Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company reported a significant reduction in losses in Q3 2024, with a year-on-year decline in net profit of 155.62% for the first three quarters [1] - The company's silicon wafer shipments continue to grow, and module shipments have steadily increased, affirming its commitment to the BC technology route [1] - The introduction of a minimum cost price for solar modules by the China Photovoltaic Industry Association is expected to stabilize profitability in the industry, benefiting the company [1] - The company has made significant breakthroughs in HPBC 2.0 technology, achieving a battery efficiency of 26.6% and a module conversion efficiency of 24.43% [1] Financial Summary - For the first three quarters of 2024, the company achieved operating revenue of 58,592.70 million RMB, a decrease of 37.73% year-on-year, and a net profit attributable to shareholders of -6,504.60 million RMB, a decline of 155.62% [5][6] - The company’s silicon wafer shipments reached 82.80 GW in the first three quarters, with external sales of 35.03 GW [1] - The company’s module shipments totaled 51.23 GW in the first three quarters, representing a year-on-year growth of 17.70% [1] - The forecasted earnings per share for 2024-2026 have been adjusted to -0.92, 0.75, and 0.93 RMB respectively, with corresponding P/E ratios of 25.5 and 20.7 for 2025-2026 [1][2]

Investment Rating - The report maintains a "Buy" rating for Longi Green Energy (601012) [1][8] Core Views - Longi Green Energy's Q3 2024 report shows a narrowing of losses, with a significant focus on maintaining leadership in BC technology [1][2] - The company achieved a revenue of 58.593 billion yuan for the first three quarters of 2024, a year-on-year decrease of 37.73%, and a net profit attributable to shareholders of -6.505 billion yuan, a year-on-year decrease of 155.62% [2][4] - In Q3 2024, the company reported a revenue of 20.064 billion yuan, down 31.87% year-on-year and down 3.79% quarter-on-quarter, with a net profit of -1.261 billion yuan, a year-on-year decrease of 150.14% and a quarter-on-quarter decrease of 56.40% [2][4] - The company’s Q3 gross margin reached 8.6%, an increase of 1.99 percentage points from Q2, indicating improved operational efficiency [2][4] Summary by Sections Financial Performance - For the first nine months of 2024, Longi Green Energy's silicon wafer shipments totaled 82.80 GW, a year-on-year decrease of 4.22%, with external sales of 35.03 GW [2][4] - The company sold 4.16 GW of monocrystalline batteries and 51.23 GW of modules, with BC module sales reaching 13.77 GW, a year-on-year increase of 17.70% [2][4] - Q3 shipments included 38.37 GW of silicon wafers and 21.39 GW of battery modules, showing quarter-on-quarter growth [2][4] Technology and Market Position - Longi Green Energy continues to lead in BC technology, with expectations for accelerated penetration rates [2][4] - The company has made significant breakthroughs in HPBC 2.0 technology, achieving a battery production efficiency of 26.6% [2][4] - New products based on high-quality Tai Rui silicon wafers and HPBC 2.0 technology are set to launch in 2025, with expected shipments of BC second-generation products reaching 30 GW [2][4] Market Outlook - The company’s market share in the U.S. has declined, with approximately 1.6 GW shipped in the first three quarters of 2024, but is expected to stabilize as production capacity increases at the U.S. joint venture factory [2][4] - Longi Green Energy is positioned as a leader in the photovoltaic industry, with anticipated recovery in profitability due to technological advancements and a bottoming out of supply chain prices [2][4] - Revenue projections for 2024-2026 are 80.186 billion yuan, 103.846 billion yuan, and 132.578 billion yuan, respectively, with net profits expected to be -7.6 billion yuan, 5.041 billion yuan, and 8.369 billion yuan [2][4]

