Longi(SH:601012) EBSCN·2024-05-06 01:02Investment Rating - The report maintains a "Buy" rating for Longi Green Energy [2] Core Views - Longi Green Energy achieved a revenue of 129.498 billion yuan in 2023, a slight increase of 0.39% year-on-year, but net profit decreased by 27.41% to 10.751 billion yuan. The company plans to distribute a cash dividend of 1.7 yuan per 10 shares [2] - The company aims for silicon wafer shipments of 135 GW and battery + module shipments of 90-100 GW in 2024, despite a challenging market environment [2][3] - The company continues to lead in global silicon wafer shipments, with a 47.45% year-on-year increase to 125.42 GW in 2023, although revenue from this segment fell by 35.81% due to rapid price declines [2][3] - Longi's battery sales reached 5.90 GW, and module shipments grew by 44.40% to 67.52 GW, contributing to a 16.91% increase in revenue for this segment [2] - The company is actively expanding its hydrogen energy business, achieving over 100 million yuan in revenue in 2023, and is recognized as the largest supplier of alkaline electrolyzers in China [2] Summary by Sections Financial Performance - In 2023, Longi Green Energy reported a revenue of 129.498 billion yuan, with a net profit of 10.751 billion yuan. The first quarter of 2024 saw a revenue drop of 37.59% year-on-year to 17.674 billion yuan, with a net loss of 2.350 billion yuan [2][3] - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 4.552 billion yuan, 6.094 billion yuan, and 7.360 billion yuan respectively [2] Market Position - Longi Green Energy maintained its position as the global leader in silicon wafer shipments for nine consecutive years, with a market share that continues to grow despite price pressures [2][3] - The company is focusing on differentiated products, including the HPBC technology and the new "Tairui" silicon wafer, which is expected to enter mass production in Q2 2024 [2] Future Outlook - The report highlights the ongoing high demand in the photovoltaic industry, with Longi positioned to benefit from new product launches and emerging business areas such as BIPV and hydrogen energy [2][3] - The current stock price corresponds to a P/E ratio of 30 for 2024, indicating potential for future growth [2]