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 | ...

发布会现场，全国首个Hi-MO X10轻质双防组件样板项目落户重庆万虎文创产业园。 5月30日消息，"531"新政落地前夕，隆基绿能29日发布专为老旧厂房、轻量化彩钢瓦、网架结构等低载 荷屋顶研发的Hi-MO X10轻质双防组件。据介绍，Hi-MO X10组件重量仅7.2KG/㎡，较常规产品减轻 30%以上。其核心采用HPBC 2.0技术，最高转换效率达24.8%，最高功率560W，适合低载荷工商业屋 顶。 隆基绿能分布式业务中国区总裁牛燕燕在发布会上介绍，Hi-MO X10通过多项减重工艺，较常规双玻 TOPCon组件减重42%，屋顶无需加固或大幅降低加固需求。传统模式（加固+安装）约需42天，使用 Hi-MO X10仅需8~10天即可完成安装。背面增加工字形加强筋，边框厚度增加5%，背部胶膜克重增加 50克/平方米，大幅提升防变形、密封性、耐湿热性及抗隐裂性能和载荷能力。Hi-MO X10还具备"双 防"功能，防起火、防遮挡风险。 尽管光伏应用日益普及，仍有超过30%的屋顶因荷载限制无法安装光伏电站。而当前市场上虽有多种轻 质或柔性组件，但普遍存在可靠性不足的问题，如户外长期使用易黄变（导致透光率下降、功 ...

Core Insights - The photovoltaic industry in China is experiencing unprecedented deep adjustments, with companies facing significant operational losses and intensified "involution" competition, necessitating a shift from cost competition to value creation through technological innovation and strategic adjustments [1][2][3] Industry Performance - In 2024, the photovoltaic industry faced severe challenges, with a new installed capacity of 277.57 GW, a year-on-year increase of 28.3%. However, the industry saw a significant decline in revenue, with major companies like JinkoSolar reporting a revenue drop of 22.08% to 92.471 billion yuan, and LONGi Green Energy experiencing a 36.23% decline to 82.58 billion yuan [2] - The photovoltaic equipment sector reported a revenue of 927.1 billion yuan in 2024, reflecting a negative growth of 22.81%, with a net profit loss of 26.6 billion yuan, a year-on-year decline of 127.13% [2] Financial Struggles - The loss-making trend among photovoltaic companies is expanding, with cash flow crises becoming more pronounced. However, some companies like Sungrow reported a revenue increase of 50.92% to 19.036 billion yuan in Q1 2025, alongside a net profit growth of 82.52% [3] - Overall, the profit recovery across the photovoltaic industry chain remains limited, with companies still under operational pressure [3] Competitive Landscape - The industry is plagued by "involution" competition, characterized by price wars and patent disputes, leading to widespread losses across the supply chain. For instance, the price of monocrystalline silicon dropped from 65,000 yuan/ton at the beginning of 2024 to 40,000 yuan/ton by year-end [4] - The ongoing patent wars, such as the lawsuits between Trina Solar and Canadian Solar, further exacerbate competition, with claims reaching up to 1.058 billion yuan [4][6] Innovation and Future Strategies - To overcome current challenges, the photovoltaic industry must focus on technological innovation and diversify business models. Emphasizing high-efficiency battery technologies like PERC, HJT, and TOPCon is crucial for sustainable development [7] - Collaborative international expansion is emerging as a new model for the industry, involving upstream and downstream partnerships to mitigate risks in foreign markets and enhance competitiveness [8]

