Group 1: Market Demand and Growth Projections - In 2025, global photovoltaic (PV) installed capacity is expected to grow by 15%-20% year-on-year, driven by supportive policies and economic viability of PV generation [3] - The domestic market in China is projected to see a year-on-year growth of 10%-15% in installed capacity in 2025, supported by new policies promoting renewable energy [3] Group 2: Price Stability and Industry Trends - Recent trends indicate that the prices of photovoltaic components have stabilized, leading to a general stabilization in other manufacturing segments [4] - The industry is expected to maintain price stability in the short term, with no significant fluctuations anticipated in the next two months [4] Group 3: Regional Market Performance - The Middle East market has shown rapid growth, with significant demand for PV components, particularly from Saudi Arabia, where the company has seen a rise in component shipments [4] - The company has been actively involved in numerous PV projects in the Middle East since entering the market in 2019 [4] Group 4: Technological Developments and Sustainability - The company has established a comprehensive water-saving system, achieving a 77.38% reduction in water consumption for battery production compared to 2020 [5] - The company is collaborating with Yingfa Deyao on HPBC battery technology, focusing on research, production, and market promotion to accelerate the scale production of high-efficiency BC battery technology [4] Group 5: Future Challenges and Opportunities - The impact of the U.S. anti-dumping measures on Southeast Asian PV production capacity remains to be seen, but there is potential for continued market entry due to domestic demand for efficient battery production [5]

| 股票代码:601012 | 股票简称:隆基绿能 | 公告编号:临 | 2024-105 | 号 | | --- | --- | --- | --- | --- | | 债券代码:113053 | 债券简称:隆 22 转债 | | | | 关于董事长增持公司股份计划的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 隆基绿能科技股份有限公司（以下简称"公司"）于 2024 年 11 月 25 日 收到董事长钟宝申先生的通知，钟宝申先生拟自本公告披露日起 12 个月内通过 上海证券交易所系统允许的方式增持公司股份，增持金额不低于人民币 1 亿元 （以下简称"本次增持计划"）。 本次增持计划可能存在因资本市场情况发生变化或目前尚无法预判的 其他风险因素导致增持计划的实施无法达到预期的风险。 一、增持主体的基本情况 （一）增持主体及持股情况 本次增持计划的增持主体为公司董事长钟宝申先生。截至 2024 年 11 月 25 日，钟宝申先生持有公司 104,648,106 股股份，占公司总股本的 1.38%。 （二 ...

Investment Rating - The report assigns an "Outperform" rating to the company [2] Core Views - The company's profitability showed signs of recovery in Q3 2024, with a significant narrowing of losses compared to the previous quarter [5] - The company is making steady progress in BC technology capacity construction, with plans to achieve 70GW of BC battery capacity by the end of 2025 [6] - The company's HPBC 2.0 technology has achieved a mass production efficiency of 26.6%, with the latest BC second-generation module products reaching up to 24.8% efficiency [7] - The company aims to achieve 30GW of BC battery shipments by 2025, with a target gross margin 10% higher than existing TOPCon products [7] Financial Performance - Q3 2024 revenue was 20.064 billion yuan, down 31.87% YoY and 3.79% QoQ [5] - Q3 2024 net profit attributable to the parent company was -1.261 billion yuan, a 150.14% YoY decrease but a significant narrowing of losses compared to the previous quarter [5] - The company shipped 38.37GW of silicon wafers and 21.39GW of battery modules in Q3 2024, showing sequential growth [6] Business Segments - Silicon wafer business: Expected revenue of 9.2 billion yuan in 2024, with gross margin of 4% [12] - Module business: Expected revenue of 65.6 billion yuan in 2024, with gross margin of 6% [12] - Other businesses: Expected revenue of 5.2 billion yuan in 2024, with gross margin maintained at 25% [12] Valuation and Forecast - The company is expected to achieve net profits of -7.627 billion yuan, 5.266 billion yuan, and 7.140 billion yuan in 2024, 2025, and 2026 respectively [8] - The report gives a reasonable value range of 22.08-24.15 yuan for 2025, based on a valuation multiple of 32-35 times [8] - Revenue is expected to grow by 22.6% and 20.7% in 2025 and 2026 respectively [10]

Investment Rating - The report maintains a "Buy" rating for Longi Green Energy [5][6]. Core Views - Longi Green Energy's Q3 operational performance exceeded expectations, with a notable increase in wafer sales and a strategic adjustment in operations leading to a narrower loss per watt [3][4]. - The company is expected to benefit from its strong cash reserves and advancements in BC technology, with a projected net profit of 5.1 billion yuan in 2025, corresponding to a PE ratio of 29 times [5][4]. - The BC technology is entering a realization phase, with new products launched and production efficiency reaching 24.8%, which is expected to enhance order growth [4][5]. Financial Performance Summary - For the first three quarters of 2024, Longi Green Energy reported revenues of 58.593 billion yuan, a year-on-year decline of 37.73%, and a net loss attributable to shareholders of 6.505 billion yuan, down 155.62% year-on-year [3][4]. - In Q3 2024, the company achieved revenues of 20.064 billion yuan, a decrease of 31.87% year-on-year and 3.79% quarter-on-quarter, with a net loss of 1.261 billion yuan, down 150.14% year-on-year [3][4]. - The company has effectively controlled management expenses, which fell to 680 million yuan in Q3, less than half of the same period last year, while R&D expenses increased by 10% to 460 million yuan [4]. Market Position and Future Outlook - The company is positioned to capitalize on a potential industry recovery, with expectations for increased BC product shipments and a target capacity of 50 GW by the end of 2025 [4][5]. - The acceptance of BC components in large-scale domestic procurement is anticipated to drive order growth, reinforcing the company's market position [4].

