每年七至九月，为台风活动最频繁的时段。2025年风季尤为猛烈，20天内连续4个台风登陆广东， 尤其超强台风"桦加沙"更是带来影响，出现厂房顶棚被掀、屋面塌陷，造成不同程度经济损失。传 统"叠加式"光伏不仅破坏防水层，更是点状连接在台风中形成应力薄弱点，加剧了屋面风险。 在"桦加沙"的考验中，不少光伏电站受损，而一批由隆基绿能与森特股份联手打造的建筑光伏一体 化项目则"安然无恙"。 实地探访：台风中的 "坚守者" 台风"桦加沙"过境后，多个隆基森特建筑一体化项目见证了隆顶BIPV在不同场景下的可靠表现： 台山迪生力汽轮智造的光伏系统历经大风仍牢牢贴合屋顶，全程保障关键设备供电零中断，避免精密部 件因停产报废；江门鹤山华创硅能源基地的隆顶系统无破损、无渗漏，为对环境要求苛刻的精密实验室 守住安全底线；深圳宝安机场 B2 货代区的建筑光伏一体化系统，在抗台风同时耐受货运车流震动， 其"成为屋顶本身"的设计杜绝风掀风险；深圳东部环保电厂顶住特大暴雨实现关键节点滴水不漏。 安全即效益：绿色转型的必选项 这再次印证了一个道理：对工商业主而言，安全是最大的效益。建筑光伏一体化本质上是一种"发 电+防护"的双重价值模式。高发 ...

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].