隆基绿能：三季度显著减亏，坚定BC技术路线

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company reported a significant reduction in losses in Q3 2024, with a year-on-year decline in net profit of 155.62% for the first three quarters [1] - The company's silicon wafer shipments continue to grow, and module shipments have steadily increased, affirming its commitment to the BC technology route [1] - The introduction of a minimum cost price for solar modules by the China Photovoltaic Industry Association is expected to stabilize profitability in the industry, benefiting the company [1] - The company has made significant breakthroughs in HPBC 2.0 technology, achieving a battery efficiency of 26.6% and a module conversion efficiency of 24.43% [1] Financial Summary - For the first three quarters of 2024, the company achieved operating revenue of 58,592.70 million RMB, a decrease of 37.73% year-on-year, and a net profit attributable to shareholders of -6,504.60 million RMB, a decline of 155.62% [5][6] - The company’s silicon wafer shipments reached 82.80 GW in the first three quarters, with external sales of 35.03 GW [1] - The company’s module shipments totaled 51.23 GW in the first three quarters, representing a year-on-year growth of 17.70% [1] - The forecasted earnings per share for 2024-2026 have been adjusted to -0.92, 0.75, and 0.93 RMB respectively, with corresponding P/E ratios of 25.5 and 20.7 for 2025-2026 [1][2]