9月26日，隆基绿能在陕西西安召开Hi-MO X10"三防"组件实证发布会。经国家太阳能光伏产品质量检 验检测中心(CPVT)权威检测，隆基Hi-MO X10"三防"组件成为官方认可的"三防"组件。 隆基Hi-MO X10"三防"组件授证仪式。(受访者供图) 发布会上，国家太阳能光伏产品质量检验检测中心(CPVT)、德国莱茵TÜV集团(TÜV莱茵)、北京鉴衡认 证中心有限公司(鉴衡)三大权威机构联合发声，分别从安全性、全场景发电收益等不同维度，对以Hi- MO X10为代表的BC技术组件进行了独立、严谨且全面的测评。综合结果表明，遮挡场景下，BC技术 全面胜出，在安全性和发电性能上拥有压倒性优势；全场景发电能力上，不论实验室测试还是户外实 证，不论何种辐照度亦或全天任意时段，BC组件均保持综合领先，稳定超越TOPCon组件。 同时，隆基也首次向外界公开了其全球实证平台，宣布隆基已构建起厂家自有、第三方合作及客户端三 维一体的实证电站网络。目前，其客户端实证电站，已在内蒙古、山东、湖南、广东等省份布局了20 例。第三方机构合作实证电站3例，隆基自有实证电站4例。这些遍布不同气候区、不同应用场景的电 站，通过"隆 ...

全球首个！Hi-MO X10"三防"组件功能获权威检测 CPVT通过严苛的实验室测试与户外实证相结合的方式，对隆基Hi-MO X10的"防起火、防遮挡、防积灰"三大核心性能进行了系统性验证。 综合结果指出，隆基Hi-MO X10三防组件在抑制热斑温升、降低遮挡功率损失以及抵抗积灰影响三个维度上，性能均显著优于TOPCon组件。 遮挡是光伏电站最常见的隐患之一，尤其在分布式屋顶项目中，灰尘、鸟粪或局部阴影易引发热斑起火，不仅威胁安全，还导致功率急剧衰减。实验室数据 显示，在1000W/m²辐照下，"三防组件"的热斑稳定温度比TOPCon组件低约72℃。 9月26日，隆基绿能（以下简称"隆基"）在西安召开Hi-MO X10三防组件实证发布会。经国家太阳能光伏产品质量检验检测中心（CPVT）权威检测，隆基 Hi-MO X10三防组件成为全球首款官方认可的"三防组件"。 此次发布会颠覆行业传统，首次集结权威专家、组件厂家、终端业主三大阵营同台，通过国家太阳能光伏产品质量检验检测中心（CPVT）、德国莱茵TÜV 集团（以下简称"TÜV莱茵"）、北京鉴衡认证中心有限公司（以下简称"鉴衡"）的联合实证，隆基全球实证平台的首 ...

（来源：研报虎） 多层复合焊带助力BC组件降本，有望受益于BC技术发展。公司紧随光伏技术发展前沿，深耕新技术应 用领域，始终致力于为客户提供更具竞争力的产品及创新解决方案。公司研制的多层复合焊带已经率先 在BC组件上被验证为更优化的焊带降本方案。该产品通过多层复合材料结构设计、界面优化技术及复 合材料间组织调控技术等多项核心技术攻关，为光伏组件综合成本下降带来重要突破。 投资建议：虽然产业链价格急速下降引起市场竞争压力骤增，但公司仍然保持正盈利。随着"反内卷"政 策推进，光伏产业链价格自6月以来显著反弹，辅材的价格压力也有望缓解。公司多层复合焊带随着BC 技术发展放量，有望贡献超额盈利。预计公司2025~2027年归母净利润分别为0.86、1.41、1.72亿元，对 应PE分别为43.9、26.8、22.0X，调整为"增持"评级。 风险提示：反内卷政策推进不及预期，铜、锡等原材料价格波动，行业竞争加剧，多层复合焊带出货不 及预期等。 事件：公司25H1实现营业收入15.18亿元，同比下降9.77%；实现归母净利润0.36亿元，同比增长 0.18%。25Q2单季度实现营业收入8.80亿元，同比下降10.49%； ...

