Investment Rating - The report suggests a positive investment outlook for the photovoltaic industry, emphasizing the transition from extensive expansion to technology-driven high-quality development [3][59]. Core Insights - The photovoltaic industry is undergoing a transformation driven by policy and technological innovation, with a focus on short-term opportunities related to the Q2 installation surge and long-term advancements in technologies such as BC and HJT [3][59]. - The report highlights the importance of leading silicon material companies that possess cost advantages and development potential, such as Tongwei Co. and GCL-Poly Energy [3][59]. - Specialized battery companies are expected to benefit from increased demand for batteries due to the growth of local photovoltaic manufacturing capacity overseas, with companies like Junda Co. being highlighted [3][59]. - New technologies, particularly BC and HJT, are identified as key areas for investment, with companies like Aiko Solar and Maiwei Co. expected to gain from these advancements [3][59]. Summary by Sections Current Status - The photovoltaic market is experiencing continuous growth driven by strong demand, with a projected domestic installation of 277.6 GW in 2024, maintaining its position as the global leader in cumulative installed capacity [8][30]. - The supply side is facing challenges, including a significant supply-demand imbalance expected to persist into 2024 [6][30]. Future Outlook - The report anticipates a new cycle of growth driven by anti-involution policies and technological innovation, with a focus on high-quality development [5][30]. - The global photovoltaic market is expected to maintain growth, with emerging markets in Latin America and the Middle East showing strong demand [13][30]. New Markets - The report emphasizes the high growth potential in overseas markets, particularly in the Middle East and Africa, where countries are increasingly investing in photovoltaic projects [51][53]. - India is projected to see significant growth in photovoltaic installations, with annual additions expected to reach 28-38 GW [55][56].

Core Viewpoint - The price of anode materials is expected to rebound further by 2025, driven by a recovery in processing fees for anode material companies, which will help restore their gross margins [1][5]. Price Trends - Recently, the prices of anode materials have been rising, with low-end and mid-range artificial graphite prices increasing by approximately 500 yuan per ton, while high-end artificial graphite has also seen a slight increase [2][3]. - Since Q4 2024, artificial graphite prices have maintained a continuous upward trend, with low-end prices rising over 5% and mid-range prices approaching a 10% increase [3]. - In contrast to other lithium battery materials like lithium carbonate and lithium iron phosphate, which have shown slight price declines since February, the price momentum for artificial graphite anodes is more pronounced [3]. Cost Structure - The significant price increases in raw materials such as petroleum coke and needle coke have contributed to the rising costs of artificial graphite anodes, with petroleum coke prices rising by 40% and needle coke by over 20% in February [3]. - These raw materials account for about 20% of the cost structure of artificial graphite anodes, indicating that to maintain profit levels, the selling price must increase by approximately 8% for a 40% rise in petroleum coke and at least 4% for a 20% rise in needle coke [3][4]. Market Dynamics - The sentiment among anode material companies to raise prices has been influenced by the need to recover profitability after significant price declines over the past two years [5]. - Despite some recovery in downstream demand, the impact of price-raising sentiment on artificial graphite anode prices is limited due to an oversupply in the graphite market and insufficient order increases compared to supply levels [6]. Future Outlook - Looking ahead, the potential for price increases in materials will be limited due to the industry's long-term demand for cost reduction and efficiency improvements [7]. - Companies will need to focus on technological advancements, transition to high-end products, and enhance supply chain collaboration to lower costs [7]. - There is also a need to explore emerging application fields and adapt products to seize new market opportunities [7].

本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。科创板公司具有研发投入 大、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应充 分了解科创板市场的投资风险及公司所披露的风险因素，审慎作出投资决定。 龙迅半导体（合肥）股份有限公司 Lontium Semiconductor Corporation （住所：安徽省合肥市经济技术开发区宿松路 3963 号智能装备科技园 B3 栋） 首次公开发行股票并在科创板上市 招股意向书 保荐机构（主承销商） （住所：北京市朝阳区建国门外大街1号国贸大厦2座27层及28层） 龙迅半导体（合肥）股份有限公司 招股意向书 发行人声明 中国证监会、上海证券交易所对本次发行所作的任何决定或意见均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈 利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反的声明均 属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自 行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依法发 行后因发行人经营 ...