Core Insights - China ranks first globally in the number of invention patents for electric vehicles, lithium batteries, and solar cells, showcasing its innovation capabilities in these sectors [1] - The export value of China's "new three items" (electric vehicles, lithium batteries, and solar cells) exceeded $47.7 billion from January to April this year, indicating strong market demand and resilience against protectionism [1] - The industry is undergoing quality upgrades, significantly impacting global manufacturing and leading the green transition [1] Group 1: Product and Technology Innovations - CATL, a leading battery manufacturer, recently went public in Hong Kong with an IPO expected to raise $4-5 billion, marking one of the largest IPOs in recent years [2] - The company has invested over 70 billion yuan in R&D over the past decade, with more than 43,000 patents, and has established six R&D centers globally [2] - Innovations in battery technology include the launch of a new battery capable of charging in 5 minutes and achieving a range of 520 kilometers, indicating a significant leap in performance [2][3] Group 2: Industry Growth and Market Dynamics - BYD has become a sales leader in seven countries and regions in Q1, leveraging its extensive database and R&D workforce to drive innovation [3] - Longi Green Energy's factory in Jiaxing has achieved remarkable efficiency, with production lines capable of producing a solar cell every 18 seconds, showcasing advancements in manufacturing technology [6] - The company has improved the efficiency of its solar cells, setting new world records for silicon-based solar cells [6] Group 3: Global Expansion and Competitive Landscape - Changan Automobile has successfully entered the European market, demonstrating the global competitiveness of Chinese automotive brands [8][9] - The company has established a factory in Thailand, marking a significant step in its international expansion strategy [9] - Chinese companies are increasingly focusing on high-value technology and innovation rather than price competition, enhancing their global market position [10] Group 4: Future Outlook and Strategic Positioning - The Chinese "new three items" are positioned to lead the global green transition, supported by technological breakthroughs and favorable policies [11] - The integration of AI, big data, and digital technologies is accelerating the transformation of the electric vehicle industry, contributing to its growth [8] - China's share of the global market for new energy passenger vehicles has risen to 67.7%, indicating its leadership in the green mobility sector [10]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 2024年，隆基绿能迎来上市以来最严峻的业绩挑战，实现营收825.82亿，同比下降36.23%，归母净利 润-86.18亿元，创历史最大亏损。 公司全年资产减值高达87亿，其中计提存货跌价准备61.28亿元，固定资产减值损失22.99亿元。综合毛 利率从2023年的18.26%骤降至7.44%，降幅达10.82个百分点。 截至2024年底，隆基绿能资产负债率升至59.83%，经营现金流罕见净流出47.25亿元，显示其"造血"能 力受损严重，主要核心财务指标全面恶化。 产能过剩背景下，隆基的产能利用率持续承压。2024年上半年，硅片、电池、组件产能分别为 170GW、80GW、120GW，但实际出货量仅44.44GW（硅片）、31.34GW（组件），部分产线开工率不 足。 技术迭代进一步加剧资产减值压力。隆基2023年计提固定资产减值损失16亿元，2024年上半年再计提 57.84亿元，主要源于PERC产线淘汰及BC技术产线升级。董事长钟宝申坦言，部分PERC产线将改造为 HPBC二代技术，但关键设备重复利用率有限，未来仍存减值风险。 5 ...

Core Viewpoint - The resignation of Longi Green Energy's general manager, Li Zhenguo, marks a significant leadership change amid a challenging period for the solar industry, with the company facing its first annual loss since 2013 [1][2][9]. Company Overview - Li Zhenguo, the founder and actual controller of Longi Green Energy, has resigned to focus on research and technology management, while his daughter, Li Shuxuan, is expected to take a prominent role in the company [2][3][5]. - Longi Green Energy will hold a shareholders' meeting on June 30, 2024, to elect Li Shuxuan as a non-independent director [2][5]. Financial Performance - In 2024, Longi Green Energy reported a revenue of 825.82 billion yuan, a decrease of 36.23% year-on-year, and a net loss of 86.18 billion yuan, marking the first annual loss since 2013 [9]. - The company's revenue from components and battery products accounted for approximately 80.32% of total revenue in 2024 [8]. - In the first quarter of 2024, Longi Green Energy's revenue was 136.52 billion yuan, down 22.75% year-on-year, with a net loss of 14.36 billion yuan [9]. Industry Context - The solar industry is undergoing unprecedented adjustments, characterized by increased supply and declining prices, leading to widespread losses among companies [9]. - Despite strong global demand for solar installations, with an estimated 530 GW added in 2024 (up 36% year-on-year), the industry faces significant operational pressures due to supply-demand imbalances and trade barriers [9]. Research and Development Focus - Longi Green Energy is committed to advancing its BC technology, with R&D investments exceeding 50 billion yuan in 2024 [2][10]. - The company has successfully mass-produced its HPBC 2.0 battery technology, achieving a production efficiency of 24.8%, the highest in the world for mass production [10]. - From 2022 to 2024, Longi Green Energy's total R&D investment reached 198.77 billion yuan, reflecting its focus on innovation and technology leadership [10].

Core Viewpoint - The resignation of Li Zhenguo from his positions at Longi Green Energy marks a significant shift in the company's management, as he aims to focus on research and development in photovoltaic technology while the company faces declining financial performance [2][3]. Management Changes - Li Zhenguo has stepped down as director, general manager, and legal representative of Longi Green Energy but will continue as the head of the Central Research Institute and Chief Technology Officer [2]. - Li Zhenguo's wife and he collectively hold 19.1% of Longi Green Energy's shares, making them the de facto major shareholders [2]. - The board has appointed Zhong Baoshan, the current chairman, to also serve as the general manager following Li's resignation [2]. Financial Performance - In 2024, Longi Green Energy's revenue decreased by 36.23% to 82.523 billion yuan, and the company reported a net loss of 8.618 billion yuan after two years of negative growth [3]. - Longi Green Energy has experienced six consecutive quarters of losses, with its stock price at 14.44 yuan per share, resulting in a market capitalization of approximately 109.4 billion yuan, down over 40 billion yuan from its peak in 2021 [3]. Strategic Focus - The company is accelerating the upgrade and expansion of its advanced BC production capacity, shifting investment from a previously planned project to a new 12GW high-efficiency monocrystalline battery project [3]. - Longi Green Energy's management cited the need to adapt to the cyclical adjustments in the photovoltaic industry and the uncertainty in supply-side capacity clearance as reasons for the strategic shift [3]. Succession Planning - Li Zhenguo's daughter, Li Shuxuan, has been nominated as a non-independent director candidate for Longi Green Energy's sixth board, indicating a potential succession plan [4]. - Li Shuxuan, born in 1993, currently works as a brand promotion manager at Xi'an Juzi Biological Technology Co., Ltd., which has seen significant stock price increases this year [4]. - She also holds a 23.5% stake in Dongguan Hive Smart Technology Co., Ltd., where she serves as a director [5]. Industry Trends - The entry of the next generation into leadership roles within photovoltaic companies is becoming more common, with several second-generation leaders, particularly women, stepping into significant positions in the industry [6].

