Longi(SH:601012) Changjiang Securities·2025-08-27 14:47Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 32.813 billion yuan for the first half of 2025, a year-on-year decrease of 14.83%, while the net profit attributable to shareholders was -2.569 billion yuan, showing a significant reduction in losses [2][5] - In Q2 2025, the company achieved a revenue of 19.161 billion yuan, down 8.12% year-on-year but up 40.35% quarter-on-quarter, with a net profit of -1.133 billion yuan, also indicating a significant reduction in losses [2][5] - The company's silicon wafer shipments in H1 2025 reached 52.08 GW, with external sales of 24.72 GW, reflecting a year-on-year growth of over 10% [12] - The company expects to reach a silicon wafer shipment volume of 120 GW and component shipments of 80-90 GW by the end of the year, with BC components accounting for over 25% [12] Financial Performance - The company had nearly 50 billion yuan in cash at the end of Q2 2025, indicating a strong financial position to navigate through the industry cycle [12] - The asset-liability ratio stood at 60.72%, showcasing a healthy financial status compared to industry standards [12] - The company reported an asset impairment loss of 741 million yuan and a credit impairment loss of 69 million yuan in Q2 2025, with the period expense ratio reduced to 6.23%, indicating effective cost control measures [12] Production Capacity and Market Outlook - By the end of June, the company's BC2.0 production capacity reached 24 GW, with expectations to increase to 50 GW by year-end [12] - The company is collaborating with partners to expand BC production capacity, aiming to establish BC technology as a mainstream option in the market [12] - The report anticipates that the advantages of BC components will gain market recognition, leading to rapid penetration and stable premium pricing, thus creating excess profit potential [12]