隆基绿能：第四季度主业或实现盈亏平衡

Core Viewpoint - The photovoltaic industry is experiencing a "de-involution" effect, with a focus on when Longi Green Energy Technology Co., Ltd. will achieve profitability. The company aims to reach breakeven by the fourth quarter of this year, driven by an increase in the revenue share of BC products and scenario-based products [1][2]. Group 1: Financial Performance - Longi Green Energy reported a net loss of 2.569 billion yuan in the first half of the year, a significant reduction in losses by 2.661 billion yuan compared to the same period last year [1]. - The company anticipates a 40% quarter-on-quarter increase in revenue by the second quarter of 2025, benefiting from strong domestic demand and declining costs of key products [1]. Group 2: Product Strategy - The company aims to increase the sales volume of its second-generation BC products to over 10 GW in the fourth quarter, which is expected to have a direct impact on profitability [1]. - The gross margin target for BC products is currently 10% higher than that of TOPCon products, with a significant premium in the European market [2]. Group 3: Market Trends - The prices of silicon materials and wafers have been rising since early July, reflecting a positive market sentiment driven by the "de-involution" policy [2]. - Companies with advantages in technology, product quality, and service are expected to be more competitive in the market as the "de-involution" continues [2]. Group 4: Technological Advancements - Longi Green Energy has achieved scale production conditions for HIBC battery technology, with a component efficiency of 25.9%, making it the highest efficiency industrial photovoltaic product globally [4]. - The company is actively exploring cost reduction strategies, expecting to maintain a non-silicon cost reduction rate of over 10% annually [4]. - Advanced technologies such as laser patterning and composite passivation are being applied to drive cost reduction and efficiency improvements [4].