全押BC，隆基欲翻身

Core Viewpoint - Longi Green Energy has faced significant challenges in 2024, reporting its worst losses in company history due to industry-wide price declines and operational missteps, but is now pivoting towards BC technology to recover in the coming years [1][3][4]. Financial Performance - In 2024, Longi Green Energy reported a revenue of 82.583 billion yuan, with a net loss of 8.618 billion yuan, marking a 100.25% year-on-year decrease in net profit [3][4]. - The company’s operating costs decreased to 76.440 billion yuan, a reduction of 27.54% compared to 2023, with management expenses down by 49.15% [4]. - The total number of employees was reduced by nearly half to 37,853 by the end of 2024, reflecting the company's cost-cutting measures [4]. Industry Context - The photovoltaic industry is experiencing a significant downturn, with prices for polysilicon, silicon wafers, battery cells, and modules dropping approximately 39%, 50%, 30%, and 30% respectively in 2024 [3][4]. - A total of 110 A-share photovoltaic companies are projected to achieve a combined revenue of approximately 1.38 trillion yuan in 2024, a year-on-year decrease of 17.96% [3]. Strategic Initiatives - Longi Green Energy is focusing on the BC technology, aiming for a production capacity of 35 GW by June 2025 and 50 GW by the end of the year, with a target of over 25% for BC component shipments in 2024 [5][6]. - The company has invested approximately 5 billion yuan in R&D in 2024, representing 6% of its revenue, and holds over 3,342 patents, including more than 400 related to BC technology [6][7]. Market Position and Future Outlook - The BC technology is gaining traction, with Longi Green Energy and other major players like Aiko Solar beginning to showcase BC components, indicating a maturation of the technology [7]. - The efficiency of Longi's HPBC 2.0 components has reached 24.8%, the highest in the industry, and the company anticipates that BC technology will achieve cost parity with TOPCon technology within a year [5][8].