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 ...

Core Viewpoint - The article emphasizes that companies adopting Back Contact (BC) technology in the photovoltaic industry are likely to emerge as leaders in the next industry reshuffle, similar to how previous shifts favored companies like Longi during the transition from multi-crystalline to mono-crystalline technology [1][3]. Summary by Sections Industry Trends - The photovoltaic industry is experiencing a transition where BC technology is seen as essential for future growth, with experts stating that all photovoltaic companies must adopt this route to continue developing [1]. - The recent market dynamics show that while there was a surge in demand, the overall performance of listed photovoltaic companies still requires time to improve due to the completion of high-priced overseas orders and rising production costs [3]. Company Performance - Aiko Solar has positioned itself as a potential new leader by focusing on BC technology, which is expected to significantly enhance conversion efficiency and reduce costs [1][5]. - Despite initial skepticism regarding the feasibility and cost-effectiveness of BC technology, Aiko has made substantial progress in developing and marketing its N-type ABC components, achieving notable efficiency and performance metrics [10][11]. Sales and Market Acceptance - Aiko's ABC components have seen a rapid increase in sales, with quarterly shipments growing from hundreds of megawatts to over 4.54 GW in the first quarter of 2025, indicating strong market acceptance and competitive advantage [11][13]. - The company has successfully established a global marketing team to promote its products, leading to a significant increase in sales and market presence [11][13]. Technological Advancements - Aiko's commitment to technological innovation is evident in its development of a silver-free metallization process, which reduces production costs while maintaining high efficiency [15]. - The company is also exploring next-generation BC technologies and collaborating with industry partners to enhance production capabilities and reduce costs [15][20]. Policy and Market Dynamics - Recent policy changes in the photovoltaic industry are pushing for higher efficiency standards, making BC technology a necessary choice for new production capacities [18]. - The industry is moving away from homogeneous production and price competition, creating a favorable environment for high-quality BC products [18][19]. Customer Engagement and Ecosystem Development - Aiko's focus on customer needs has led to the optimization of its ABC components, achieving a 75% bifacial rate and competitive pricing, which has garnered positive feedback from customers [19][20]. - The company is actively building an ecosystem around BC technology, collaborating with various stakeholders to enhance the value chain and market reach [20][21]. Future Outlook - Aiko aims for significant revenue growth, targeting a 100% increase over the next three years, supported by its innovative product offerings and market strategies [23]. - The company is well-positioned to challenge for a top ten global ranking in component shipments by 2025, reflecting its transformation from a "black horse" to a "white horse" in the industry [13][14].

Core Viewpoint - Longi Green Energy, once hailed as the "king of photovoltaics," is currently navigating through a challenging period in the solar industry, facing significant losses due to supply-demand mismatches and price declines [1][3]. Financial Performance - Longi reported losses of 8.617 billion yuan for the fiscal year 2024 and 1.436 billion yuan for Q1 2025 [1]. - In 2024, the company’s operating costs were 76.44 billion yuan, a decrease of 27.54% year-on-year, with management expenses dropping to 3.43 billion yuan, down 30.22% from 4.915 billion yuan in 2023 [5]. Industry Context - The solar industry is experiencing its most challenging period in nearly a decade, with over 500 billion yuan in combined losses reported by 30 listed solar companies in 2024 [3]. - The market is characterized by intense competition and price declines, with many companies facing operational challenges, including production cuts and layoffs [4]. Strategic Initiatives - Longi has committed to developing BC technology as the mainstream for silicon solar cells over the next 5-6 years, launching several upgraded BC products in 2024 [1][7]. - The company has undergone organizational restructuring and efficiency reforms to enhance its operational capabilities and customer focus [5][6]. Market Position - Despite the industry's downturn, Longi remains a leader in global silicon wafer and module production, with shipments of 108.46 GW of silicon wafers and 82.32 GW of solar modules in 2024 [4]. - The company has accumulated orders of 30 GW for its HPBC series components, with a target of 80-90 GW in total shipments by 2025, expecting over 25% of that to be BC components [8][10]. Future Outlook - Longi's leadership anticipates a turnaround in 2025, with expectations of returning to profitability by Q3 2025, driven by advancements in BC technology and organizational improvements [12][14]. - The company is focusing on maintaining financial stability, with a debt ratio of 59.83% and cash reserves of 53.157 billion yuan, positioning itself favorably against competitors [6][14].

