Core Viewpoint - Longi Green Energy Technology Co., Ltd. maintains a strong competitive position in the photovoltaic industry despite facing challenges such as supply-demand imbalance and significant price declines in products [3][4][5]. Company Overview - Longi Green Energy has established a vertically integrated industrial ecosystem from crystal pulling, slicing, battery cells to photovoltaic modules, ranking second globally in both monocrystalline silicon wafer and photovoltaic module shipments in 2024 [3][5][13]. - As of March 2025, the company has cash assets of 54.484 billion yuan, with a debt-to-asset ratio of 59.80%, indicating a solid financial position [5][15]. Financial Performance - The company reported a total profit loss of 10.206 billion yuan in 2024, with a significant cash outflow from operating activities amounting to 4.725 billion yuan [5][20]. - In the first quarter of 2025, the company continued to experience losses, with a total profit loss of 1.709 billion yuan and a cash outflow of 1.747 billion yuan from operating activities [5][20]. Industry Challenges - The photovoltaic manufacturing industry is experiencing intensified competition and rapid technological iterations, leading to severe profit losses for the company [4][5][20]. - The prices of photovoltaic products have dropped to historical lows due to a significant supply-demand imbalance, impacting the company's revenue and profitability [4][5][20]. Future Outlook - The company is focusing on developing BC battery technology and accelerating the upgrade of BC second-generation product capacity, while monitoring industry policies and technological advancements [4][5]. - The end of the domestic photovoltaic "rush installation" trend is expected to keep product prices low in the short term, further pressuring the operating performance of manufacturing enterprises [4][5]. Research and Development - Longi Green Energy has a strong R&D capability, holding over 3,342 authorized patents, including more than 400 patents for BC battery components [8][14]. - The company has been involved in setting over 300 solar photovoltaic standards, showcasing its leadership in technology and innovation within the industry [8][14]. Investment and Projects - As of March 2025, the company has ongoing projects with a total remaining investment of 12.466 billion yuan, focusing on upgrading existing production lines and new BC second-generation battery capacity [9][12]. - The company has faced risks related to investment returns and the effective release of capacity due to the current oversupply in the photovoltaic manufacturing industry [9][12].

电力设备及新能源 2025 年 5 月 1 日 隆基绿能(601012.SH) 盈利水平持续承压，全力布局BC技术 推荐（维持） 股价：14.7 元 主要数据 皮秀 投资咨询资格编号 S1060517070004 PIXIU809@pingan.com.cn 苏可 投资咨询资格编号 S1060524050002 suke904@pingan.com.cn 事项： 公司发布 2024 年年报和 2025 年一季报，2024 年实现营收 825.82 亿元，同比 减少 36.23%，归母净利润-86.18 亿元，同比减少 180.15%，扣非后净利润-87.47 亿元，同比减少 180.74%；EPS -1.14 元，不进行利润分配。2025 年一季度实 现营收 136.52 亿元，同比减少 22.75%，归母净利润-14.36 亿元，同比增长 38.89%。 平安观点： | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 129,498 | 82,582 | 72,592 ...