Longi(SH:601012) Shanxi Securities·2025-06-03 08:12Investment Rating - The report maintains a "Buy-B" rating for the company [3][6] Core Views - The company's performance has been negatively impacted by declining prices across the industry chain, with a significant drop in revenue and profit margins [4][5] - The company is expected to increase its BC product shipment ratio to over 25% by the end of 2025, driven by advancements in technology and production capacity [5] Financial Performance Summary - In 2024, the company achieved revenue of 82.58 billion yuan, a year-on-year decrease of 36.2%, and a net profit attributable to shareholders of -8.62 billion yuan, a year-on-year decline of 180.2% [3][4] - For Q1 2025, the company reported revenue of 13.65 billion yuan, down 22.8% year-on-year and 43.1% quarter-on-quarter, with a net profit of -1.44 billion yuan, an increase of 38.9% year-on-year and 32.0% quarter-on-quarter [3][4] - The company's silicon wafer revenue in 2024 was 8.21 billion yuan, down 66.5% year-on-year, while the revenue from modules and batteries was 66.33 billion yuan, down 33.1% year-on-year [4] Production and Capacity Insights - The company shipped 17.33 GW of BC modules in 2024, a year-on-year increase of 191%, and 4.32 GW in Q1 2025 [5] - By the end of 2025, the company's BC production capacity is expected to reach 50 GW, with the second-generation BC capacity projected to increase to 35 GW by mid-2025 [5] Earnings Forecast - The expected EPS for 2025, 2026, and 2027 are -0.28 yuan, 0.32 yuan, and 0.60 yuan respectively, with corresponding PE ratios of -51.0, 45.3, and 23.9 [6][8]