IPO申购指南：龙蟠科技

Investment Rating - The report suggests a cautious subscription for Longpan Technology (02465.HK) [3] Core Viewpoints - Longpan Technology is a leading manufacturer of lithium iron phosphate cathode materials globally and a well-known manufacturer of automotive fine chemicals in mainland China. As of 2023, the company ranks as the fourth largest lithium iron phosphate cathode material manufacturer in China and globally, with a market share of 6.5% [3] - The demand for new energy vehicle batteries is expected to grow significantly, driven by China's dual goals of "carbon peak" and "carbon neutrality." The shipment volume of new energy vehicle batteries in mainland China is projected to increase from 816.6 GWh in 2024 to 1,860.5 GWh in 2028, representing a compound annual growth rate (CAGR) of 22.9% [3] - The report highlights that the sales volume of lithium iron phosphate cathode materials in mainland China is expected to grow at a CAGR of 17.2%, from 2,056.0 thousand tons in 2024 to 3,884.0 thousand tons in 2028 [3] Summary by Sections IPO Details - The IPO price range is set at 4.5-7 HKD, with a total fundraising amount of 575 million HKD [3] - The subscription period is from October 22, 2024, to October 25, 2024, with the listing date on October 30, 2024 [3] Financial Performance - The company's revenue for 2021, 2022, and 2023 was 4.05 billion, 14.07 billion, and 8.73 billion RMB, respectively, with corresponding net profits of 433 million, 1.03 billion, and -1.51 billion RMB [3] - In the first half of 2024, the company's revenue was 3.569 billion RMB, lower than 3.814 billion RMB in the same period last year [3]