Investment Rating - The report maintains a "Buy-B" rating for the company [3][6] Core Views - The company's performance has been negatively impacted by declining prices across the industry chain, with a significant drop in revenue and profit margins [4][5] - The company is expected to increase its BC product shipment ratio to over 25% by the end of 2025, driven by advancements in technology and production capacity [5] Financial Performance Summary - In 2024, the company achieved revenue of 82.58 billion yuan, a year-on-year decrease of 36.2%, and a net profit attributable to shareholders of -8.62 billion yuan, a year-on-year decline of 180.2% [3][4] - For Q1 2025, the company reported revenue of 13.65 billion yuan, down 22.8% year-on-year and 43.1% quarter-on-quarter, with a net profit of -1.44 billion yuan, an increase of 38.9% year-on-year and 32.0% quarter-on-quarter [3][4] - The company's silicon wafer revenue in 2024 was 8.21 billion yuan, down 66.5% year-on-year, while the revenue from modules and batteries was 66.33 billion yuan, down 33.1% year-on-year [4] Production and Capacity Insights - The company shipped 17.33 GW of BC modules in 2024, a year-on-year increase of 191%, and 4.32 GW in Q1 2025 [5] - By the end of 2025, the company's BC production capacity is expected to reach 50 GW, with the second-generation BC capacity projected to increase to 35 GW by mid-2025 [5] Earnings Forecast - The expected EPS for 2025, 2026, and 2027 are -0.28 yuan, 0.32 yuan, and 0.60 yuan respectively, with corresponding PE ratios of -51.0, 45.3, and 23.9 [6][8]

Core Viewpoint - The launch of the Hi-MO X10 lightweight dual-protection module by Longi Green Energy addresses the challenge of installing photovoltaic systems on roofs with low load-bearing capacity, which affects over 30% of rooftops. The product is designed for old factories and lightweight structures, claiming to be the "preferred product for low-load commercial rooftops" [2][4]. Group 1: Product Features - The Hi-MO X10 module weighs only 7.2 KG/m², utilizing multiple weight-reduction techniques, resulting in a 42% weight reduction compared to conventional dual-glass TOPCon modules, thereby reducing the load on a 10,000 m² roof by 34 tons [2]. - The module achieves a conversion efficiency of 24.8%, with a power output increase of 140W compared to standard lightweight modules, and reduces overall Balance of System (BOS) costs by 33% [2][3]. Group 2: Structural Integrity - Despite the weight reduction, the Hi-MO X10 maintains high quality, with a 50% increase in maximum load-bearing capacity and a 50% reduction in deformation at the center of the module, enhancing its compressive and bending resistance [3]. - The module employs HPBC 2.0 technology, which improves mechanical strength by 16% and reduces edge stress by 48%, while the 0BB battery structure enhances compressive strength by 23%, ensuring greater reliability [3]. Group 3: Market Position and Advantages - The Hi-MO X10 has been installed in a pilot project at the Chongqing Wanhua Cultural and Creative Industry Park, where the total weight of the installation was reduced by nearly 40% compared to conventional TOPCon modules [4]. - The financial performance of the project indicates that the income and payback period are superior to traditional models that require roof reinforcement, allowing the park to continue operations during installation, thus maintaining revenue and improving renovation efficiency [5]. Group 4: Future Developments - Longi Green Energy is committed to a development philosophy centered on reliability and technological leadership, having established a product system based on second-generation BC technology and is set to introduce various "scenario-based" products to meet diverse customer needs [5].

Core Viewpoint - Longi Green Energy has launched the Hi-MO X10 lightweight dual-protection module, designed specifically for low-load rooftops, addressing the challenge of over 30% of rooftops being unable to install photovoltaic systems due to load restrictions [1][2]. Group 1: Product Features and Benefits - The Hi-MO X10 module weighs only 7.2 KG/m², which is over 30% lighter than conventional modules, and achieves a maximum conversion efficiency of 24.8% with a maximum power output of 560W [1]. - The module is particularly suitable for old factory buildings and lightweight structures, providing a solution for owners looking to transition to green energy without incurring high reinforcement costs [1][2]. Group 2: Case Study and Implementation - The first sample case of the Hi-MO X10 module is being implemented at the Chongqing Wanhua Cultural and Creative Industry Park, which has transformed from an old motorcycle factory into a popular creative space [2]. - The solar power station at the park has a total installed capacity of 900 kW, and the use of Hi-MO X10 modules reduces the total weight by nearly 40% compared to conventional TOPCon modules, while ensuring higher investment returns and safety [2]. Group 3: Company Strategy and Market Position - Longi Green Energy emphasizes a development philosophy centered on reliability and technological leadership, prioritizing product reliability even in the face of cost-cutting pressures within the industry [3]. - The company has established a product system centered around second-generation BC technology, creating various differentiated products to meet diverse consumer needs and addressing specific pain points [3].

