Investment Rating - The report maintains a "Buy-B" rating for Longi Green Energy (601012.SH) [4] Core Views - The company's performance has been negatively impacted by declining prices across the industry chain, with a significant drop in revenue and net profit in 2024. However, there is an expectation that the company's BC product shipment ratio will exceed 25% by 2025 [1][4] Financial Performance Summary - In 2024, the company achieved revenue of 82.58 billion yuan, a year-on-year decrease of 36.2%, and a net profit attributable to shareholders of -8.62 billion yuan, down 180.2% year-on-year. For Q1 2025, revenue was 13.65 billion yuan, down 22.8% year-on-year and 43.1% quarter-on-quarter, with a net profit of -1.44 billion yuan, an increase of 38.9% year-on-year and 32.0% quarter-on-quarter [1][2] - The company's silicon wafer revenue in 2024 was 8.21 billion yuan, down 66.5% year-on-year, with a shipment of 108.46 GW. The revenue from modules and batteries was 66.33 billion yuan, down 33.1% year-on-year, with a battery module shipment of 82.32 GW [2] - The gross margins for silicon wafers and battery modules in 2024 were -14.3% and 6.3%, respectively, reflecting a year-on-year decline of 30.2 percentage points and 12.1 percentage points [2] Product and Technology Development - Longi Green Energy is a leading company in BC technology, with its HPBC 1.0 production line being upgraded to N-type HPBC 2.0 technology, achieving a battery yield of approximately 97%. The company expects its BC component shipments to reach 17.33 GW in 2024, a year-on-year increase of 191%, and 4.32 GW in Q1 2025 [3] - By the end of 2025, the company's BC production capacity is projected to increase to 50 GW, with an expected shipment ratio of BC products exceeding 25% for the year [3]

Core Viewpoint - Longi Green Energy has announced the termination of its 2021 convertible bond project in favor of investing in a new high-efficiency monocrystalline battery project, reflecting a shift from scale expansion to technology-driven growth in the photovoltaic industry [1][2]. Group 1: Company Adjustments - Longi Green Energy will redirect 1.08 billion yuan to the "Copper River Longi 12GW High-Efficiency Monocrystalline Battery Project" due to supply-demand imbalances in the photovoltaic industry and the need for commercializing BC (Back Contact) battery technology [1]. - The company faces significant challenges in 2024, projecting revenues of 82.582 billion yuan, a year-on-year decline of 36.23%, and a record net loss of 8.618 billion yuan [1][2]. Group 2: Financial Performance - Longi's asset impairment for the year reached 8.7 billion yuan, with inventory write-downs of 6.128 billion yuan and fixed asset impairment losses of 2.299 billion yuan [2]. - The gross margin plummeted from 18.26% in 2023 to 7.44% in 2024, a drop of 10.82 percentage points [2]. Group 3: Production Capacity and Utilization - Longi's production capacity for silicon wafers, batteries, and modules in the first half of 2024 was 170GW, 80GW, and 120GW, respectively, but actual shipments were only 44.44GW for silicon wafers and 31.34GW for modules, indicating underutilization [2]. - The company is experiencing pressure on asset impairment due to technological iterations, with fixed asset impairment losses of 1.6 billion yuan in 2023 and an additional 5.784 billion yuan in the first half of 2024 [2][3]. Group 4: Technological Challenges - The promotion of BC technology faces challenges, including initial mass production delays and higher costs compared to TOPCon technology, which may affect market acceptance [3]. - Longi's founder, Li Zhenguo, has stepped down from executive roles to focus on technology research, raising concerns about family governance [3]. Group 5: Market Dynamics - Longi's recent strategic missteps, including pricing strategies during silicon material price fluctuations, have negatively impacted its market share and profitability [3]. - The photovoltaic industry is undergoing a transition from overcapacity and asset impairment to a focus on technological advancement, with the future success of Longi hinging on the commercialization of BC technology and the development of new energy sectors like hydrogen [3].

