Investment Rating - The report maintains a "Buy" rating for Longi Green Energy [3][6]. Core Views - Longi Green Energy reported a significant decline in revenue and net profit for 2024, with revenue at 82.582 billion yuan, down 36.23% year-on-year, and a net loss of 8.618 billion yuan, a decrease of 180.15% year-on-year. The first quarter of 2025 also showed a decline in revenue to 13.652 billion yuan, down 22.75% year-on-year, with a net loss of 1.436 billion yuan [1][3]. - The company faced challenges due to falling product prices, which impacted profitability, leading to an asset impairment provision of 8.701 billion yuan in 2024 [1][3]. - Despite the current pressures on profitability, Longi remains a leader in the monocrystalline silicon wafer and integrated business, with new products like HPBC expected to support future performance [3][6]. Summary by Sections Financial Performance - In 2024, Longi achieved a silicon wafer shipment of 108.46 GW and a battery module shipment of 82.32 GW, maintaining a leading market share in China and Europe [1]. - The revenue from silicon wafers and battery/modules was 66.334 billion yuan and 8.207 billion yuan, respectively, both showing significant year-on-year declines of 33.13% and 66.53% [1]. - The gross margin for silicon wafers decreased by 12.11 percentage points to 6.27%, while the battery/module segment saw a gross margin drop of 30.19 percentage points to -14.31% [1]. Operational Strategy - Longi has maintained a prudent operational strategy, keeping cash reserves above 50 billion yuan and reducing management expenses by 30.21% to 3.430 billion yuan in 2024 [2]. - The company has successfully reduced inventory levels across silicon wafers, batteries, and modules by over 30% year-on-year by the end of 2024 [2]. Product Development - The HPBC2.0 module has achieved a mass production efficiency of 24.8%, with expectations to exceed 20 GW in shipments by the end of 2025 [3]. - The company anticipates that by the end of 2025, its HPBC2.0 battery and module capacity will reach 50 GW, with total module shipments projected to be between 80-90 GW [3].
隆基绿能(601012):货币资金保持在500亿元以上,2025年BC组件出货预计超20GW