"At present,' LiFeO 1' products have improved in low temperature performance and charging efficiency to a certain extent." On April 26th, Shi Junfeng SH, Chairman of Longpan Technology (603906), told investors at the performance briefing that "Tieli 1" has been continuously supplied to an important downstream customer on a small scale, and the sales volume is not large. At present, the customer feedback is good.

In the past year, Longpan Technology's original car environmental protection fine chemicals business income still maintained growth. At the same time, Longpan Technology quickly cut into the field of lithium ferrous phosphate cathode materials by acquisition, forming a new business segment of the company, creating new profit growth points for the company and attracting more investors' attention.

In 20021year, Longpan Technology mainly engaged in lubricating oil, diesel engine tail gas treatment fluid, engine coolant and automobile maintenance products. Changzhou Liyuan New Energy Technology Co., Ltd., a holding subsidiary, acquired 0/00% equity of Beitry (Tianjin) Nano Material Manufacturing Co., Ltd. held by Shenzhen Beitry Nano Technology Co., Ltd. and Jiangsu Beitry Nano Technology Co., Ltd. held by Beitry (Jiangsu) New Materials Technology Co., Ltd.

Through the two-wheel drive of environmental-friendly fine chemicals for vehicles and lithium iron phosphate cathode materials, Longpan Technology 202 1 realized an operating income of 4.054 billion yuan, up11.72% year-on-year; The net profit of returning to the mother was 356,543.8 billion yuan, up 72.98% over the same period. Both revenue and net profit reached record highs since the listing of 20 17.

On a quarterly basis, Longpan Technology achieved the fastest growth in the fourth quarter of last year, reaching 65.438+0.58 billion yuan.

According to the research report of Guo Jin Securities, this is mainly driven by the lithium ferrous phosphate business. "In the fourth quarter of last year, the company sold lithium ferrous phosphate 1.55 million tons, which was further improved compared with the third quarter. At the same time, because the lithium ferrous phosphate business is still in a tight supply state, the price of superimposed raw materials, especially lithium carbonate, continues to rise, and the company's early inventory has greatly improved the profitability of products. "

According to the statistics of Hi-Tech lithium batteries, in 2020, the shipment of lithium ferrous phosphate cathode materials in China reached 6,543,800 tons, up 40.9% year-on-year. In 20021year, the shipment of lithium ferrous phosphate cathode materials in China reached 470,000 tons, up by 277% year-on-year. It is predicted that the market of lithium ferrous phosphate cathode materials in China will maintain a good growth rate in the future.

According to the financial data, Longpan Technology's revenue of lithium ferrous phosphate cathode material in 20021year was 65.438+87.7 million yuan, with a gross profit margin of 24.35%.

At the performance briefing on April 26th, Shi Junfeng said that the capacity of 32,500 tons of lithium ferrous phosphate disclosed in the company's annual report was only the capacity merged to the end of 20021,and the design capacity of12,500 tons was the capacity under construction as of the disclosure date of the announcement. "The company's current production capacity is about 85,000 tons, including Tianjin, Changzhou and Sichuan Phase I; Capacity under construction 1 12500 tons, including 62500 tons in Sichuan Phase II and 50000 tons in Shandong. It is expected to be completed and put into operation in July 2022. In addition, 62,500 tons of Sichuan Phase III and 50,000 tons of Hubei Phase I are planned to start construction in the second half of the year and are expected to be completed and put into operation by the end of the year or early next year. "

According to the data of Starting Point Research Institute, the global shipments of lithium iron phosphate batteries will increase from 5 1.3GWh in 2020 to 490. 1GWh in 2025, with a compound annual growth rate of 57.05%, and there is still a large market space in the future.

"The company has strong competitive advantages in customer structure, product performance, technology research and development, and cost control. And can cope with possible staged overcapacity. " Shi Junfeng said.

In addition to the layout of lithium ferrous phosphate cathode materials in the field of new energy, Longpan Technology has actually laid out the hydrogen energy industry.

Some investors asked at the performance briefing on April 26, "What is the development status of Anhui New Energy Technology Company invested by your company in Anhui in the field of hydrogen energy?"

Zhang Yi, director-general of Longpan Technology, said that Anhui Mingri New Energy Technology Co., Ltd. (hereinafter referred to as Mingri New Energy), the company's shareholding company, has normal production and operation, and its main business is hydrogen fuel cells and power systems.

According to the data, Tomorrow New Energy is a shareholding company of Longpan Technology, and Anhui Tomorrow Hydrogen Energy Technology Co., Ltd. (hereinafter referred to as Tomorrow Hydrogen Energy) is a holding subsidiary of Tomorrow New Energy.

In addition, Longpan Technology also established Jiangsu Longpan Hydrogen Energy Technology Co., Ltd. in May 2020.

Longpan Technology, as one of the drafting units of the industry standard "Hydrogen Fuel Cell Coolant Standard", actively promotes the application research of fuel cell cooling products and cooperates with many new energy automobile manufacturers in the industry.

In March this year, the official news of Longpan Technology said that the key materials that the company is currently working on are fuel cell catalyst, PEM electrolyzed water hydrogen production equipment catalyst, and IV hydrogen storage bottle, which are also the key core areas required to be accelerated in the national hydrogen energy industry planning.

In April, Longpan Technology was selected as the coolant product supplier of Changan Deep Blue C385 hydrogen electric vehicle.

Guo Jin Securities Research Report raised Longpan Technology's profit forecast by 26% and 65,438+09% in 2022 and 2023, and predicted the company's net profit in 2022-2024 to be 748 million yuan, 895 million yuan and 65.438+ 65 million yuan respectively, corresponding to PE of 65.438+06 and 65.438+respectively.

On April 26th, Longpan Technology closed at 30. 10 yuan, with a decrease of 5.4 1%. This year, it has fallen by 18.74%, which is about 57.5% lower than that of 7 1.04 yuan on October 28th, 2026.

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