Investment Rating - The report maintains a "Recommendation" rating for Longi Green Energy, with a target price of 18.01 CNY [2][8]. Core Views - The company is experiencing a phase of performance pressure, but the BC technology is expected to see significant growth in production [2][8]. - In 2024, the company reported total revenue of 82.58 billion CNY, a year-on-year decrease of 36.2%, and a net profit attributable to shareholders of -8.62 billion CNY, marking a shift from profit to loss [4][8]. - The company is transitioning its production lines to the HPBC 2.0 technology, which has achieved a battery yield of approximately 97% and a maximum production efficiency of 24.8% [8]. - The company aims to ship 80-90 GW of components in 2025, with BC products expected to account for over 25% of this total [8]. - The company has a solid position in the silicon wafer market, with a strategy focused on cost control and efficiency improvements [8]. Financial Summary - For 2024, the company achieved a total revenue of 82,582 million CNY, with a gross margin of 7.44% and a net profit margin of -10.44% [4][8]. - The forecast for 2025-2027 indicates a gradual recovery, with net profits expected to be -2.27 billion CNY in 2025, 3.90 billion CNY in 2026, and 5.18 billion CNY in 2027 [4][8]. - The company's cash position is strong, with 51.48 billion CNY in cash as of the end of Q1 2025, providing a buffer for operations [8].

Investment Rating - The report maintains a "Recommendation" rating for Longi Green Energy, with a target price of 18.01 CNY [2][8]. Core Views - The company is experiencing a phase of performance pressure, but the BC technology is expected to see significant growth in production [2][8]. - In 2024, the company reported total revenue of 82.58 billion CNY, a year-on-year decrease of 36.2%, and a net profit attributable to shareholders of -8.62 billion CNY, marking a shift from profit to loss [4][8]. - The company is transitioning its production lines to the HPBC 2.0 technology, which has achieved a battery yield of approximately 97% and a maximum production efficiency of 24.8% [8]. - The company aims to ship 80-90 GW of components in 2025, with BC products expected to account for over 25% of this total [8]. - The company has a solid position in the silicon wafer market, with a strategy focused on cost control and efficiency improvements [8]. - The report highlights that the company has made sufficient impairment provisions, with a total of 87 billion CNY in asset impairment recognized in 2024 [8]. Financial Summary - For 2024, the company achieved total revenue of 82.58 billion CNY, with a gross margin of 7.44% and a net margin of -10.44% [4][8]. - The forecast for 2025-2027 indicates a gradual recovery, with net profits projected at -2.27 billion CNY, 3.90 billion CNY, and 5.18 billion CNY respectively [8]. - The company's PE ratios are projected to be -51, 29, and 22 for the years 2025, 2026, and 2027 respectively [4][8].

Group 1 - The core point of the article is the issuance of convertible bonds by LONGi Green Energy Technology Co., Ltd., which aims to raise a total of RMB 7 billion through the issuance of 70 million convertible bonds, each with a face value of RMB 100 [1][4][10] - The bonds were approved by the China Securities Regulatory Commission and began trading on the Shanghai Stock Exchange on February 17, 2022 [1][4] - The bonds have a maturity period of six years, with an annual interest rate that increases from 0.20% in the first year to 2.00% in the sixth year [1][4][10] Group 2 - In 2024, LONGi Green Energy reported a revenue of RMB 82.58 billion, a decrease of 36.23% compared to 2023, and a net loss attributable to shareholders of RMB 8.62 billion [11][12] - The company faced challenges such as declining prices and gross margins for its PERC and TOPCon products, leading to increased asset impairment provisions [11][12] - The company’s total assets decreased by 6.78% to RMB 152.84 billion by the end of 2024 [11][12] Group 3 - The funds raised from the convertible bonds are intended for various investment projects, including the construction of high-efficiency solar cell production facilities [9][12] - As of December 31, 2024, the company had utilized RMB 426.85 million of the raised funds, with a portion allocated to projects that have been adjusted or delayed due to market conditions [12][13] - The company plans to adjust the timeline for certain projects, such as the Wuhu Phase II project, to June 2026 due to industry cyclicality and supply-demand mismatches [12][13]

