Longi(SH:601012) Zheng Quan Ri Bao·2025-04-29 18:13Core Viewpoint - Longi Green Energy reported a significant decline in revenue and a shift to loss in 2024, primarily due to irrational price competition and a mismatch in supply and demand within the solar industry [1][2]. Financial Performance - In 2024, Longi Green Energy achieved operating revenue of 82.582 billion yuan, a year-on-year decrease of 36.23% [1]. - The company incurred a loss of 8.618 billion yuan, marking a transition from profit to loss [1]. Industry Context - The solar industry is facing increased competition, leading to overall pressure on the performance of solar companies [2]. - Many leading companies in the solar supply chain reported losses in the previous year [2]. Research and Development - Longi Green Energy continues to invest heavily in R&D, with approximately 5 billion yuan allocated in 2024, representing 6% of its operating revenue [2]. - The company maintains a leading position in various battery technology tracks, holding over 400 patents in the BC battery component field [2]. BC Technology Development - The BC battery technology is experiencing rapid cost reduction and efficiency improvements, with manufacturing costs expected to align with or fall below those of TOPCon technology within a year [3]. - Longi Green Energy's HPBC2.0 components have achieved a maximum production efficiency of 24.8%, making it the highest efficiency product globally [3]. Production Capacity and Future Outlook - In 2024, Longi Green Energy's BC product shipment exceeded 17 GW, with plans to reach 50 GW in HPBC2.0 battery and component capacity by the end of 2025 [4]. - The company anticipates silicon wafer shipments of 120 GW and component shipments of 85 to 90 GW by 2025, with BC components expected to account for over one-quarter of total shipments [4].