Longi(SH:601012) Minsheng Securities·2025-11-04 08:45Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company reported a revenue of 50.915 billion yuan for the first three quarters of 2025, a year-on-year decrease of 13.10%, with a net loss attributable to shareholders of 3.403 billion yuan, which is an improvement compared to the same period last year [1] - In Q3 2025, the company achieved a revenue of 18.101 billion yuan, down 9.78% year-on-year and 5.53% quarter-on-quarter, with a net loss of 834 million yuan, showing a narrowing of losses [1][2] - The company is experiencing operational losses due to the competitive environment in the photovoltaic industry, where product prices have fallen below industry cost lines [2] - The company is optimistic about price recovery as the "anti-involution" measures in the photovoltaic sector are being implemented, leading to price increases for silicon materials and wafers [2] - The company is committed to advancing its BC technology, achieving a battery efficiency of 27.81% and a module efficiency of over 26% in the first half of 2025, setting new records in the industry [3] - Revenue projections for 2025-2027 are estimated at 70.199 billion yuan, 82.576 billion yuan, and 90.024 billion yuan respectively, with net profits expected to be -4.019 billion yuan, 2.577 billion yuan, and 4.904 billion yuan [3][4] Summary by Sections Financial Performance - For Q3 2025, the company reported a revenue of 18.101 billion yuan, a decrease of 9.78% year-on-year and 5.53% quarter-on-quarter, with a net loss of 834 million yuan [1] - The first three quarters of 2025 saw a total revenue of 50.915 billion yuan, with a net loss of 3.403 billion yuan [1] Market Environment - The photovoltaic industry is facing challenges with product prices falling below cost lines, leading to operational losses for the company [2] - Recent price increases in silicon materials and wafers are expected to improve profitability as the "anti-involution" measures take effect [2] Technology and Innovation - The company is focused on enhancing its BC technology, achieving significant efficiency improvements in its products [3] - The company anticipates that by the end of 2025, over 60% of its high-efficiency battery capacity will be based on HPBC2.0 technology [3] Future Projections - Revenue forecasts for 2025-2027 are 70.199 billion yuan, 82.576 billion yuan, and 90.024 billion yuan, with net profits projected to improve significantly by 2027 [3][4]