Group 1 - The photovoltaic industry is experiencing a steady advancement in reversing internal competition, with a focus on short-term rebounds and long-term investment opportunities due to low valuations [1] - As of August 28, 2025, the CSI Photovoltaic Industry Index (931151) increased by 0.87%, with notable stock performances including Zhengtai Electric (601877) up 9.16% and Meichang Co., Ltd. (300861) up 8.50% [1] - The Photovoltaic ETF (516180) rose by 1.06%, with a recent price of 0.67 yuan, and has accumulated a 1.39% increase over the past week [1] Group 2 - As of July 31, 2025, the top ten weighted stocks in the CSI Photovoltaic Industry Index (931151) include Yangguang Electric (300274) and Longi Green Energy (601012), collectively accounting for 56.16% of the index [2]

丨证券研究报告丨 公司研究丨点评报告丨隆基绿能（601012.SH） [Table_Title] 国内抢装带动 Q2 盈利修复，BC 2.0 产能加速 投产 报告要点 [Table_Summary] 隆基绿能发布 2025 年半年报，2025H1 公司实现收入 328.13 亿元，同比下降 14.83%；归母 净利-25.69 亿元，同比大幅减亏；其中，2025Q2 实现收入 191.61 亿元，同比下降 8.12%，环 比增长 40.35%；归母净利-11.33 亿元，同比大幅减亏。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 邬博华 曹海花 王耀 任佳惠 申浩树 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490524120006 SAC：S0490524070005 SAC：S0490525060004 SFC：BQK482 隆基绿能（601012.SH） cjzqdt11111 [Table_Title 国内抢装带动2] Q2 盈利修复，BC 2.0 产能加速 ...

Core Viewpoint - Longi Green Energy reported a net profit attributable to shareholders of -2.57 billion yuan for the first half of 2025, a decrease of 50.9% year-on-year [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders was -1.13 billion yuan, reflecting a quarter-on-quarter decline of 60.7% and a year-on-year decline of 21.1% [1] - The gross profit margin for the company was 1.6%, showing a quarter-on-quarter decrease of 5 percentage points and a year-on-year decrease of 5.8 percentage points [1] Production and Technology - The company continues to ramp up the mass production of its second-generation BC (Bifacial Cell) technology [1]

【#五大光伏龙头上半年亏损超170亿元#】光伏行业仍在艰难前行。近日披露的半年报显示，通威股 份、隆基绿能、晶澳科技、天合光能、TCL中环今年上半年合计净亏损达172.64亿元。具体来看，除隆 基外，其余五家企业均创下各自历史同期最大亏损。 据智通财经报道，2024年，光伏产业链价格大幅下滑，全行业盈利空间被严重压缩，"内卷外堵"的挑战 延续至今。今年以来，虽受到抢装潮的短期提振，但行业冬天依然看不到结束的迹象。 财报显示，通威股份上半年实现营业收入405.09亿元，同比下降7.51%，实现归属于母公司所有者的净 利润亏损49.55亿元。 图片来源:界面新闻 TCL中环报告期内实现营业收入133.98亿元，同比减少17.36%；归属于上市公司股东的净利润亏损42.42 亿元，同比减少38.48%。公司光伏硅片产品的毛利率为-23.74%，较上年同期进一步下降。 天合光能交出自上市以来的首份亏损中报。上半年，公司实现营业收入310.56亿元，同比减少27.72%； 归属于母公司所有者的净利润亏损29.18亿元，较上年同期减少654.47%，归属于母公司所有者的扣除非 经常性损益的净利润亏损29.56亿元，较上年 ...

Core Viewpoint - The photovoltaic industry is facing significant challenges, with major companies reporting substantial losses in the first half of the year, indicating a continued struggle despite short-term boosts from installation surges [2][3]. Financial Performance - Tongwei Co., Ltd. reported a revenue of 40.51 billion yuan, a year-on-year decrease of 7.51%, with a net loss attributable to shareholders of 4.96 billion yuan [2]. - TCL Zhonghuan achieved a revenue of 13.40 billion yuan, down 17.36% year-on-year, with a net loss of 4.24 billion yuan, a 38.48% increase in losses compared to the previous year [2]. - Trina Solar posted a revenue of 31.06 billion yuan, a decrease of 27.72% year-on-year, with a net loss of 2.92 billion yuan, marking a 654.47% increase in losses compared to the previous year [3]. - JA Solar reported a revenue of 23.90 billion yuan, down 36.01% year-on-year, with a net loss of 2.58 billion yuan, widening from a loss of 874 million yuan in the previous year [3]. Industry Trends - The photovoltaic industry is experiencing a significant price drop across the supply chain, severely compressing profit margins, with the term "internal competition" being highlighted as a major challenge [2]. - In July, the domestic photovoltaic installation capacity reached 11.64 GW, a decrease of 18.9% month-on-month and 44.7% year-on-year, marking the lowest level since 2025 [3]. - The Ministry of Industry and Information Technology and other departments have initiated measures to regulate the photovoltaic industry, aiming to eliminate irrational competition and address capacity mismatches [4][5]. Policy Developments - A recent meeting emphasized four key measures: strengthening industry regulation, curbing low-price competition, standardizing product quality, and supporting industry self-discipline, signaling a shift from "scale expansion" to "high-quality development" in the photovoltaic sector [5]. - The government aims to enhance industry concentration through supply-side reforms and the elimination of outdated production capacity [5].

