan [12][11] Major Orders and Investments - In addition to the 2 billion yuan investment project, Longpan Technology has secured significant customer orders, including a deal to supply 1.3 million tons of lithium iron phosphate cathode materials from 2025 to 2030, estimated to exceed 45 billion yuan in total sales [6][12] - The company also signed a long-term procurement agreement with a subsidiary of XINWANDA in Thailand to supply a total of 106,800 tons of lithium iron phosphate cathode materials from 2026 to 2030, with an estimated contract value of 4.5 billion to 5.5 billion yuan [6][13]