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating a positive outlook based on its competitive position and technological advancements [2]. Core Views - The company has experienced significant revenue declines due to industry supply-demand mismatches and price drops across the photovoltaic sector, leading to a projected EPS of -0.99, 0.76, and 1.17 for 2024-2026 [2]. - Despite the challenges, the company is recognized as a leading player in the industry, focusing on differentiated competition and advancing its global production capacity [2]. - The third quarter showed a reduction in losses, with a notable increase in sales volume for its HPBC second-generation products [3]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 585.9 billion yuan, a year-on-year decrease of 37.7%, and a net profit attributable to shareholders of -65.0 billion yuan, down 155.6% [2][3]. - The third quarter alone saw revenue of 200.6 billion yuan, a decline of 31.9% year-on-year and 3.8% quarter-on-quarter, with a net profit of -12.6 billion yuan, reflecting a 150.1% year-on-year decrease but a 56.4% improvement from the previous quarter [2][3]. - The gross margin for Q3 improved to 8.6%, up 2.0 percentage points from the previous quarter, with significant increases in shipment volumes for silicon wafers and components [3]. Production and Technology Advancements - The company achieved a silicon wafer shipment volume of 82.8 GW for the first three quarters, with a year-on-year increase in component shipments of 17.7% [3]. - The HPBC 2.0 technology has reached a mass production efficiency of 26.6%, with new high-efficiency products launched, including the Hi-MO 9 and Hi-MO X10 components, achieving maximum power outputs of 670W [3]. - The company aims to ship 30 GW of BC second-generation products in 2025, demonstrating its commitment to expanding its technological capabilities and market presence [3].

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company reported a significant reduction in losses in Q3 2024, with a year-on-year decline in net profit of 155.62% for the first three quarters [1] - The company's silicon wafer shipments continue to grow, and module shipments have steadily increased, affirming its commitment to the BC technology route [1] - The introduction of a minimum cost price for solar modules by the China Photovoltaic Industry Association is expected to stabilize profitability in the industry, benefiting the company [1] - The company has made significant breakthroughs in HPBC 2.0 technology, achieving a battery efficiency of 26.6% and a module conversion efficiency of 24.43% [1] Financial Summary - For the first three quarters of 2024, the company achieved operating revenue of 58,592.70 million RMB, a decrease of 37.73% year-on-year, and a net profit attributable to shareholders of -6,504.60 million RMB, a decline of 155.62% [5][6] - The company’s silicon wafer shipments reached 82.80 GW in the first three quarters, with external sales of 35.03 GW [1] - The company’s module shipments totaled 51.23 GW in the first three quarters, representing a year-on-year growth of 17.70% [1] - The forecasted earnings per share for 2024-2026 have been adjusted to -0.92, 0.75, and 0.93 RMB respectively, with corresponding P/E ratios of 25.5 and 20.7 for 2025-2026 [1][2]

Investment Rating - The report maintains a "Buy" rating for Longi Green Energy (601012) [1][8] Core Views - Longi Green Energy's Q3 2024 report shows a narrowing of losses, with a significant focus on maintaining leadership in BC technology [1][2] - The company achieved a revenue of 58.593 billion yuan for the first three quarters of 2024, a year-on-year decrease of 37.73%, and a net profit attributable to shareholders of -6.505 billion yuan, a year-on-year decrease of 155.62% [2][4] - In Q3 2024, the company reported a revenue of 20.064 billion yuan, down 31.87% year-on-year and down 3.79% quarter-on-quarter, with a net profit of -1.261 billion yuan, a year-on-year decrease of 150.14% and a quarter-on-quarter decrease of 56.40% [2][4] - The company’s Q3 gross margin reached 8.6%, an increase of 1.99 percentage points from Q2, indicating improved operational efficiency [2][4] Summary by Sections Financial Performance - For the first nine months of 2024, Longi Green Energy's silicon wafer shipments totaled 82.80 GW, a year-on-year decrease of 4.22%, with external sales of 35.03 GW [2][4] - The company sold 4.16 GW of monocrystalline batteries and 51.23 GW of modules, with BC module sales reaching 13.77 GW, a year-on-year increase of 17.70% [2][4] - Q3 shipments included 38.37 GW of silicon wafers and 21.39 GW of battery modules, showing quarter-on-quarter growth [2][4] Technology and Market Position - Longi Green Energy continues to lead in BC technology, with expectations for accelerated penetration rates [2][4] - The company has made significant breakthroughs in HPBC 2.0 technology, achieving a battery production efficiency of 26.6% [2][4] - New products based on high-quality Tai Rui silicon wafers and HPBC 2.0 technology are set to launch in 2025, with expected shipments of BC second-generation products reaching 30 GW [2][4] Market Outlook - The company’s market share in the U.S. has declined, with approximately 1.6 GW shipped in the first three quarters of 2024, but is expected to stabilize as production capacity increases at the U.S. joint venture factory [2][4] - Longi Green Energy is positioned as a leader in the photovoltaic industry, with anticipated recovery in profitability due to technological advancements and a bottoming out of supply chain prices [2][4] - Revenue projections for 2024-2026 are 80.186 billion yuan, 103.846 billion yuan, and 132.578 billion yuan, respectively, with net profits expected to be -7.6 billion yuan, 5.041 billion yuan, and 8.369 billion yuan [2][4]

重要内容提示： | 股票代码:601012 | 股票简称:隆基绿能 | 债券代码:113053 债券简称:