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].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [5][7]. Core Insights - The company's energy storage business continues to show strong growth, contributing significantly to overall profitability stability. The revenue for 2024 is projected at 486.15 billion yuan, with a slight year-on-year decline of 0.35%, while the net profit attributable to shareholders is expected to reach 40.76 billion yuan, reflecting a year-on-year increase of 0.63% [4][5]. - The first quarter of 2025 shows rapid revenue growth, with a total of 127.96 billion yuan, marking a year-on-year increase of 37.34%. The net profit attributable to shareholders for this period is projected at 11.01 billion yuan, up 3.32% year-on-year [4][5]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 486.15 billion yuan, with a net profit of 40.76 billion yuan, and a non-recurring net profit of 31.62 billion yuan, which is a 14.76% increase year-on-year. The gross margin was 17.41%, up 0.37 percentage points, while the net margin was 8.68%, down 0.59 percentage points [4][6]. - For Q1 2025, the company reported a revenue of 127.96 billion yuan, a 37.34% increase year-on-year, with a net profit of 11.01 billion yuan, reflecting a 3.32% increase. The non-recurring net profit for this quarter was 8.18 billion yuan, up 16.6% year-on-year [4][6]. Business Segments - The energy storage battery segment generated revenue of 190.3 billion yuan in 2024, a 16.4% increase, accounting for 39% of total revenue. The company’s core product, the Mr.Big series 600Ah+ energy storage cell, is recognized as a technical benchmark in the industry. The energy storage battery shipment volume reached 50.45 GWh in 2024, a 91.9% increase year-on-year [4][5]. - The power battery segment reported a revenue of 191.7 billion yuan in 2024, a 20% decrease, while the shipment volume increased by 7.9% to 30.3 GWh. In Q1 2025, the shipment volume surged to 10.17 GWh, a 57.58% increase year-on-year [4][5]. - The consumer battery segment achieved a revenue of 103.2 billion yuan in 2024, a 23.4% increase, benefiting from the recovery in the consumer electronics market [4][5].

证券研究报告 业绩符合预期，动储市场持续扩张 请务必阅读报告末页的重要声明 glzqdatemark1 2025年03月16日 证券研究报告 |报告要点 公司发布 2024 年年度报告，2024 年实现营业收入 3620 亿元，同比减小 9.7%，主要系碳酸锂 等原材料价格下降带动公司产品价格下降；实现归母净利润 507 亿元，同比增长 15.0%；实现 扣非归母净利 450 亿元，同比增长 12.2%。 公司 2024Q4 实现营业收入 1030 亿元，同比-3%， 环比+12%，归母净利润为 147 亿元，同比+14%，环比+12%，符合预期，公司净利稳步增长。 |分析师及联系人 SAC：S0590524110005 非金融公司|公司点评|宁德时代（300750） 请务必阅读报告末页的重要声明 1 / 5 张磊 瞿学迁 非金融公司|公司点评 glzqdatemark2 2025年03月16日 宁德时代(300750) 业绩符合预期，动储市场持续扩张 | 行 业： | 电力设备/电池 | | --- | --- | | 投资评级： | 买入（维持） | | 当前价格： | 262.00 元 | | 基本数据 ...

1月21日，湖南裕能新能源电池材料股份有限公司发布2024年度业绩预告。 圆柱电池论坛： 行业首届圆柱电池技术论坛定档2025年2月28日，深圳举办！ 预计2024年度归母净利润将为5.6亿元至6.6亿元，同比下降64.57%至58.24%。上年同期的归母 净利润为15.81亿元。此外，扣除非经常性损益后的净利润预计为5.2亿元至6.2亿元，同比下降 65.75%至59.17%，上年同期为15.18亿元。 业绩变动原因说明： 锂电池产业链在经历 2020-2022 年的高增长后，2023 年以来增速换挡、供需关系发生显著变 化。2024 年锂电池产业链处于筑底阶段，碳酸锂价格总体震荡下行，磷酸盐正极材料价格同比 上年大幅下降，对行业内企业的盈利水平产生较大压力。同时，磷酸盐正极材料行业竞争激 烈，行业总体产能利用率仍处于回升过程。 在此背景下，公司作为磷酸盐正极材料行业头部企业，保持较高的产能利用率和产销率以满足 下游需求。2024 年，公司磷酸盐正极材料销量同比增长约40%，持续推进一体化布局和降本增 效，并积极实施出海战略。2024 年，公司得以保持一定的盈利，但受行业周期及实施股权激励 的股份支付费用等 ...