隆基绿能(601012)：Q2环比减亏 BC量产加速推进

Core Viewpoint - Longi Green Energy reported a significant reduction in losses for the first half of 2025, driven by improved internal management and cost reductions, with expectations for further profitability recovery in the industry [1][2][4] Financial Performance - In H1 2025, the company achieved revenue of 32.81 billion yuan, a year-on-year decrease of 14.8%, and a net loss attributable to shareholders of 2.57 billion yuan, which represents a reduction in losses by 2.67 billion yuan compared to the previous year [1] - For Q2 2025, the net loss attributable to shareholders was 1.13 billion yuan, a sequential improvement of 300 million yuan, with a non-GAAP net loss of 1.32 billion yuan, also showing a sequential reduction of 660 million yuan [2] - The company reported a cash balance of 49.3 billion yuan at the end of H1 2025, with a debt ratio of only 21.5%, indicating strong financial resilience [2] Production and Capacity Expansion - The company is accelerating the mass production of BC2.0 technology, with battery production efficiency reaching 97% and module conversion efficiency at 24.8% [3] - By the end of H1 2025, the self-owned battery capacity for BC2.0 reached 24 GW, with expectations that BC2.0 capacity will exceed 60% by the end of 2025 [3] Market Dynamics and Strategic Initiatives - The domestic market is experiencing a recovery, with significant increases in silicon wafer and module prices driven by demand, leading to improved unit loss margins [2][3] - The company is actively enhancing its technology and expanding into overseas markets, achieving over 70% year-on-year growth in overseas silicon wafer sales in H1 2025 [3] Profit Forecast and Valuation - Due to increased trade protection policies in the U.S., the company has adjusted its profit forecasts, expecting net losses of 3.008 billion yuan in 2025, followed by profits of 6.959 billion yuan and 8.024 billion yuan in 2026 and 2027 respectively [4] - The company maintains a "buy" rating, with a target price of 19.09 yuan based on a 20.75x PE valuation for 2026, aligning with comparable companies [4]