Core Viewpoint - The photovoltaic industry is facing a significant downturn in 2024, with companies across the supply chain experiencing pressure due to falling prices and overcapacity, leading to widespread losses and asset impairment crises [1][3]. Industry Overview - The industry is currently in a cycle of overcapacity, with upstream silicon material prices plummeting and downstream component markets becoming saturated, causing prices to fall below cost [1]. - Many photovoltaic companies, including Longi Green Energy, have reported substantial losses, with Longi's revenue declining by 36.23% year-on-year in 2024 [1]. Company Strategy - Longi Green Energy has initiated a deep transformation in response to the crisis, focusing on product, cost, and capacity investments [1]. - The company has successfully ramped up its HPBC 2.0 production line, achieving a battery yield of 97% and scaling shipments in major global markets [1][7]. Financial Performance - In Q1 2025, Longi reported revenue of 13.652 billion yuan, with a significant reduction in losses, indicating a potential recovery as the industry cycle begins to turn [2][12]. - Longi maintains a healthy financial position with a debt ratio below 60% and cash reserves of 53.157 billion yuan, ensuring continued investment in R&D and market expansion [10]. Technological Advancements - Longi has established a strong position in BC technology, with over 400 patents related to BC battery components and achieving a world record efficiency of 25.4% for HPBC 2.0 modules [6][7]. - The company plans to increase its HPBC 2.0 production capacity to 50 GW by the end of 2025, with expectations for BC products to play a significant role in future growth [8][13]. Market Position - Longi has achieved significant market share in both domestic and international markets, with notable sales increases in emerging markets such as the Middle East and Pakistan [11]. - The company has also expanded into new business areas, including hydrogen energy and rural development projects, further diversifying its operations [11].

Core Viewpoint - The company is optimizing the use of raised funds from convertible bonds to enhance operational efficiency and shareholder returns, while also addressing the challenges posed by the photovoltaic industry's cyclical nature and price fluctuations [1][27][34]. Fund Utilization - The company has permanently supplemented its working capital with a total of 43.22 million yuan from surplus funds raised through the 2019 convertible bonds, including 18.34 million yuan from the completed Jiaxing photovoltaic project [1]. - The company has also approved the use of 49.65 million yuan from surplus funds of the Xixian Leafe 29GW high-efficiency monocrystalline battery project to permanently supplement working capital [5]. - As of June 14, 2023, the company returned 3.5 billion yuan of temporarily supplemented working capital back to the dedicated fund account [4]. Project Adjustments - The company has decided to postpone the Wuhu (Phase II) 15GW monocrystalline component project to June 2026 due to the cyclical supply-demand mismatch in the photovoltaic industry [6][27]. - The implementation subject of the 5GW monocrystalline battery project has been changed to include the company’s wholly-owned subsidiary, Longi Leafe, and Ningxia Longi Photovoltaic Technology Co., Ltd. [11][12]. Financial Performance - The company reported significant losses in 2024, with the Xixian Leafe 29GW battery project realizing a loss of 82.06 million yuan, attributed to price declines in the photovoltaic industry and temporary shutdowns for technological upgrades [28]. - The Jiaxing photovoltaic project and the Ningxia Leafe 5GW battery project also reported losses of 23.87 million yuan and 25.91 million yuan, respectively, due to similar industry challenges [22][23]. Governance and Compliance - The company has adhered to relevant laws and regulations regarding the management and use of raised funds, with no violations reported [14]. - The company has received positive evaluations from its sponsor regarding the management of raised funds, confirming compliance with regulatory requirements [14].