以下文章来源于e公司 ，作者证券时报 刘灿邦 e公司 . e公司，证券时报旗下专注上市公司新媒体产品，立志打造A股上市公司资讯第一平台。提供7x24小时上市公司标准化快讯，针对可能影响上市公司股价 的主题概念、行业事件及时采访二次解读，从投资者需求出发，直播上市公司有价值的活动、会议。 光伏龙头隆基绿能（601012）迎来重大人事变动。 隆基绿能最新公告显示，公司创始人李振国已申请辞去公司董事、总经理及法定代表人职务，公司董事长钟宝申将兼任总经理一职，并接任公司的法定代表人。 | 股票代码:601012 | 股票简称:隆基绿能 公告编号:临 2025-045 号 | | --- | --- | | 债券代码:113053 | 债券简称:隆 22 转债 | 截至5月26日收盘，隆基绿能报14.99元/股，最新市值为1136亿元。 隆基绿能方面人士透露，此次管理层分工明确后，钟宝申负责的战略落地与李振国主导的技术研发将形成"双轮驱动"，前者保障经营效率与市场响应速度，后者专 注突破技术瓶颈，为长期增长提供动能。 光伏行业还处于深度调整期，包括隆基绿能在内的多数厂商在2024年及今年一季度经历了持续亏损。与其他龙头 ...

新京报贝壳财经讯（记者朱玥怡）创业25周年后，千亿光伏巨头隆基绿能（601012.SH）的实际控制人 李振国选择离开管理一线。 5月26日晚间，隆基绿能公告称，于2025年5月23日收到李振国提交的书面《辞任报告》，李振国将专注 于公司研发和科技管理工作，申请辞去公司董事、总经理及法定代表人职务。辞任后，李振国将继续担 任公司中央研究院院长、科技管理中心首席技术官，带领团队聚焦光伏前沿技术攻关，支持公司长期发 展。 公告显示，鉴于李振国辞去公司法定代表人职务，根据《公司法》《公司章程》的有关规定，将由现任 隆基绿能董事长的钟宝申担任法定代表人。 据贝壳财经记者了解，李振国上一次出现在关注度较高的行业性活动还是2023年的SNEC展会。彼时他 提出"今后两三年会有超过一半的企业被淘汰出局"，因此被称为光伏行业进入供需失衡周期的"吹哨 人"。 1968年出生的李振国作风低调，在隆基内部以及整个光伏行业内颇有认可度，公司内部员工也对李振国 感到亲切，会提起他的轶事，例如喜欢抽白沙烟，出差不带秘书。中国光伏行业协会共同编写的《大国 光伏》记载了隆基初创时期，李振国需要拍板公司大小事情，直至2003年遭遇他口中"生死一 ...

隆基绿能最新公告显示，公司创始人李振国已申请辞去公司董事、总经理及法定代表人职务，公司董 事长钟宝申将兼任总经理一职，并接任公司的法定代表人。 | 股票代码:601012 | 股票简称:隆基绿能 公告编号:临 2025-045 号 | | --- | --- | | 债券代码:113053 | 债券简称:隆 22 转债 | 以下文章来源于e公司 ，作者证券时报 刘灿邦 e公司 . e公司，证券时报旗下专注上市公司新媒体产品，立志打造A股上市公司资讯第一平台。提供7x24小时 上市公司标准化快讯，针对可能影响上市公司股价的主题概念、行业事件及时采访二次解读，从投资者 需求出发，直播上市公司有价值的活动、会议。 光伏龙头隆基绿能（601012）迎来重大人事变动。 截至5月26日收盘，隆基绿能报14.99元/股，最新市值为1136亿元。 隆基绿能方面人士透露， 此次管理层分工明确后，钟宝申负责的战略落地与李振国主导的技术研发 将形成"双轮驱动"，前者保障经营效率与市场响应速度，后者专注突破技术瓶颈，为长期增长提供动 能。 光伏行业还处于深度调整期，包括隆基绿能在内的多数厂商在2024年及今年一季度经历了持续亏损。 ...

