证券研究报告 | 公司动态点评 2025 年 08 月 26 日 龙蟠科技（603906.SH） 铁锂出海迎收获，碳酸锂步入正轨 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 8,729 | 7,673 | 8,686 | 10,447 | 12,386 | | 增长率 yoy（%） | -38.0 | -12.1 | 13.2 | 20.3 | 18.6 | | 归母净利润（百万元） | -1,233 | -636 | 88 | 284 | 640 | | 增长率 yoy（%） | -263.8 | 48.5 | 113.8 | 224.4 | 125.2 | | ROE（%） | -36.2 | -19.9 | 2.6 | 7.9 | 15.1 | | EPS 最新摊薄（元） | -1.80 | -0.93 | 0.13 | 0.42 | 0.93 | | P/E（倍） | -8.2 | -15.8 | 114.8 | 35.4 | 15.7 | | ...

8月25日，龙蟠科技盘中上涨2.04%，截至10:52，报14.99元/股，成交2.47亿元，换手率2.95%，总市值 102.69亿元。 资金流向方面，主力资金净流出878.95万元，特大单买入1067.78万元，占比4.33%，卖出1158.84万元， 占比4.70%；大单买入4382.37万元，占比17.76%，卖出5170.25万元，占比20.95%。 龙蟠科技今年以来股价涨44.69%，近5个交易日跌0.66%，近20日涨3.52%，近60日涨30.23%。 今年以来龙蟠科技已经4次登上龙虎榜，最近一次登上龙虎榜为6月25日。 资料显示，江苏龙蟠科技集团股份有限公司位于江苏省南京经济技术开发区恒通大道6号,香港湾仔皇后 大道东183号合和中心46楼，成立日期2003年3月11日，上市日期2017年4月10日，公司主营业务涉及江 苏龙蟠科技股份有限公司是一家主要从事车用精细化学品及磷酸铁锂正极材料销售的中国公司。该公司 主要通过三个分部开展业务。销售车用精细化学品业务分部主要从事多元化的车用精细化学品组合的生 产及销售,涵盖柴油发动机尾气处理液、车用及工业润滑油、冷却液以及车用养护品。销售磷酸铁锂正 ...

Core Viewpoint - Longpan Technology (603906) reported a decline in average sales prices for its main products in the first half of 2025 compared to the same period last year, indicating potential challenges in pricing power and market conditions [1] Price Changes - The average sales price of lubricating oil decreased by 7.20% year-on-year - The average sales price of diesel engine exhaust treatment fluid decreased by 8.45% year-on-year - The average sales price of coolant decreased by 0.19% year-on-year - The average sales price of lithium iron phosphate cathode materials decreased by 16.70% year-on-year [1] Raw Material Price Changes - The average procurement price of base oil decreased by 616.46 yuan/ton, a decline of 7.14% year-on-year - The average procurement price of ethylene glycol increased by 148.27 yuan/ton, an increase of 3.79% year-on-year - The average procurement price of urea decreased by 419.19 yuan/ton, a decline of 19.81% year-on-year - The average procurement price of phosphoric acid decreased by 173.73 yuan/ton, a decline of 1.98% year-on-year - The average procurement price of lithium carbonate decreased by 22,674.64 yuan/ton, a decline of 26.08% year-on-year [1]

证券代码：603906 证券简称：龙蟠科技 公告编号：2025-108 江苏龙蟠科技集团股份有限公司 关于 2025 年上半年度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上市公司行业信息披露指引第十八号——化工》及相 关规定要求，现将公司2025年上半年度主要经营数据情况披露如下： 均价较上年同期减少616.46元/吨，下降7.14%；乙二醇采购均价较上年同期增加 148.27元/吨，增长3.79%；尿素采购均价较上年同期减少419.19元/吨，下降19.81%； 磷酸铁采购均价较上年同期减少173.73元/吨，下降1.98%；碳酸锂采购均价较上 年同期减少22,674.64元/吨，下降26.08%。 三、报告期内其他对公司生产经营具有重大影响的事项 二、主要产品和原材料的价格变动情况 （一）主要产品价格变动情况 公司2025年上半年度主要产品润滑油平均销售价格较上年同期下降7.20%； 柴油发动机尾气处理液平均销售价格较上年同期下降8.45%；防冻液平均销售价 格较上年同期下降0 ...