Core Viewpoint - The solar cell industry in China is experiencing significant growth, with production figures indicating a robust increase in output and a positive outlook for the coming years [1] Industry Summary - As of June 2025, China's solar cell (photovoltaic cell) production reached 67.39 million kilowatts, marking a year-on-year growth of 24.1% [1] - Cumulatively, from January to June 2025, the total production of solar cells in China was 370.19 million kilowatts, reflecting an 18.2% increase compared to the previous year [1] - The report by Zhiyan Consulting outlines the competitive landscape and investment recommendations for the solar cell industry in China from 2025 to 2031 [1] Company Summary - Key listed companies in the solar energy sector include Longi Green Energy (601012), Tongwei Co., Ltd. (600438), Sungrow Power Supply Co., Ltd. (300274), JA Solar Technology Co., Ltd. (002459), Trina Solar Limited (688599), TBEA Co., Ltd. (600089), Chint Electric Co., Ltd. (601877), and TCL Zhonghuan Renewable Energy Technology Co., Ltd. (002129) [1]

Core Insights - The photovoltaic industry is facing significant challenges, with major companies reporting substantial losses in their recent half-year financial statements, indicating a tough market environment [1][2]. Financial Performance - Tongwei Co., Ltd. reported a revenue of 40.51 billion yuan, a year-on-year decrease of 7.51%, and a net loss attributable to shareholders of 4.96 billion yuan [1]. - TCL Zhonghuan achieved a revenue of 13.40 billion yuan, down 17.36% year-on-year, with a net loss of 4.24 billion yuan, a decrease of 38.48% compared to the previous year [1]. - Trina Solar posted a revenue of 31.06 billion yuan, a decline of 27.72%, and a net loss of 2.92 billion yuan, which is a significant increase in losses compared to the previous year [2]. - JA Solar reported a revenue of 23.90 billion yuan, a 36.01% decrease, with a net loss of 2.58 billion yuan, worsening from a loss of 874 million yuan in the same period last year [2]. Industry Trends - The photovoltaic industry is experiencing a price decline across the supply chain, severely compressing profit margins, with the term "internal competition and external blockage" being used to describe the ongoing challenges [1]. - In July, the domestic photovoltaic installation capacity added was 11.64 GW, a decrease of 18.9% month-on-month and 44.7% year-on-year, marking the lowest level since 2025 [4]. - The Chinese government is taking stronger measures to eliminate irrational competition and address capacity mismatches within the industry, signaling a shift from "scale expansion" to "high-quality development" [4]. Policy Developments - A recent meeting involving multiple government departments emphasized the need for industry regulation, including curbing low-price competition and supporting industry self-discipline [4]. - The meeting outlined four key measures: enhancing industry regulation, curbing disorderly competition, standardizing product quality, and supporting self-regulation within the industry [4].

证券研究报告·公司点评报告·光伏设备 隆基绿能（601012） 2025 中报点评：Q2 环比减亏，BC 量产逐步 推进 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 129,498 | 82,582 | 65,933 | 83,905 | 102,951 | | 同比（%） | 0.39 | (36.23) | (20.16) | 27.26 | 22.70 | | 归母净利润（百万元） | 10,751 | (8,618) | (4,484) | 3,119 | 7,268 | | 同比（%） | (27.41) | (180.15) | 47.96 | 169.55 | 133.04 | | EPS-最新摊薄（元/股） | 1.42 | (1.14) | (0.59) | 0.41 | 0.96 | | P/E（现价&最新摊薄） | 11.64 | (14.53) | (27.92) | 40.14 | ...

