Longi(SH:601012) Di Yi Cai Jing·2025-04-30 09:29Core Insights - Longi Green Energy reported a revenue of 82.582 billion yuan for 2024 and 13.652 billion yuan for Q1 2025, demonstrating resilience amid industry challenges [1] - The company adopted a "control quantity to ensure profit" strategy in 2024, achieving a silicon wafer shipment of 108.46 GW and a module shipment of 82.32 GW [1][3] - Longi Green Energy's strategic foresight has positioned it as a leader in the photovoltaic industry, with a focus on technological innovation and cost control [3][4] Financial Performance - In 2024, Longi Green Energy experienced a 36.23% year-on-year decline in revenue, reflecting the broader industry's struggles, where over 70% of companies reported losses [3] - The company maintained a healthy financial position with cash reserves of 53.157 billion yuan and a debt ratio below 60%, allowing for continued investment in R&D and capacity expansion [12] Technological Advancements - Longi Green Energy shifted its R&D focus to back-contact (BC) technology in 2022, positioning itself ahead of competitors who were still investing in PERC technology [4][6] - The company has achieved significant advancements in BC technology, with over 400 related patents and a goal to increase BC battery and module capacity to 50 GW by the end of 2025 [6][9] Market Positioning - Longi Green Energy's BC technology has gained global recognition, securing a 1 GW supply agreement in Europe and significant market penetration in the Middle East and emerging markets [8][12] - The company has strategically avoided the pitfalls of over-reliance on TOPCon technology, which has faced severe price competition and oversupply issues [7][10] Strategic Initiatives - Longi Green Energy has implemented proactive measures such as organizational optimization and smart upgrades, resulting in a 30.22% reduction in management expenses in 2024 [6] - The company is actively building an ecosystem around BC technology, collaborating with industry partners to establish standards and reduce costs [10][12] Future Outlook - The company anticipates a recovery in the photovoltaic market, with Q1 2025 showing signs of improvement, including a silicon wafer shipment of 23.46 GW and module shipment of 16.93 GW [8] - Longi Green Energy's management expresses confidence in navigating future uncertainties, emphasizing the importance of strategic vision, technological accumulation, and financial strength for long-term success [13]