Core Viewpoint - The photovoltaic industry is witnessing a generational shift as the next generation of leaders, particularly women, are stepping into key roles within companies [5][6]. Group 1: Company Leadership Changes - Longi Green Energy announced the resignation of Li Zhenguo as the company's director, general manager, and legal representative, with his daughter Li Shuxuan elected as a new director [2]. - Li Shuxuan, born in 1993, holds a bachelor's degree from Central South University and a master's degree from the University of Hong Kong, and has experience in the banking sector [2]. - Trina Solar also signaled a generational transition with Gao Haichun, daughter of actual controller Gao Jifan, joining the board and taking on significant roles within the company [4]. Group 2: Industry Trends - The trend of second-generation leaders, particularly women, taking over in the photovoltaic sector is becoming more pronounced [5][6]. - The shift is occurring against a backdrop of global economic challenges and the need for family businesses to balance legacy and growth [6]. - Data indicates that nearly 55% of family businesses are represented in the A-share market, with a significant number of founders approaching retirement age, suggesting a critical window for generational transition in the next 5 to 10 years [7][8].

作为隆基绿能的掌舵人，李振国执掌企业已有25年，是典型的技术型创始人。他常年扎根一线，凭借对核心技术研发的执着专注，以及对 行业趋势的精准判断，带领企业实现跨越式发展。 回顾隆基绿能的成长历程，从一家小小的半导体材料厂，逐步发展为市值超千亿的光伏巨头，且多项核心技术领跑行业，李振国与公司管 理层发挥着关键作用。 光伏行业，迎来一则重磅人事变动。 5月26日晚间，光伏龙头隆基绿能发布公告称，李振国辞去公司董事、总经理及法定代表人职务。公司董事长钟宝申将兼任总经理一职，并 接任公司的法定代表人。 未来，李振国仍将继续担任公司中央研究院院长、科技管理中心首席技术官，专注主持公司研发和科技管理工作。 此番李振国卸任管理职务，实则是战略重心的调整。他选择将全部精力投入到自己最擅长的领域，聚焦光伏前沿技术攻关，不断提升光伏 转换效率，迅速将其转化为规模化的先进产能并在客户端推广应用，促进光伏度电成本的持续降低，为隆基构筑更强大的核心竞争力。 隆基绿能相关负责人向《每日经济新闻》记者表示，此次变动不会影响日常经营，控股股东及实控人未发生变化，战略方向保持连贯。 李振国辞任管理层 根据公告，隆基绿能创始人之一李振国辞去董事、 ...

Core Viewpoint - Longi Green Energy has announced a leadership restructuring aimed at optimizing governance and enhancing technological innovation in response to the accelerating global energy transition and increasing competition in the photovoltaic industry [1][5]. Group 1: Leadership Changes - Li Zhenguo has submitted his resignation as the company's director, general manager, and legal representative to focus on research and technology management, while continuing as the president of the Central Research Institute and CTO [1][4]. - Zhong Baoshan has officially taken over as the general manager and legal representative, aiming to improve decision-making and execution efficiency through optimized management structure [2][3]. Group 2: Governance Structure Optimization - The company plans to introduce new board members, Yin Jianan and Zhou Zhe, to enhance its governance system and broaden decision-making perspectives [3]. - The internal management structure remains unchanged, with Zhong Baoshan continuing to oversee daily operations, customer cooperation, and supply chain management [3]. Group 3: R&D Focus and Investment - Longi Green Energy has significantly increased its R&D investment, with approximately 5 billion yuan allocated in 2024, representing 6.07% of its annual revenue [6]. - The company has achieved breakthroughs in areas such as BC batteries, perovskite tandem cells, and hydrogen equipment, reinforcing its commitment to technological leadership [7][8]. Group 4: Strategic Alignment - The leadership changes align with Longi Green Energy's long-term strategy of maintaining technological leadership through innovation and stable operations [5]. - The dual focus on strategic execution by Zhong Baoshan and technological breakthroughs led by Li Zhenguo is expected to drive long-term growth [8]. Group 5: Future Goals - Longi Green Energy aims to optimize its production capacity structure and expects to achieve 50 GW of HPBC 2.0 battery and module capacity by the end of 2025, with silicon wafer shipments projected at 120 GW [8]. - The "Solar for Solar" initiative proposed by Li Zhenguo emphasizes the importance of continuous innovation in materials and processes to achieve deep decarbonization in the photovoltaic industry [9].