Core Insights - Longi Green Energy reported a revenue of 82.582 billion yuan for 2024 and 13.652 billion yuan for Q1 2025, demonstrating resilience amid industry challenges [1] - The company adopted a "control quantity to ensure profit" strategy in 2024, achieving a silicon wafer shipment of 108.46 GW and a module shipment of 82.32 GW [1][3] - Longi Green Energy's strategic foresight has positioned it as a leader in the photovoltaic industry, with a focus on technological innovation and cost control [3][4] Financial Performance - In 2024, Longi Green Energy experienced a 36.23% year-on-year decline in revenue, reflecting the broader industry's struggles, where over 70% of companies reported losses [3] - The company maintained a healthy financial position with cash reserves of 53.157 billion yuan and a debt ratio below 60%, allowing for continued investment in R&D and capacity expansion [12] Technological Advancements - Longi Green Energy shifted its R&D focus to back-contact (BC) technology in 2022, positioning itself ahead of competitors who were still investing in PERC technology [4][6] - The company has achieved significant advancements in BC technology, with over 400 related patents and a goal to increase BC battery and module capacity to 50 GW by the end of 2025 [6][9] Market Positioning - Longi Green Energy's BC technology has gained global recognition, securing a 1 GW supply agreement in Europe and significant market penetration in the Middle East and emerging markets [8][12] - The company has strategically avoided the pitfalls of over-reliance on TOPCon technology, which has faced severe price competition and oversupply issues [7][10] Strategic Initiatives - Longi Green Energy has implemented proactive measures such as organizational optimization and smart upgrades, resulting in a 30.22% reduction in management expenses in 2024 [6] - The company is actively building an ecosystem around BC technology, collaborating with industry partners to establish standards and reduce costs [10][12] Future Outlook - The company anticipates a recovery in the photovoltaic market, with Q1 2025 showing signs of improvement, including a silicon wafer shipment of 23.46 GW and module shipment of 16.93 GW [8] - Longi Green Energy's management expresses confidence in navigating future uncertainties, emphasizing the importance of strategic vision, technological accumulation, and financial strength for long-term success [13]

Core Viewpoint - Longi Green Energy reported a significant decline in revenue and net profit for 2024, reflecting the challenging industry environment [1] Financial Performance - The company's operating revenue for 2024 is projected at 82.58 billion yuan, a year-on-year decrease of 36.2% [1] - Longi Green Energy expects a net loss of 8.62 billion yuan for 2024, representing a year-on-year decline of 180.2% [1] Research and Development - Longi Green Energy's R&D investment for 2024 is approximately 5 billion yuan, accounting for 6% of its operating revenue [1] - As of the end of last year, the company holds a total of 3,342 authorized patents, including over 400 patents for BC battery modules [1] Production and Market Strategy - The HPBC 2.0 production line is fully operational with a battery yield of 97%, and the series has secured large-scale orders in global markets [1] - In 2024, Longi Green Energy achieved a shipment of over 17 GW for BC products, with expectations to reach a production capacity of 50 GW for HPBC 2.0 batteries and modules by the end of 2025 [1] Sales Performance - In the first quarter of this year, Longi Green Energy shipped 23.46 GW of silicon wafers (11.26 GW for external sales) and 16.93 GW of battery modules (4.32 GW for BC modules) [1] - The company anticipates reaching a silicon wafer shipment of 120 GW and a module shipment of 80-90 GW by 2025, with BC module shipments expected to exceed 25% of total sales [1] Technology Advancements - The HPBC 2.0 module has the highest mass production efficiency at 24.8%, making it the most efficient product globally [2] - There remains a 2% efficiency gap between current BC technology and its theoretical limit, with expectations for BC battery efficiency to reach around 28.5% in the next 3-5 years [2] - The founder of Longi Green Energy stated that BC technology is mature enough for large-scale industry promotion, with 2025 being a pivotal year for BC production capacity [2]

业绩简评 4 月 29 日公司发布 2024 年年报及 2025 年一季报，2024 年实 现营业收入 826 亿元，同比-36%，归母净利润-86.18 亿元，同比 -180%。其中Q4实现归母净利/扣非归母净利分别为-21.13/-22.59 亿元。25Q1 公司实现营收 137 亿元，同比-23%、环比-43%，实现 归母净利/扣非归母净利分别为-14.36/-19.83 亿元。 经营分析 产业链价格下降盈利承压，BC 组件出货占比持续提升。2024 年公司实现电池组件出货 82.32GW，其中组件外售 73.48GW、同增 10.6%，BC 产品出货超 17GW；2024 年产业链价格持续下跌，公司 电池组件业务毛利率 6.27%，同比下降 12.11PCT。2024 年公司实 现硅片出货 108.46GW，其中外售 46.55GW、同降 13.45%；硅片价 格持续下跌背景下，公司持续进行成本优化，2024 年硅片非硅成 本同比下降 19%，硅片业务毛利率为-14.31%。25Q1 公司实现硅片 出货 23.46GW（外售 11.26GW）；电池组件出货量 16.93GW，其中 BC 组件销量 4. ...