证券代码：603906 证券简称：龙蟠科技 公告编号：2025-057 江苏龙蟠科技股份有限公司 关于 2025 年一季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 （二）主要原材料价格变动情况 公司2025年一季度主要原材料价格均有不同幅度的变化，其中基础油采购均 价较上年同期减少811.69元/吨，下降9.50%；乙二醇采购均价较上年同期增加 287.52元/吨，增长7.39%；尿素采购均价较上年同期减少518.34元/吨，下降24.23%； 磷酸铁采购均价较上年同期减少237.39元/吨，下降2.68%；碳酸锂采购均价较上 年同期减少19,539.93元/吨，下降22.62%。 三、报告期内其他对公司生产经营具有重大影响的事项 根据上海证券交易所《上市公司行业信息披露指引第十八号——化工》及相 关规定要求，现将公司2025年一季度主要经营数据情况披露如下： | 主要产品 | 产量（吨） | 销量（吨） | 营业收入（万元） | | --- | --- | --- | --- | | 润滑油 | 1 ...

Group 1 - The company reported a revenue of 7.673 billion yuan for 2024, a year-on-year decrease of 12.10%, with a net profit attributable to shareholders of -636 million yuan, improving by 48.46% compared to the previous year [1] - In Q4 2024, the company achieved a revenue of 2.012 billion yuan, with a year-on-year and quarter-on-quarter decline of 10.04% and 3.81% respectively, and a net profit of -333 million yuan [1] - The company shipped approximately 178,300 tons of lithium iron phosphate materials in 2024, a year-on-year increase of about 64.89%, with Q4 shipments of about 53,500 tons, showing a slight quarter-on-quarter growth of 6.5% [1] Group 2 - The traditional business segments, including lubricants and diesel engine exhaust treatment fluids, showed stable performance with slight declines in sales volume for lubricants and diesel fluids, while the cooling fluids and automotive maintenance products experienced minor growth [2] - The overall automotive environmental fine chemicals segment contributed 1.836 billion yuan in revenue, a year-on-year decrease of 2.73%, but achieved a gross margin of 30.25%, an increase of 3.38 percentage points [2] Group 3 - The company is advancing its overseas production capacity with a 30,000-ton lithium iron phosphate project in Indonesia, which is the first of its kind with a capacity exceeding 10,000 tons [3] - The company is extending upstream to secure raw material supply through strategic investments or self-built production bases, with a subsidiary contributing a profit of 60 million yuan in 2024, marking a turnaround from losses [3] - The company has launched differentiated products in the power and energy storage sectors, including a new fourth-generation high-pressure lithium iron phosphate material that significantly reduces manufacturing costs and improves production efficiency [3] Group 4 - The company is expected to achieve revenues of 9.607 billion, 11.555 billion, and 13.699 billion yuan from 2024 to 2026, with net profits of 307 million, 518 million, and 718 million yuan, reflecting year-on-year growth rates of 148.3%, 68.9%, and 38.6% respectively [4] - The current stock price corresponds to PE multiples of 23.2X, 13.7X, and 9.9X for 2025-2027 [4] - The company's overseas capacity construction is leading, and deep partnerships with major clients are expected to enhance capacity utilization and performance elasticity [4]

江苏龙蟠科技股份有限公司 关于 2024 年度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据上海证券交易所《上市公司行业信息披露指引第十八号——化工》及相 关规定要求，现将 2024 年主要经营数据披露如下： 注：上表中数值若出现总数与各分项数值之和尾数不符，均为四舍五入原因所致。 二、主要产品和原材料的价格变动情况 （一）主要产品价格变动情况 公司 2024 年一至四季度主要产品润滑油平均销售价格较上年同期下降 1.40%；柴油发动机尾气处理液平均销售价格较上年同期下降 7.74%；冷却液平 均销售价格较上年同期下降 4.49%；磷酸铁锂正极材料平均销售价格较上年同期 下降 49.55%。 证券代码：603906 证券简称：龙蟠科技 公告编号：2025-037 公司 2024 年一至四季度主要原材料均有不同幅度的变动，其中基础油采购 均价较上年同期减少 566.84 元/吨，下降 6.21%；乙二醇采购均价较上年同期增 主要产品 产量（吨） 销量（吨） 营业收入（万元） 润滑油 39,932.14 ...