龙蟠科技（603906）：铁锂出海迎收获，碳酸锂步入正轨

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by more than 15% in the next six months [4][16]. Core Views - The company is experiencing growth in its overseas lithium iron phosphate (LiFePO4) shipments and has stabilized its lithium carbonate business. The overseas production capacity is expected to generate significant revenue and profit due to high-priced orders [2][3]. - The traditional business segments, including lubricants and automotive maintenance products, have shown stable performance, contributing to a slight increase in overall revenue [3]. - The company is projected to achieve revenues of 86.86 billion, 104.47 billion, and 123.86 billion yuan from 2025 to 2027, with net profits of 0.88 billion, 2.84 billion, and 6.4 billion yuan respectively, indicating substantial growth rates [3]. Financial Summary - For 2023, the company reported a revenue of 8,729 million yuan, with a year-over-year decline of 38%. The net profit attributable to shareholders was -1,233 million yuan, reflecting a significant loss [1]. - The revenue is expected to recover to 7,673 million yuan in 2024, with a projected growth of 13.2% in 2025, reaching 8,686 million yuan [1]. - The company’s return on equity (ROE) is forecasted to improve from -36.2% in 2023 to 15.1% by 2027, indicating a recovery in profitability [1]. Business Segments - The company shipped approximately 78,000 tons of lithium iron phosphate materials in the first half of 2025, generating revenue of 2.314 billion yuan. The average selling price per ton increased by 8.2% in Q2 [2]. - The lithium carbonate processing plant in Yichun is ramping up production, with external sales of 7,066.34 tons in the first half of the year, contributing 280 million yuan to revenue [2]. - The traditional business segments, including lubricants and automotive maintenance products, achieved stable sales volumes, with a slight overall revenue increase of 0.07% [3].