近日，隆基绿能科技股份有限公司（以下简称"隆基绿能"）发布了一则公告，公告称公司创始人李振国辞去董事、总经理及法定代表人职务，将专注于研发 和科技管理工作，继续担任中央研究院院长、科技管理中心首席技术官，带领团队聚焦光伏前沿技术攻关，支持公司长期发展。 | 主要会计数据 | 2024年 | 2023年 | 本期比上年 | | | --- | --- | --- | --- | --- | | | | | 同期增减 | | | | | | (%) | | | 营业收入 | 82, 582, 273, 118. 72 | 129, 497, 674, 192. 20 | -36. 23 | 12 | | 扣除与主营业务无关的业 务收入和不具备商业实质 | 81, 211, 823, 906. 59 | 127, 650, 861, 703. 13 | -36. 38 | 12 | | 的收入后的营业收入 | | | | | | 归属于上市公司股东的净 | -8, 617, 528, 506. 44 | 10, 751, 425, 556. 38 | -180. 15 | 1 | | 利润 | | | | | | ...

股票代码：601012 股票简称：隆基绿能 债券代码：113053 债券简称：隆 22 转债 国信证券股份有限公司 关于隆基绿能科技股份有限公司 2021 年度公开发行可转换公司债券 受托管理事务临时报告 债券受托管理人 （住所：深圳市罗湖区红岭中路 1012 号国信证券大厦十六层至二十六层） 1 （三）债券代码：113053 （四）债券简称：隆 22 转债 （五）发行规模：700,000.00 万元 声 明 本报告依据《公司债券发行与交易管理办法》《公司债券受托管理人执业行 为准则》《隆基绿能科技股份有限公司 2021 年度公开发行可转换公司债券之受 托管理协议》《隆基绿能科技股份有限公司公开发行可转换公司债券募集说明书》 等相关规定、公开信息披露文件以及隆基绿能科技股份有限公司（以下简称"隆 基绿能""发行人"或"公司"）出具的相关说明文件以及提供的相关资料等， 由债券受托管理人国信证券股份有限公司（以下简称"国信证券"）编制。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相 关事宜作出独立判断，而不应将本报告中的任何内容据以作为国信证券所作出 的承诺或声明。 2 一、本次债券的基本情况 ...

联合〔2025〕3608 号 联合资信评估股份有限公司关于隆基绿能科技股份有限公司 总经理和法定代表人变更的关注公告 针对上述事项，联合资信已与公司取得联系并了解相关情况，联合资信认为上述事项对公司信 用水平未造成重大不利影响。综合评估，联合资信决定维持公司主体长期信用等级为 AAA，维持 上述债项信用等级为 AAA，评级展望为稳定。联合资信将持续关注公司高级管理人员变动情况， 及时评估并揭示其对公司主体及存续债券信用水平可能带来的影响。 特此公告 联合资信评估股份有限公司 二〇二五年五月二十九日 资料来源：公开资料，联合资信整理 受隆基绿能科技股份有限公司（以下简称"公司"）委托，联合资信评估股份有限公司（以下 简称"联合资信"）对公司及其发行的相关债项进行了信用评级。除评级委托关系外，联合资信、 评级人员与公司不存在任何影响评级行为独立、客观、公正的关联关系。 根据联合资信最近的评级报告，公司个体信用等级为 aaa，主体长期信用等级为 AAA，评级展 望为稳定；公司委托联合资信评级的相关债项评级结果详见下表，评级有效期为相关债项存续期。 表 1 截至本公告出具日公司委托联合资信进行信用评级的存续期内公开发 ...

2024 年年度股东大会 601012 隆基绿能 2024 年年度股东大会会议资料 隆基绿能科技股份有限公司 | 2024 年年度股东大会会议议程 3 | | | --- | --- | | 2024 年年度股东大会参会须知 5 | | | 议案一：2024 年年度报告 6 | | | 议案二：2024 年度董事会工作报告 7 | | | 议案三：2024 年度监事会工作报告 13 | | | 议案四：2024 年度财务决算报告 17 | | | 议案五：关于 2024 年度利润分配的预案 | 23 | | 议案六：2024 年度独立董事述职报告 24 | | | 议案七：关于续聘会计师事务所的议案 | 25 | | 议案八：关于董监高 2024 年度薪酬考核及 2025 年度薪酬方案的议案 | 29 | | 议案九：关于第六届董事会外部董事津贴的议案 | 31 | | 议案十：关于取消监事会、变更注册资本并修订《公司章程》的议案 | 32 | | 议案十一：关于修订《股东大会议事规则》的议案 | 34 | | 议案十二：关于修订《董事会议事规则》的议案 | 35 | | 议案十三：关于修订《独立董事制度》的 ...

