Longi(SH:601012) Minsheng Securities·2025-08-25 09:06Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company is experiencing a phase of profitability pressure, with H1 2025 revenue at 32.813 billion yuan, down 14.83% year-on-year, and a net loss attributable to shareholders of 2.569 billion yuan, although this represents a reduction in losses compared to the previous year [1][2] - The company is committed to leading the BC product layout, achieving a high conversion efficiency of 24.8% for HPBC2.0 components, with significant growth in product orders and shipments [2][3] - The company is continuously enhancing its global layout, achieving over 70% year-on-year growth in domestic component sales and significant breakthroughs in overseas markets [3] Financial Performance Summary - For H1 2025, the company shipped 52.08 GW of silicon wafers and 41.85 GW of battery components, with external sales of 24.72 GW and component shipments of 39.57 GW [2] - The company plans to recognize impairment provisions of 1.167 billion yuan, including inventory impairment of 761 million yuan and fixed asset impairment of 332 million yuan [1] - Revenue projections for 2025-2027 are estimated at 72.651 billion, 84.761 billion, and 94.589 billion yuan, respectively, with net profits projected at -3.239 billion, 2.989 billion, and 5.080 billion yuan [4][10]