重要内容提示： | 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 | 公告编号:临 | | | | --- | --- | --- | --- | --- | --- | | | | | | 2024-104 | | | | | | | | 号 | 隆基绿能科技股份有限公司 关于提供担保的进展公告 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。 被担保人：隆基绿能科技股份有限公司（以下简称"公司"）的全资子 公司。 提供担保金额：近期公司及子公司间发生新增担保金额合计人民币 12,319.52万元（外币担保金额根据2024年10月31日汇率折算为人民币，如无特 别说明，本公告中金额币种均为人民币）。 截至2024年10月31日，公司及子公司已提供的担保金额累计为254.09亿元， 占公司最近一期经审计净资产36.04%。其中：公司及合并报表范围内子公司之间 的担保金额为250.58亿元，公司及子公司对外提供担保金额为3.51亿元。 是否有反担保：本次新增担保事项无反担保。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [6][7]. Core Insights - The company's profitability signals have shown improvement, with expectations for gradual recovery in performance due to policy guidance and supply-side optimization in the photovoltaic industry [7]. - The company achieved a significant reduction in net loss in Q3, with a notable increase in gross margin, suggesting a potential stabilization in industry pricing [1][3]. Summary by Sections Sales Performance - In the first three quarters of 2024, the company shipped 82.80 GW of silicon wafers, with external sales of 35.03 GW, representing a year-on-year decline of 4.22%. The company also sold 4.16 GW of monocrystalline batteries and 51.23 GW of modules, with a year-on-year increase of 17.70% in module shipments [1]. Financial Performance - For the first three quarters of 2024, the company reported revenue of 585.93 billion yuan, a year-on-year decrease of 37.73%, and a net loss attributable to shareholders of 65.05 billion yuan, down 155.62% year-on-year. In Q3 alone, revenue was 200.64 billion yuan, a decrease of 31.87% year-on-year, but a sequential increase of 56.40% in net loss [3][7]. Profitability Forecast - The report adjusts the profit forecast, estimating revenues for 2024, 2025, and 2026 to be 858 billion yuan, 1,075 billion yuan, and 1,284 billion yuan, respectively. The net profit attributable to shareholders is projected to be -74 billion yuan, 35 billion yuan, and 67 billion yuan for the same years, with corresponding EPS of -0.97, 0.47, and 0.89 yuan per share [7][8]. Capacity Expansion - The company currently has a production capacity of 1.5 GW for the second-generation HPBC batteries, with plans to expand to 50 GW by the end of 2025. The Hi-M09 module has seen successful market penetration across various regions, including China, Europe, the Middle East, Asia-Pacific, and Latin America [2].

Investment Rating - The report maintains a "Recommended" rating for Longi Green Energy (601012) with a target price of 23.37 CNY [1]. Core Views - The third quarter losses have narrowed sequentially, primarily due to a reduction in asset impairment. The company is expected to see promising developments in BC battery technology [1]. - The solar industry is witnessing a price turning point, with component prices anticipated to stabilize and recover, aiding in the profitability recovery of companies within the sector [1]. - Longi Green Energy is positioned as a dual leader in silicon wafers and modules, focusing on differentiated development strategies [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 58.593 billion CNY, a year-on-year decrease of 37.73% [1]. - The net profit attributable to shareholders was -6.505 billion CNY, with a net profit margin of -11.1%, reflecting a year-on-year decline of 31.87% and a sequential decrease of 3.79% [1]. - In Q3 2024, the company reported a revenue of 20.064 billion CNY, with a net loss of 1.261 billion CNY, marking a year-on-year decline of 150.14% [1]. - The company’s gross margin was 7.98%, down 23.53 percentage points year-on-year [1]. Production and Sales Summary - The company shipped 82.80 GW of silicon wafers and 55.39 GW of battery modules in the first three quarters of 2024, with both figures showing sequential growth [1]. - The report indicates that the company’s Q3 investment income was -0.353 billion CNY, with asset impairment losses amounting to -0.774 billion CNY [1]. Future Outlook - The company is investing in the construction of production lines for BC technology, with expectations to exceed 30 GW of output by 2025. New products are anticipated to improve performance and maintain competitiveness in the global market [1]. - The establishment of production capacity in the U.S. through joint ventures is expected to mitigate trade risks and significantly enhance U.S. shipment volumes in the coming year [1].

