Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [8]. Core Views - The company is leading in overseas expansion, having signed a contract with CATL to sell 157,500 tons of lithium iron phosphate (LFP) cathode materials, with a total sales amount exceeding 6 billion RMB [1]. - The LFP industry may experience a supply-demand reversal, with significant production increases noted among major LFP manufacturers [7]. Summary by Sections Company Overview - The company has established long-term supply agreements with LGES, Blue Oval, and Eve Energy, securing overseas LFP supply from 2026 to 2030 [7]. - The first phase of the 30,000-ton LFP project in Indonesia began production in 2025, with a second phase of 90,000 tons under construction [7]. - The company raised approximately 1.17 billion HKD through a new H-share placement and secured investments totaling 200 million USD from strategic investors [7]. Industry Insights - In October 2025, domestic battery manufacturers planned to produce 142 GWh, a month-on-month increase of 9.6%, while cathode material production rose by 2.46% [7]. - Among 31 major LFP manufacturers, 7 have utilization rates exceeding 100%, indicating strong demand and potential for price increases [7]. Financial Projections - Projected revenues for 2025, 2026, and 2027 are 81.4 billion, 145.2 billion, and 176.5 billion RMB, respectively, with year-on-year growth rates of 6.1%, 78.3%, and 21.6% [8]. - The company is expected to achieve a net profit of 1.6 billion RMB in 2025, with significant growth in subsequent years [8]. - Earnings per share (EPS) are projected to be -0.37, 0.24, and 0.63 RMB for 2025, 2026, and 2027, respectively [8].

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Lithium Industry in China - **Key Companies Discussed**: Ganfeng Lithium, Tianqi Lithium Core Insights and Arguments - **Lithium Futures Decline**: Lithium futures prices fell as CATL prepared to restart mining operations at the Jianxiawo site, with a resumption date set for November 2025. Lithium stocks dropped by 3-11% on September 10, 2025, indicating a market reaction to the earlier-than-expected timeline [3][5][54] - **Supply Risks**: Concerns remain regarding supply risks for China's lepidolite mines. The mining license for Jianxiawo may only cover clay, not lithium, and an audit report for remaining mines is due by September 30, 2025. This uncertainty contributes to a cautious outlook on the lithium sector [3][5] - **Price Trends**: Lithium carbonate prices have decreased by 3% year-to-date, while companies like Tianqi and Ganfeng have seen stock price increases of 33-69% [3][5] - **Solid State Battery Development**: Eve Energy's announcement of its Longquan II all-solid-state battery base achieving production capacity of nearly 500,000 battery cells has positively influenced investor sentiment, particularly benefiting Ganfeng over Tianqi [3] - **Market Dynamics**: The recent speculation about production halts among lithium producers led to a temporary price rally, but the report suggests that many of these tailwinds could become headwinds, particularly with the resumption of production by halted lithium producers [3][5] Additional Important Information - **Stock Performance**: - Ganfeng Lithium's A shares increased by 17.5% over the past week, while Tianqi Lithium's A shares rose by 4.3% [5] - The A/H premium for Ganfeng increased by 8.2 percentage points, while Tianqi's A/H premium remained stable [5] - **Lithium Price Movements**: - Lithium carbonate prices are currently at CNY 73,300 per ton, down from CNY 74,800 a week ago, reflecting a 2% decrease [5] - The futures price for lithium carbonate is around CNY 70,720 per ton, indicating a decline of 1.6% [5] - **Inventory Levels**: Lithium inventory remains high at 140,000 tons, only slightly down from 142,000 tons in early August, suggesting ongoing supply pressures [3][5] Conclusion - The lithium industry in China is facing a complex landscape with potential supply disruptions, fluctuating prices, and evolving market dynamics driven by technological advancements in battery production. Investors are advised to remain cautious as the market adjusts to these developments [3][5]

Core Viewpoint - Longpan Technology has secured significant contracts for lithium iron phosphate cathode materials, indicating a positive outlook for future performance and stock price appreciation [1][2][5]. Group 1: Contract Details - Longpan Technology's subsidiary, LBM NEW ENERGY, signed a production pricing agreement with Eve Energy, with a total sales amount exceeding 5 billion yuan, covering the sale of 15,200 tons of lithium iron phosphate cathode materials from 2026 to 2030 [2]. - The company has signed multiple long-term contracts since 2025, with total contract amounts potentially reaching 17 billion yuan [4]. - In early 2025, Longpan Technology signed a procurement agreement with CATL, with a maximum procurement limit set at 7 billion yuan for the same material [3]. Group 2: Financial Performance - Longpan Technology's revenue has shown significant growth since its listing, with revenue increasing from 1.297 billion yuan in 2017 to 14.072 billion yuan in 2022, marking a 247.15% year-on-year increase [6]. - However, in 2023, the company faced a downturn, with revenue dropping to 8.729 billion yuan, a decrease of 37.96%, and a net loss of 1.233 billion yuan [7]. - The company has shown signs of recovery in 2024, with revenue of 7.673 billion yuan, a decline of 12.10%, and a reduced net loss of 636 million yuan, down 48.46% year-on-year [8]. Group 3: Product Development - Longpan Technology has introduced a new generation of lithium iron phosphate cathode materials, which utilize a unique one-step sintering process, offering high cost-performance and competitive advantages [8].

6月2日晚，龙蟠科技发布公告称，公司旗下控股公司LBM NEW ENERGY（AP）PTE.LTD.（以下简 称"锂源亚太"）与EveEnergy Malaysia Sdn.Bhd.（以下简称"Eve Energy"）签署了《生产定价协议》，双 方约定预计将由锂源亚太及其关联企业自2026至2030年间合计向Eve Energy及其关联企业销售15.2万吨 符合双方约定规格的磷酸铁锂正极材料，合同总销售金额超50亿元。 公告显示，该协议为公司日常经营相关的销售合同，公司签订该协议有助于与下游合作伙伴建立长期稳 定的关系，有助于公司产品的稳定销售，符合公司发展战略规划。若该合同能顺利履行，将对公司未来 业绩产生积极影响。 2024年，龙蟠科技实现营业总收入76.73亿元。其中，磷酸铁锂正极材料产品实现营业收入57.64亿元。 今年以来，龙蟠科技磷酸铁锂正极材料业务多点开花。2025年1月份，公司控股孙公司与Blue Oval（福 特电池工厂）成功签订供应协议，约定由公司控股孙公司自2026年至2030年期间提供磷酸铁锂正极材 料。当月，公司还与宁德时代签订磷酸铁锂正极材料年度采购协议，2025年度采购上限设为7 ...

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