Group 1 - The core viewpoint of the article highlights that Jinyang New Energy (01121) experienced a nearly 10% increase in early trading, currently up 8% at HKD 1.89, with a transaction volume of HKD 977,100 [1] - Changjiang Securities released a report indicating that this year's photovoltaic equipment orders are still constrained by the slowdown in industry expansion trends, but the proactive expansion by leading BC manufacturers and the relatively high value of single GW will provide order resilience [1] - It is expected that BC expansion will reach 50-60 GW this year, with a focus on the application of TOPCon+ technology and the demand for BC expansion [1] Group 2 - In September 2024, Jinyang New Energy established a joint venture with Junshi Energy and Longi Green Energy (601012) to upgrade four PERC production lines at Longi's Xi'an aerospace industrial base to HBC production lines [1] - Additionally, in April 2025, Jinyang New Energy announced a joint venture with Fujian Jinshi (Junshi Energy) and Yiwu Jinko to upgrade 4 GW of PERC capacity to HBC capacity, with Jinyang New Energy providing the HBC battery patent technology usage rights for the joint venture [1]

Core Viewpoint - Jinyang New Energy (01121) has seen a significant stock price increase, rising nearly 10% in early trading, attributed to positive market sentiment and strategic partnerships in the photovoltaic sector [1] Industry Summary - The photovoltaic equipment orders are currently constrained by a slowdown in industry expansion trends, but leading BC manufacturers are actively expanding, which is expected to provide order resilience [1] - It is projected that BC expansion will reach 50-60 GW this year, indicating a strong demand for high-quality, high-efficiency products despite restrictions on capacity expansion [1] - The industry is focusing on the application of TOPCon+ technology and the demand for BC expansion [1] Company Summary - In September 2024, Jinyang New Energy will establish a joint venture with Junshi Energy and Longi Green Energy to upgrade four PERC production lines at Longi's Xi'an Aerospace Industrial Base to HBC production lines [1] - By April 2025, Jinyang New Energy will announce a partnership with Fujian Jinshi and Yiwu JA Solar to upgrade 4 GW of PERC capacity to HBC capacity, with Jinyang providing HBC battery patent technology rights to the joint venture [1]

证券研究报告 | 公司动态点评 2025 年 09 月 03 日 隆基绿能（601012.SH） 前期布局迎收获，硅片组件亏损收窄 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 129,498 | 82,582 | 67,635 | 81,919 | 95,436 | | 增长率 yoy（%） | 0.4 | -36.2 | -18.1 | 21.1 | 16.5 | | 归母净利润（百万元） | 10,751 | -8,618 | -4,190 | 2,763 | 4,836 | | 增长率 yoy（%） | -27.4 | -180.2 | 51.4 | 165.9 | 75.0 | | ROE（%） | 15.1 | -14.1 | -7.3 | 4.7 | 7.8 | | EPS 最新摊薄（元） | 1.42 | -1.14 | -0.55 | 0.36 | 0.64 | | P/E（倍） | 12.0 | -15.0 | -30.9 | 46.8 ...

Group 1 - In July 2025, China's power equipment export value reached 7.856 billion, a year-on-year increase of 32.89%, with a cumulative export value of 49.029 billion from January to July, up 36.24% year-on-year [1] - Transformers saw a remarkable export growth of 54.68%, with significant increases in Asia and Africa; switch exports grew by 63.88%, particularly strong in Asian and European markets; cable exports increased by 13.06%, with high growth in the Latin American market [1] - The global energy transition is driving continuous investment in grid construction, positioning China's power equipment products with technological and cost advantages, likely enhancing their penetration in overseas markets [1] Group 2 - As of August 28, 2025, the CSI Photovoltaic Leading 30 Index surged by 2.34%, with the photovoltaic ETF leading (560980) rising by 2.59% [2] - Among 57 listed companies in the photovoltaic sector that disclosed mid-year reports, 35 reported profits, while 22 were in a loss position; notable companies like Sungrow Power, TBEA, and Hengdian East Magnetic achieved profits exceeding 1 billion [2] - In July, the added value of the electrical machinery and equipment manufacturing industry grew by 10.2% year-on-year, indicating sustained high demand in the power equipment sector [2] Group 3 - CITIC Securities indicates that with market-oriented reforms and the gradual implementation of supply-side reform policies, the photovoltaic industry chain is expected to see a reasonable price recovery and profit restoration, improving the fundamentals [3] - The photovoltaic industry is nearing a fundamental turning point, with effective anti-involution measures leading to an earlier shift, marking the transition from an old cycle to a new profit recovery phase [3] - The photovoltaic ETF leading (560980) closely tracks the CSI Photovoltaic Leading 30 Index, selecting 30 large-scale, profitable leading companies in the photovoltaic power generation industry to reflect the performance of core assets in China's photovoltaic sector [3]