Core Viewpoint - The photovoltaic industry has been in a downturn for seven consecutive quarters, with major companies reporting significant losses in the first half of the year, indicating a challenging environment with supply-demand imbalances and price declines [1][7]. Company Performance - Tongwei Co., Ltd. reported a net loss of 4.955 billion yuan, a year-on-year increase in losses of 1.826 billion yuan, with revenue of 40.509 billion yuan, down 7.51% [2][3]. - Longi Green Energy recorded a net loss of 2.569 billion yuan, but reduced losses by 2.661 billion yuan compared to the previous year, with revenue of 32.813 billion yuan, down 14.83% [2][4]. - Trina Solar experienced its first loss since going public, with a net loss of 2.918 billion yuan and revenue of 31.056 billion yuan, down 27.72% [5]. - JA Solar reported a net loss of 2.580 billion yuan, widening from 874 million yuan the previous year, with revenue of 23.905 billion yuan, down 36.01% [6]. - TCL Zhonghuan faced a net loss of 4.242 billion yuan, a decrease of 38.48% year-on-year, with revenue of 13.398 billion yuan, down 17.36% [5]. Industry Trends - The global photovoltaic market is experiencing a supply-demand imbalance, leading to a decline in prices across all segments, with many companies operating at a loss [1][4][7]. - The industry is undergoing a deep adjustment period, with outdated production capacities being phased out, but the pace of adjustment may not meet expectations, risking further price declines [8]. - Recent data shows a significant drop in new installations, with July's figures at 11.64 GW, down 18.9% month-on-month and 44.7% year-on-year, marking a new low since 2025 [9]. Financial Resilience - Companies with strong cash reserves are better positioned to survive the downturn, with Tongwei and Longi holding 33.229 billion yuan and 28.769 billion yuan in cash and financial assets, respectively [10]. - TCL Zhonghuan, despite its losses, has indicated a willingness to participate in industry consolidation due to its cash flow and financial reserves [10].

Core Viewpoint - The photovoltaic industry, once seen as a "golden track" for new energy, has become highly competitive and challenging, with companies like Yingfa Ruineng Technology Co., Ltd. emerging as potential leaders through rapid technological iteration and capacity adjustment [2][3]. Company Overview - Yingfa Ruineng recently relocated its headquarters to Yibin, Sichuan, and submitted its IPO application to the Hong Kong Stock Exchange, aiming for a mainboard listing [3]. - According to its prospectus, Yingfa Ruineng is the third-largest specialized manufacturer of N-type TOPCon solar cells globally, holding a market share of 14.7% [3]. - The company has been recognized as a national-level "specialized and innovative" small giant enterprise and has appeared on the GEI China Unicorn list for both 2023 and 2024 [3]. Financial Performance - Yingfa Ruineng's revenue for 2022, 2023, 2024, and the first four months of 2025 were approximately RMB 56.43 billion, RMB 104.94 billion, RMB 43.59 billion, and RMB 24.08 billion, respectively [12][15]. - The net profit figures for the same periods were RMB 3.5 billion, RMB 4.1 billion, a loss of RMB 8.64 billion, and RMB 3.55 billion [12][15]. - The company experienced a significant revenue drop of 58.5% in 2024 compared to the previous year, alongside a substantial net loss [22][24]. Product Transition - Yingfa Ruineng initially focused on P-type PERC solar cells, which contributed revenues of RMB 54.7 billion, RMB 96.46 billion, and RMB 6.02 billion from 2022 to 2024, respectively [14]. - The company successfully transitioned to N-type TOPCon solar cells, achieving rapid growth in revenue from RMB 7.44 billion in 2023 to RMB 23 billion in the first four months of 2025 [19][22]. - The average selling price of N-type TOPCon cells decreased from RMB 0.44 per watt in 2023 to RMB 0.32 per watt in early 2025 [22][23]. Strategic Partnerships - Yingfa Ruineng has a close partnership with Longi Green Energy, which serves as both a major customer and supplier, and they have established a joint venture [3][30]. - The company has signed a strategic cooperation agreement with Longi Green Energy for a project to produce 16 GW of HPBC solar cells, with Longi committing to purchase a significant portion of the production capacity [25][27]. Operational Challenges - The company has faced challenges with inventory management, as its inventory surged from RMB 2.65 billion in 2022 to RMB 13.46 billion in early 2025, indicating a fourfold increase [31]. - Yingfa Ruineng's total liabilities rose from RMB 45.12 billion in 2022 to RMB 84.45 billion by early 2025, reflecting increased financial pressure [31][34]. Future Outlook - The company's future competitiveness will depend on its ability to maintain technological leadership, manage working capital effectively, and reduce debt levels [35]. - Yingfa Ruineng is actively pursuing new technologies and products in the solar cell sector, particularly focusing on the xBC solar cell technology [25][36].