Core Viewpoint - Longi Green Energy has undergone significant management changes, with founder Li Zhenguo resigning from his positions as director, general manager, and legal representative, while Chairman Zhong Baoshan will take over as general manager and legal representative [1][6][7] Management Changes - Li Zhenguo will focus on research and technology management as the head of the Central Research Institute and Chief Technology Officer, while Zhong Baoshan's new role aims to enhance decision-making and execution efficiency [4][6][11] - The management restructuring is designed to optimize decision-making processes and ensure strategic goals are effectively implemented [6][13] Financial Performance - As of May 26, Longi Green Energy's stock price was 14.99 yuan per share, with a market capitalization of 113.6 billion yuan [3] - The company has faced significant losses in 2024, with a 61% and 39% year-on-year decline in the prices of its main products, silicon wafers and modules, respectively, leading to an asset impairment loss of 8.7 billion yuan [14] - In the first quarter of 2024, the company reported a net loss of 1.436 billion yuan, although this represented a reduction in losses compared to previous periods [14] Industry Context - The photovoltaic industry is currently experiencing a deep adjustment phase, with many manufacturers, including Longi Green Energy, facing ongoing losses [5][14] - Longi Green Energy is betting on BC (Back Contact) battery technology during this technological iteration phase, which poses challenges for the company's leadership [5][11] - The company anticipates that the photovoltaic market will enter a phase of moderate growth from 2025 to 2026, with demand expected to remain stable or slightly increase compared to the previous year [15] Governance Structure - The new board of directors will include several new members, including Li Zhenguo's daughter, Li Shuxuan, which is expected to enhance the company's governance and decision-making capabilities [8][9] - The restructuring of the board aims to broaden decision-making perspectives and provide diversified support in a complex competitive environment [9]

Core Viewpoint - The industry is facing a significant mismatch in supply and demand, leading to a sharp decline in prices across the supply chain, which will pressure the company's profitability in 2024 and Q1 2025. However, the company's HPBC 2.0 product saw a notable increase in shipments in Q1, with 4.32 GW shipped, accounting for 25% of total shipments. The company plans to reach a production capacity of 50 GW for HPBC 2.0 by the end of the year, with expectations for further shipment growth in 2026. [1] Financial Performance - In 2024, the company achieved revenue of 82.582 billion yuan, a year-on-year decrease of 36.23%. The net profit attributable to shareholders was -8.618 billion yuan, down 180.15% year-on-year. The adjusted net profit was -8.747 billion yuan, also down 180.74% year-on-year. In Q4, the single-quarter revenue was 23.99 billion yuan, a year-on-year decrease of 32.23% but a quarter-on-quarter increase of 19.57%. The net profit attributable to shareholders was -2.113 billion yuan. [2] Industry Challenges - The price decline in the supply chain has significantly pressured the company's gross margin in 2024. The solar industry is affected by supply-demand imbalances, leading to substantial price drops in components and silicon wafers. The company's revenue from components and battery business was 66.334 billion yuan, a year-on-year decrease of 33.13%, with a gross margin of 6.27%, down 12.11 percentage points. The silicon wafer and rod business generated revenue of 8.207 billion yuan, a year-on-year decrease of 66.53%, with a gross margin of -14.31%, down 30.19 percentage points. [3] Asset Impairment - The company recorded an asset impairment loss of 8.7 billion yuan in 2024, with 2.143 billion yuan in Q4 primarily related to fixed assets. The total impairment included 6.128 billion yuan for inventory write-downs and contract performance cost impairments due to price declines in the supply chain. In Q1 2025, the company's losses narrowed quarter-on-quarter due to reduced asset impairments and cost control, but the gross margin further declined to -4.18% due to rising upstream silicon prices and falling component prices. [4] Strategic Initiatives - The company is accelerating its transition to BC technology, with Q1 battery component shipments reaching 16.93 GW, including 4.32 GW of BC components, accounting for 25.5% of total shipments. The production efficiency of HPBC 2.0 reached 24.8%, with a target for BC component shipments to exceed 25% for the year. The company has established a 5 GW joint venture factory in the U.S. to mitigate risks associated with market barriers, aiming for strong profitability in the high-price U.S. market. [5] Financial Stability - The company maintains a strong cash position and a low debt-to-asset ratio, indicating resilience during the industry's downturn. As of the end of Q1, the company had cash and cash equivalents of 51.483 billion yuan, with a debt-to-asset ratio of 59.8%, significantly lower than other leading companies. The inventory turnover days decreased by 12 days year-on-year to 98 days, indicating initial success in inventory reduction. [5] Profit Forecast - The company forecasts revenues of 80.832 billion yuan, 93.449 billion yuan, and 105.551 billion yuan for 2025, 2026, and 2027, respectively, with net profits of -2.768 billion yuan, 1.075 billion yuan, and 3.834 billion yuan. [6]

