Longi(601012) 长江证券·2024-11-15 01:06Investment Rating - The report maintains a "Buy" rating for Longi Green Energy [5][6]. Core Views - Longi Green Energy's Q3 operational performance exceeded expectations, with a notable increase in wafer sales and a strategic adjustment in operations leading to a narrower loss per watt [3][4]. - The company is expected to benefit from its strong cash reserves and advancements in BC technology, with a projected net profit of 5.1 billion yuan in 2025, corresponding to a PE ratio of 29 times [5][4]. - The BC technology is entering a realization phase, with new products launched and production efficiency reaching 24.8%, which is expected to enhance order growth [4][5]. Financial Performance Summary - For the first three quarters of 2024, Longi Green Energy reported revenues of 58.593 billion yuan, a year-on-year decline of 37.73%, and a net loss attributable to shareholders of 6.505 billion yuan, down 155.62% year-on-year [3][4]. - In Q3 2024, the company achieved revenues of 20.064 billion yuan, a decrease of 31.87% year-on-year and 3.79% quarter-on-quarter, with a net loss of 1.261 billion yuan, down 150.14% year-on-year [3][4]. - The company has effectively controlled management expenses, which fell to 680 million yuan in Q3, less than half of the same period last year, while R&D expenses increased by 10% to 460 million yuan [4]. Market Position and Future Outlook - The company is positioned to capitalize on a potential industry recovery, with expectations for increased BC product shipments and a target capacity of 50 GW by the end of 2025 [4][5]. - The acceptance of BC components in large-scale domestic procurement is anticipated to drive order growth, reinforcing the company's market position [4].