隆基绿能（601012.SH）分布式业务中国区总裁牛燕燕认为，预计6月份至8、9月份将是"531"后的政策空窗期，这个时间段也是136号文发布后，业内企业 对后续业务如何转型和如何变革的思考期。 "'531'政策对户用光伏市场影响较大，对工商业光伏市场的影响相对较小。"牛燕燕在接受第一财经等媒体采访时还表示，光伏电站投资方可能因为投资 收益难以测算，影响到投资属性的光伏市场需求，但有自发自用需求的业主仍会正常安装建设电站，预计不会受到136号文的影响。"从潜在光伏应用场景 来看，高耗能行业、零碳园区、交通、铝行业等，都存在增量光伏市场需求，未来光伏从业者趋向于去广东、福建、浙江等用电需求较大的地区发展。" 针对目前部分屋顶载荷不足导致无法安装光伏电站的行业痛点，隆基绿能（601012.SH）基于其HPBC 2.0光伏电池技术最新发布轻质光伏组件。 "目前分布式光伏市场仍有一种需求未被满足。"据隆基绿能管理层向第一财经等媒体介绍，部分建筑由于建设时间较早，屋顶荷载不能承受目前行业常规 光伏系统的重量，而行业中现有的部分轻质产品依托于PERC、TOPCon技术，效率不能够满足市场要求。"公司的轻质组件较常规双玻T ...

隆基绿能（601012）科技股份有限公司(以下简称"隆基绿能")在构建差异化竞争优势上再度加码。5月 29日下午，隆基绿能发布使用BC技术的Hi-MOX10轻质双防组件。该组件每平方米仅重7.2千克，比常 规组件重量减少30%以上。 "这是公司持续打造差异化，针对不同应用场景的又一组件产品，该组件专为老旧厂房、轻量化彩钢 瓦、网架结构等低载荷屋顶而研发。"隆基绿能分布式业务中国区总裁牛燕燕向《证券日报》记者表 示，在光伏普及的当下，仍有超过30%的屋顶因荷载限制无法安装光伏电站。这些业主虽期待绿色转 型，却因高昂加固成本望而却步，制约了"双碳"进程。 据悉，该组件可以使一万平方米的屋顶承重降低34吨。据估算，这款组件可以让全球10亿平方米的厂房 屋顶享受绿色能源，共同实现低碳发展。 此外，该组件虽然轻，"但可抵御3.6米积雪或12级大风。同时，还具有'防起火''防遮挡'的功能，而该 组件24.8%转换效率又远高于目前市面上普通轻质组件21%左右的转换效率，使BOS成本降低33%。"牛 燕燕称。 "在光伏行业竞争加剧的情况下，企业发展的核心应当聚焦在技术革新和自身的差异化优势上。"万联证 券股份有限公司投资顾问 ...

在光伏调整周期下，行业整体处于阶段性阵痛期，产业链上多数企业处于亏损态势。据南都湾财社记者 统计，在营收规模排名前十的光伏企业中，有七成上市公司营收呈下滑态势，四成企业亏损，其中隆基 绿能2024年亏损额度最大，超过86亿元，也是近十年来的首次年度亏损。 在近日召开的股东大会上，一位光伏企业的高管表示：行业阵痛期，企业比拼的还是现金流和技术这些 底子；但任何一个行业不可能长期处于（不盈利）的状态，"到明年开春的时候，那些掌握核心技术， 拥有更强成本管控能力的企业或许可以真正地看到春色。" 产能阶段性过剩，隆基绿能十年首亏 据南都湾财社记者统计，在营收规模排名前十的光伏企业中，有七成上市公司营收呈下滑态势，四成企 业亏损，其中隆基绿能2024年亏损额度最大，超过86亿元，扣非后净利润亏损额度更是超过87亿元，同 比暴跌超180%。 | 公司名称 | 营收 | 同比增幅 | 归母净利 | 同比增幅 | 扣非后净利润 | 增幅 | 毛利 | | --- | --- | --- | --- | --- | --- | --- | --- | | 特变电工 | 978.67亿元 | -0.35% | 41.35亿元 | ...