Longi(601012) 华创证券·2025-05-19 05:45Investment Rating - The report maintains a "Recommendation" rating for Longi Green Energy, with a target price of 18.01 CNY [2][8]. Core Views - The company is experiencing a phase of performance pressure, but the BC technology is expected to see significant growth in production [2][8]. - In 2024, the company reported total revenue of 82.58 billion CNY, a year-on-year decrease of 36.2%, and a net profit attributable to shareholders of -8.62 billion CNY, marking a shift from profit to loss [4][8]. - The company is transitioning its production lines to the HPBC 2.0 technology, which has achieved a battery yield of approximately 97% and a maximum production efficiency of 24.8% [8]. - The company aims to ship 80-90 GW of components in 2025, with BC products expected to account for over 25% of this total [8]. - The company has a solid position in the silicon wafer market, with a strategy focused on cost control and efficiency improvements [8]. Financial Summary - For 2024, the company achieved a total revenue of 82,582 million CNY, with a gross margin of 7.44% and a net profit margin of -10.44% [4][8]. - The forecast for 2025-2027 indicates a gradual recovery, with net profits expected to be -2.27 billion CNY in 2025, 3.90 billion CNY in 2026, and 5.18 billion CNY in 2027 [4][8]. - The company's cash position is strong, with 51.48 billion CNY in cash as of the end of Q1 2025, providing a buffer for operations [8].