Core Insights - The global photovoltaic (PV) industry is facing cyclical challenges, yet companies with advanced technologies are achieving performance breakthroughs through innovation [1] - Despite overall industry pressure, companies like Longi Green Energy and Aiko Solar, which focus on Back Contact (BC) technology, have significantly narrowed their losses, highlighting the core value of new productive forces in industry transformation [1] Financial Performance - Longi Green Energy reported a net loss of 2.598 billion yuan in H1 2025, a reduction of approximately 50% compared to the same period last year; Q2 net loss improved to 1.162 billion yuan from Q1 [2] - Aiko Solar's performance was even more remarkable, with a net loss of 263 million yuan in H1 2025, an 85% reduction year-on-year, and a net profit of 37 million yuan in Q2 [2] - Aiko Solar's revenue reached 8.446 billion yuan in H1 2025, a year-on-year increase of 63.63%, with a significant improvement in cash flow from -3.293 billion yuan to 1.855 billion yuan [2] Market Position and Technology - BC technology has demonstrated strong market competitiveness, with BC components commanding a premium of 9-13% over TOPCon products in the domestic market and up to 114% in residential scenarios in Europe [4] - Aiko Solar's ABC component shipments reached 8.57 GW in H1 2025, a growth of over 400%, with over 40% of Q2 sales coming from overseas markets [4] - Longi Green Energy's BC second-generation components shipped 4 GW, achieving strong sales in over 70 countries, particularly in high-value markets like Europe and Asia-Pacific [4] Pricing and Cost Structure - The average bidding price for BC high-efficiency products was 0.749 yuan/W, compared to 0.696 yuan/W for TOPCon products, indicating a premium of only 5.3 cents/W for BC products [5] - Aiko Solar's overseas revenue was 3.625 billion yuan with a gross margin of 8.09%, while Longi Green Energy's overseas revenue was 12.41 billion yuan with a gross margin of 4.77% [6] Industry Trends - The PV industry is transitioning from price competition to value competition, driven by continuous technological breakthroughs and market applications of BC technology [7] - The industry is moving towards a strategic shift from "scale expansion" to "quality improvement," emphasizing the need for optimizing production capacity and encouraging technological innovation [7]

Investment Rating - The report maintains a "Recommendation" rating for Longi Green Energy, indicating an expectation for the stock to outperform the market by 10% to 20% over the next six months [10]. Core Views - The financial condition of Longi Green Energy remains robust, with anticipated growth in BC (Back Contact) technology production, which is expected to enhance profitability [7][8]. - Despite a decline in revenue and ongoing pressure on profit margins due to falling product prices, the company has shown improvements in operational efficiency, leading to a significant reduction in losses [7][8]. - The report highlights the company's advanced HPBC2.0 technology, which is projected to account for over 60% of production capacity by the end of 2025, potentially driving profitability [7][8]. Financial Summary - For the first half of 2025, Longi Green Energy reported revenue of 32.813 billion yuan, a year-on-year decrease of 14.83%, while the net profit attributable to shareholders was a loss of 2.569 billion yuan, an increase of 50.88% year-on-year [4]. - The company's silicon wafer shipment reached 52.08 GW, a year-on-year increase of 17.2%, and battery module shipments totaled 41.85 GW, with a growth of 26.3% [7]. - The report projects revenues for 2025 to be 69.937 billion yuan, with net profits expected to improve to -3.667 billion yuan, followed by a recovery in subsequent years [6][8]. Operational Efficiency - The report notes a significant reduction in asset impairment losses and a decrease in selling and administrative expenses by 37% and 23%, respectively, contributing to improved operational efficiency [7]. - Inventory turnover days decreased by 26 days, indicating better inventory management [7]. Technology and Product Development - Longi Green Energy is focusing on high-value HPBC2.0 technology, which has achieved a conversion efficiency of 24.8% and a production yield of 97% [7]. - The company has developed innovative products such as the HIBC (High and Low Temperature Composite Passivation Back Contact Technology) module, achieving a power output of over 700W and an efficiency of 25.9% [8]. Future Outlook - The report anticipates that the company's advanced technology and product offerings will create a strong competitive advantage, helping it navigate through industry challenges and improve profitability in the coming years [8].

Group 1 - The core viewpoint of the news highlights TCL Zhonghuan's stock performance and its strategic focus on BC technology in the photovoltaic industry [1] - As of August 25, 2025, TCL Zhonghuan's stock price was 8.53 yuan, with a trading volume of 1.0193 million hands and a transaction amount of 869 million yuan [1] - The company reported a revenue of 13.4 billion yuan and an operating cash flow of 1.1 billion yuan in the first half of 2025 [1] Group 2 - TCL Zhonghuan has three component production bases with a total capacity of approximately 24 GW, producing products including bifacial, half-cell, and BC technology [1] - The management indicated that BC technology has become a significant strategic direction, with plans to expand overseas production capacity [1] - The company is currently monitoring industry consolidation opportunities and has the financial capacity to participate in mergers and acquisitions [1] Group 3 - The industry has seen a recovery in silicon wafer prices during July and August, with recent increases in component bidding prices [1] - On the same day, the main funds experienced a net outflow of 101 million yuan, with a cumulative net outflow of 54.0941 million yuan over the past five trading days [2]