股票代码：601012 债券代码：113053 股票简称：隆基绿能 债券简称：隆 22 转债 隆基绿能科技股份有限公司 公开发行可转换公司债券 受托管理事务报告 （2024 年度） 债券受托管理人 （深圳市罗湖区红岭中路 1012 号国信证券大厦 16-26 层） 二〇二五年五月 1 重要声明 本报告依据《可转换公司债券管理办法》（以下简称"《管理办法》"）、《隆基 绿能科技股份有限公司（发行人）与国信证券股份有限公司（受托管理人）签订 的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》（以下简称"《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》（以下简称"《募集说明书》"）、《隆基绿能科技股份有限 公司 2024 年年度报告》等相关公开信息披露文件、第三方中介机构出具的专业 意见等，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。国信证券对本报告中所包含的从上述文件中引述内容和信息未进行独立验证， 也不就该等引述内容和信息的真实性、准确性和完整性做出任何保证或承担任何 责任。 本报告不构成对投资者进行或不进行某项行为的推 ...

Group 1 - The core viewpoint of the news is the performance of the CSI New Materials Theme Index, which has shown a decline in recent trading sessions despite a slight increase over the past month [1] - The CSI New Materials Theme Index has decreased by 1.58% to 2886.44 points, with a trading volume of 21.047 billion yuan [1] - Over the past month, the index has increased by 3.35%, but it has decreased by 2.25% over the last three months and by 1.24% year-to-date [1] Group 2 - The CSI New Materials Theme Index includes 50 listed companies involved in advanced steel, non-ferrous metals, chemicals, inorganic non-metals, and other new materials [1] - The index's top ten holdings are: CATL (10.61%), North Huachuang (9.86%), Wanhua Chemical (7.81%), Longi Green Energy (6.6%), Huayou Cobalt (3.41%), Sanan Optoelectronics (3.14%), Tongwei Co. (3.35%), and others [1] - The market share of the index's holdings is 54.72% from the Shenzhen Stock Exchange, 44.74% from the Shanghai Stock Exchange, and 0.54% from the Beijing Stock Exchange [1] Group 3 - The industry composition of the index's sample shows that industrials account for 43.54%, materials for 33.04%, and information technology for 23.42% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Public funds tracking new materials include various ETFs and mutual funds, such as Tianhong CSI New Materials C, Huaxia CSI New Materials Theme ETF, and others [2]

Investment Rating - The investment rating for Longi Green Energy is "Buy" (maintained) [1] Core Views - The company achieved a net profit attributable to shareholders of -8.618 billion yuan in 2024, falling within the forecast range, with a revenue of 82.582 billion yuan, a year-on-year decline of 36% [4][5] - The company adopted a "volume control for profit" strategy in 2024 due to intense price competition in the photovoltaic industry, resulting in a significant drop in prices across the supply chain [5] - Looking ahead, the company is expected to see a recovery in 2025 with the release of its BC products, projecting revenues of 67.6 billion yuan, a year-on-year decrease of 18.1% [6] Financial Performance Summary - In 2024, the company reported a revenue of 825.82 billion yuan and a net profit of -86.18 billion yuan, with a gross margin of 7.4% [8] - For 2025, the expected revenue is 676 billion yuan, with a projected net profit of -24 billion yuan, followed by a recovery in 2026 and 2027 with net profits of 19 billion yuan and 46 billion yuan respectively [6][8] - The company's asset-liability ratio is expected to remain below 60%, indicating a stable financial position [5] Market Outlook - The photovoltaic industry is experiencing a significant increase in production, with polysilicon, wafers, cells, and modules all seeing over 10% year-on-year growth in 2024, despite a decline in prices [5] - The company is focusing on high-value HPBC products, which are expected to lead the market, with ongoing upgrades to its production lines [5][6]