Group 1: Company Strategy and Technology - The company focuses on high-efficiency heterojunction (HJT) technology, with the "Whale" series HJT modules achieving a maximum power of 752.3W in laboratory tests [1] - The company is also developing perovskite tandem technology, with laboratory efficiency reaching 26% and a target for mass production efficiency above 30% [1] - The "Whale" series is designed for diverse applications, including offshore photovoltaic and high-salinity environments, certified by TÜV [2] Group 2: Financial Performance and Market Position - In 2024, overseas revenue accounted for 45%, with projects in Switzerland, Germany, and India, and plans to expand into the Middle East, Africa, and Asia-Pacific [2] - The company has established a quality control system covering the entire lifecycle, offering a 25-year product quality guarantee and a 30-year power warranty, with a good product rate of 99.3% [2] - The company reported a significant financial challenge, with a negative net profit for 2024, leading to a warning of potential delisting by April 30, 2025 [10] Group 3: Corporate Governance and Investor Relations - The company has faced scrutiny regarding its capital increase plan, which has not been clearly terminated or postponed, raising concerns about compliance with disclosure rules [3] - The company is currently addressing issues related to non-compliance with internal controls and has not yet been investigated by the regulatory authority [6] - The company reassured investors that it is actively seeking solutions to alleviate temporary financial pressures and maintain employee salaries [4] Group 4: Future Outlook and Development Plans - The company is committed to green development and expanding its photovoltaic business, focusing on HJT technology and exploring cost-reduction and efficiency-enhancing technologies [10] - The company is also considering other business growth points, including EPC services, to improve its operational sustainability [10] - The company plans to continue its major research projects, including the perovskite tandem silicon photovoltaic cell project, as scheduled [9]

Core Viewpoint - Longi Green Energy has faced significant challenges in 2024, reporting its worst losses in company history due to industry-wide price declines and operational missteps, but is now pivoting towards BC technology to recover in the coming years [1][3][4]. Financial Performance - In 2024, Longi Green Energy reported a revenue of 82.583 billion yuan, with a net loss of 8.618 billion yuan, marking a 100.25% year-on-year decrease in net profit [3][4]. - The company’s operating costs decreased to 76.440 billion yuan, a reduction of 27.54% compared to 2023, with management expenses down by 49.15% [4]. - The total number of employees was reduced by nearly half to 37,853 by the end of 2024, reflecting the company's cost-cutting measures [4]. Industry Context - The photovoltaic industry is experiencing a significant downturn, with prices for polysilicon, silicon wafers, battery cells, and modules dropping approximately 39%, 50%, 30%, and 30% respectively in 2024 [3][4]. - A total of 110 A-share photovoltaic companies are projected to achieve a combined revenue of approximately 1.38 trillion yuan in 2024, a year-on-year decrease of 17.96% [3]. Strategic Initiatives - Longi Green Energy is focusing on the BC technology, aiming for a production capacity of 35 GW by June 2025 and 50 GW by the end of the year, with a target of over 25% for BC component shipments in 2024 [5][6]. - The company has invested approximately 5 billion yuan in R&D in 2024, representing 6% of its revenue, and holds over 3,342 patents, including more than 400 related to BC technology [6][7]. Market Position and Future Outlook - The BC technology is gaining traction, with Longi Green Energy and other major players like Aiko Solar beginning to showcase BC components, indicating a maturation of the technology [7]. - The efficiency of Longi's HPBC 2.0 components has reached 24.8%, the highest in the industry, and the company anticipates that BC technology will achieve cost parity with TOPCon technology within a year [5][8].

2025 年 05 月 07 日 工业硅：盘面弱势状态延续 多晶硅：基本面仍处弱势格局 期货研究 张 航 投资咨询从业资格号：Z0018008 zhanghang2@gtht.com 【基本面跟踪】 工业硅、多晶硅基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-22 | | --- | --- | --- | --- | --- | --- | --- | | | | Si2506收盘价（元/吨） | 8,325 | -215 | -550 | -1,460 | | | | Si2506成交量（手） | 269,472 | 82,680 | 122,186 | 146,785 | | | | Si2506持仓量（手） | 179,536 | 13,001 | -3,117 | -40,626 | | | 工业硅、多晶硅期货市场 | PS2506收盘价（元/吨） | 36,410 | -835 | -2,965 | - | | | | PS2506成交量（手） | 80,443 | -44,130 | -26,571 | - | | | | PS2506持仓量（手） | 53,823 ...