Longi(SH:601012) Changjiang Securities·2025-05-23 13:44Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 82.582 billion yuan in 2024, a year-on-year decrease of 36%, with a net profit attributable to shareholders of -8.618 billion yuan, down 180% year-on-year, which aligns with the performance forecast range [2][4]. - In Q4 2024, the company achieved a revenue of 23.99 billion yuan, a 32% year-on-year decline, with a net profit of -2.113 billion yuan [2][4]. - For Q1 2025, the revenue was 13.652 billion yuan, a 23% year-on-year decrease, with a net profit of -1.436 billion yuan [2][4]. Summary by Sections Sales and Production - In 2024, the company shipped 82.32 GW of battery modules, with external sales of 73.48 GW, representing a year-on-year growth of 10.6%. The BC product shipment exceeded 17 GW, accounting for over 20% of total shipments [10]. - The company’s silicon wafer shipments reached 108.46 GW, with external sales of 46.55 GW, a year-on-year decline of 13.45% [10]. Financial Performance - The gross margin for battery modules was 6.27%, down 12.11 percentage points year-on-year. The gross margin for silicon wafers was -14.31%, impacted by price declines [10]. - The company reported a significant reduction in management and R&D expenses in 2024, primarily due to a decrease in employee numbers and related costs [10]. Future Outlook - By the end of 2025, the company expects to achieve a BC 2.0 production capacity of 50 GW, with silicon wafer shipments projected at 120 GW and module shipments between 80-90 GW, with BC components accounting for over 25% [10]. - The company is collaborating with partners to expand its BC capacity and ecosystem, positioning itself as a potential leader in the industry cycle [10].