联合〔2024〕10288 号 | 债券代码 | 债券简称 | 上次主体评级结果上次债项评级结果 上次评级时间 | 债券余额 | 到期日 | | --- | --- | --- | --- | --- | | 113053.SH | 隆 22 转债 | AAA/稳定 AAA/稳定 2024/06/24 | 69.95 亿元 | 2028/01/05 | 资料来源：公开资料，联合资信整理 根据公司于 2024 年 10 月 31 日发布的《隆基绿能科技股份有限公司 2024 年第三季度报告》， 2024 年以来，受光伏行业供需错配的持续影响，光伏产业各环节产品价格均大幅下跌，公司出现 经营业绩亏损。2024 年 1－9 月，公司实现利润总额-78.27 亿元，同比大幅下降 160.48%；实现净 利润-65.36 亿元，同比大幅下降 156.12%。 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 用水平暂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经营业绩，及时评估并 ...

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 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 （一）发行主体：隆基绿能科技股份有限公司 （二）债券名称：隆基绿能科技股份有限公司 2021 年度公开 ...

Investment Rating - The report maintains a "Recommended" rating for Longi Green Energy (601012.SH) [3] Core Views - The company reported a revenue of 58.593 billion yuan for the first three quarters of 2024, a year-on-year decrease of 37.73%, and a net profit attributable to shareholders of -6.505 billion yuan, a year-on-year decrease of 155.62% [1] - In Q3 2024, the company achieved a revenue of 20.064 billion yuan, a year-on-year decrease of 31.87%, but a sequential improvement in net loss, which narrowed by 56.40% compared to the previous quarter [1] - The company is strategically adjusting its shipments in response to market changes, with a total silicon wafer shipment of 82.80 GW in the first nine months of 2024, a year-on-year decrease of 4.22% [1] - Longi Green Energy is committed to its leading position in BC technology, achieving significant breakthroughs in HPBC 2.0 technology with a battery mass production efficiency of 26.6% [1] - The company has successfully launched high-efficiency Hi-MO 9 and Hi-MO X10 components, with the highest production efficiency reaching 24.8%, making it the highest in the industry [1] - The company has completed the construction of its U.S. component factory, supporting its business expansion in North America [1] Financial Summary - The projected revenue for Longi Green Energy is expected to be 80.493 billion yuan in 2024, 115.792 billion yuan in 2025, and 142.642 billion yuan in 2026 [2][4] - The net profit attributable to shareholders is projected to be -7.582 billion yuan in 2024, 5.404 billion yuan in 2025, and 8.243 billion yuan in 2026 [2][4] - The company's PE ratio is expected to be 27X in 2025 and 17X in 2026, based on the closing price on November 1 [2][4]

证券代码：601012 证券简称：隆基绿能 隆基绿能科技股份有限公司 投资者关系活动记录表 编号：2024-10 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------|--------------------------------|---------------------------|-------------------------------------------------------------------------------------------------------------------|-------|-------|-------|-------| | | | □特定对象调研 □分析师会议 | | | | | | | | | □媒体采访 ■业绩说明会 | | | | | | | 投资者关系活 | □新闻发布会 | □路演活动 | | | | | | | 动类别 | □现场参观 | | | | | | | | | □其他 | | | | | | | | | | | | | | | | | | | | 汇 ...

来源：公司年报、国金证券研究所 买入（维持评级） 买入（维持评级） 业绩简评 10 月 30 日公司发布 2024 年三季报，前三季度实现营业收入 586 亿元，同比下降 38%，归母净利润-64.88 亿元，同比转亏。其 中 Q3 实现营收 201 亿元，同比-32%、环比-4%，归母净利润/扣非 归母净利润分别为-12.61/-12.12 亿元，环比显著减亏（Q2 分别 为-28.93/-28.57），主要因资产减值大幅减少。 经营分析 硅片出货环比显著增长，毛利率环比改善。2024 年 1-9 月公 司分别实现硅片及组件出货 82.80GW （外售 35.03GW）、51.23GW， 分别同比-4%/+18%，其中 Q3 硅片/组件出货 38.36（外售 13.07GW）、 19.89GW，分别环比+117%/+8%，硅片出货环比显著增长。Q3 公司 销售毛利率环比提升 2.0 PCT 至 8.6%。 BC 技术行业领先，效率优势有望推动渗透率快速提升。公司 坚定 BC 技术领先布局，报告期内实现高效 HPBC 2.0 技术重大突 破，电池量产效率 26.6%、组件量产效率最高达 24.8%，为全行业 ...