隆基绿能：大额减值拖累业绩，财务状况保持稳健

Investment Rating - The report maintains a "Buy" rating for Longi Green Energy [2][3] Core Views - The company's performance has been significantly impacted by large impairment losses, yet its financial condition remains stable [2] - In the first half of 2024, the company reported a revenue of 38.5 billion RMB, a year-on-year decrease of 40%, and a net loss attributable to shareholders of 5.2 billion RMB [2] - The company has experienced a slowdown in shipment growth due to intensified competition and declining global demand, with silicon wafer and module shipments of 44.44 GW and 31.34 GW, respectively, reflecting a year-on-year change of -15% and +18% [2] - The company has made significant provisions for inventory impairment totaling 5.78 billion RMB, primarily due to rapid price declines in the second quarter [2] - The company maintains a healthy cash flow with a net cash flow from operating activities of 6.4 billion RMB in the first half of the year, and cash on hand of 54.5 billion RMB [2] - The company achieved a shipment of 10 GW for BC modules and made a breakthrough in HPBC 2.0 technology, with mass production efficiency reaching 26.6% [2] - The company continues to lead in advanced technology research, with a record conversion efficiency of 34.6% for silicon-perovskite tandem cells [2] Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of 38.5 billion RMB, down 40% year-on-year, and a net loss of 5.2 billion RMB [2] - Q2 revenue was 20.9 billion RMB, a 43% decline year-on-year, with a net loss of 2.9 billion RMB [2] Shipment and Production - The company shipped 44.44 GW of silicon wafers and 31.34 GW of modules in the first half of 2024, with a year-on-year change of -15% and +18% respectively [2] - The Asia-Pacific region saw a significant increase in sales, growing over 140% year-on-year [2] Impairment and Financial Health - The company recorded an inventory impairment provision of 4.87 billion RMB due to price declines, alongside a fixed asset impairment of 850 million RMB [2] - The company has a cash balance of 54.5 billion RMB and a debt-to-asset ratio of 59%, indicating a reasonable financial structure [2] Technological Advancements - The company achieved a shipment of 10 GW for BC modules and made significant progress in HPBC 2.0 technology, with mass production efficiency reaching 26.6% [2] - The conversion efficiency of silicon-perovskite tandem cells has reached a world record of 34.6% [2] Profit Forecast and Valuation - The report adjusts the company's net profit forecast for 2024-2026 to -2.3 billion RMB, 4.9 billion RMB, and 6.7 billion RMB respectively, while maintaining the "Buy" rating [2]