Investment Rating - Stock Rating: Overweight [4] - Industry View: Attractive [4] - Price Target: Rmb28.94 [4] Core Insights - LONGi expects a 10% global demand growth in 2025 under an optimistic scenario, with uncertain domestic demand in the second half of 2025 [2][7] - The company anticipates single-digit increases in Europe and the US, while robust demand is expected from emerging markets in the Middle East and India [2] - Oversupply may persist until a turning point, potentially in 4Q25 or 1Q26, as industry players navigate around profit break-even levels [2][7] - Despite mild demand and large supply, significant fluctuations in average selling prices (ASP) are not expected, indicating a more rational industry environment [2][7] - Financing channels are tightening, leading to rising financing costs across the industry [2] Summary by Sections Demand and Supply Dynamics - LONGi's cell production facility in Malaysia is capable of supplying the US market, which currently lacks solar cell supply, with anti-dumping and countervailing duty (AD/CVD) tariff rates at approximately 41% [2][7] - As of the end of 2024, LONGi acknowledged a valid cell capacity of 60GW (TOPCon and BC), with BC Gen II capacity projected to reach 50GW by the end of 2025 following capacity upgrades [2] Shipment Performance - In 1Q25, BC module shipments reached 4.3GW, driven by a rush in installations, particularly in the distributed solar sector, comprising 1.2GW of BC Gen II and 3.1GW of BC Gen I [3]

Core Viewpoint - Longi Green Energy Technology Co., Ltd. will participate in the "2025 Shaanxi Listed Companies Investor Collective Reception Day and 2024 Annual Performance Briefing" to enhance communication with investors and improve transparency [1][2]. Group 1: Event Details - The event is scheduled for May 20, 2025, from 15:00 to 17:00 [2][3]. - The format of the event will be an online text interaction on the "Panorama Roadshow" platform [2][3]. - The event aims to promote standardized operations and healthy development of listed companies in Shaanxi [2]. Group 2: Participants - Key participants from the company include Mr. Li Zhenguo (Chairman and General Manager), Ms. Liu Xuewen (Director and Financial Officer), Mr. Lu Yi (Independent Director), and Mr. Liu Xiaodong (Board Secretary) [3]. Group 3: Investor Participation - Investors can log in to the "Panorama Roadshow" platform during the event to ask questions [4]. Group 4: Contact Information - The contact department for inquiries is the Board Office, with a phone number of 029-86473930 and an email address of longi-board@longi.com [5][6].

| 股票代码:601012 | 股票简称:隆基绿能 | 公告编号:临 | 2025-042 号 | | --- | --- | --- | --- | | 债券代码:113053 | 债券简称:隆 22 转债 | | | 召开时间：2025 年 5 月 20 日（周二）15:00-17:00 一、业绩说明会类型 为促进上市公司规范运作、健康发展，增强上市公司信息透明度，加强与广 大投资者沟通交流，进一步提升投资者关系管理水平，陕西上市公司协会在陕西 证监局指导下，联合深圳市全景网络有限公司举办"2025 年陕西辖区上市公司 投资者集体接待日暨 2024 年度业绩说明会"。 届时，隆基绿能科技股份有限公司（以下简称"公司"）管理层将通过互动 平台与投资者进行网络沟通和交流，欢迎广大投资者踊跃参加。 二、业绩说明会召开的时间和方式 隆基绿能科技股份有限公司 关于参加"2025 年陕西辖区上市公司投资者集体接待日暨 2024 年度业绩说明会"的公告 本公司及董事会全体成员保证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、准确和完整承担个别及连带责任。 重要内容提示： （一）召开时间：202 ...

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。 | 股票代码:601012 | 股票简称:隆基绿能 | | | 2025-041 | | --- | --- | --- | --- | --- | | 债券代码:113053 | 债券简称:隆 22 | 转债 | | | | | | | 公告编号:临 | | | | | | | 号 | 重要内容提示： 被担保人：隆基绿能科技股份有限公司（以下简称"公司"）的全资及 控股子公司。 提供担保金额：近期公司及全资、控股子公司间发生新增担保金额合计 人民币142,573.75万元（外币担保金额根据2025年4月末汇率折算为人民币，如 无特别说明，本公告中金额币种均为人民币）。 截至2025年4月30日，公司及子公司已提供的担保金额累计为237.73亿元， 占公司最近一期经审计归母净资产39.04%。其中：公司及合并报表范围内子公司 之间的担保金额为234.22亿元，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 ...