Longi(SH:601012) 光大证券研究·2025-05-05 13:53Core Viewpoint - The company reported significant declines in revenue and net profit for 2024, with a revenue of 82.582 billion and a net loss of 8.618 billion, indicating a challenging market environment and operational difficulties [2]. Financial Performance - In 2024, the company achieved a revenue of 82.582 billion, down 36.23% year-on-year, and a net profit of -8.618 billion, a decrease of 180.15% year-on-year [2]. - For Q1 2025, the company reported a revenue of 13.652 billion, a decline of 22.75% year-on-year, and a net loss of 1.436 billion, showing a reduction in losses compared to the previous quarter [2]. Product and Market Dynamics - The company experienced a drop in profitability due to falling product prices, with silicon wafer shipments of 108.46 GW and battery module shipments of 82.32 GW in 2024. Revenue from modules and battery/silicon wafer businesses decreased by 33.13% and 66.53%, respectively [3]. - The gross margin for modules and silicon wafers fell significantly, with margins at 6.27% and -14.31%, respectively, reflecting the impact of price declines [3]. Operational Strategy - The company maintained a prudent operational strategy, reducing management expenses by 30.21% to 3.430 billion in 2024. Inventory levels for silicon wafers, batteries, and modules decreased by over 30% year-on-year [4]. - The company has kept its monetary funds above 50 billion for eight consecutive quarters, providing a strong buffer to navigate the current photovoltaic cycle [4]. Technological Advancements - The HPBC2.0 module achieved a mass production efficiency of 24.8%, with expectations to exceed 20 GW in BC module shipments by 2025. The company has secured significant orders in global markets [5]. - The company anticipates that by the end of 2025, its HPBC2.0 battery and module capacity will reach 50 GW, with total module shipments projected between 80 to 90 GW, of which BC module shipments will exceed 20 GW [5].