隆基绿能董事长钟宝申认为，光伏行业已进入中低速的增长阶段，2025年的市场发展有较多不确定因素，新 增装机可能是没有增量的一年。 "2024年业绩的大幅下降，外因是行业供需失衡，开工率不足，光伏产品价格持续下跌。行业技术快速迭代， PERC 产能淘汰带来资产减值。内因是我们经营管理中诸多失策的积累。"在隆基绿能（601012.SH）2024年 财报《致股东的信》中，公司董事长钟宝申如是表示。 2024年，隆基绿能实现营收825.8亿元，同比下降36.23%；净亏损86.2亿元，上年同期实现净利润107.5亿元。 2025年一季度，隆基绿能净利润为亏损14.36亿元，上年同期亏损23.5亿元，同比减亏38.89%。 谈及公司业绩亏损的原因，隆基绿能管理层今日在2024年度暨2025年第一季度业绩说明会上公开表示，受行 业深度洗牌影响，公司主营产品硅片和组件价格分别同比下降61%和39%。"光伏产品价格下行、技术迭代导 致计提资产减值损失87亿元、参股硅料企业发生投资损失4.86亿元等因素综合，导致2024年公司经营业绩出 现亏损。" 据中国光伏行业协会数据，2024年多晶硅、硅片、电池、组件产量同比增长均超10 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a total revenue of 41.973 billion yuan in 2024, a slight decrease of 0.91% year-on-year, while the total profit reached 1.835 billion yuan, an increase of 5.15% year-on-year. The net profit attributable to the parent company was 1.444 billion yuan, up 2.55% year-on-year. In the first quarter of 2025, the company achieved a total revenue of 9.729 billion yuan, a year-on-year increase of 15.82%, with total profit of 608 million yuan, up 40.51% year-on-year, and net profit of 499 million yuan, up 53.09% year-on-year [5][6] - The company experienced an increase in production and prices for its main products, with total production of non-ferrous metals reaching 361,000 tons in 2024, including 84,800 tons of tin, 130,300 tons of copper, and 144,000 tons of zinc. The self-sufficiency rates for tin, copper, and zinc were 30.21%, 15.91%, and 72.72%, respectively [5] - The supply-demand dynamics for tin remain favorable, with a tightening global supply due to policy restrictions in Southeast Asia and stable demand growth driven by sectors such as electric vehicles and semiconductors [5] - The company is a leader in the tin industry, with a domestic market share of 47.98% and a global market share of 25.03% in 2024, positioning it well to benefit from ongoing industry prosperity [5] Financial Data Summary - The company’s total assets were reported at 36.803 billion yuan, with a total market capitalization of 22.827 billion yuan. The earnings per share (EPS) for 2024 is projected at 0.88 yuan, with a net profit margin of 3.7% [6][8] - Forecasted net profits for 2025, 2026, and 2027 are 2.269 billion yuan, 2.406 billion yuan, and 2.828 billion yuan, respectively, indicating a strong growth trajectory [5][8]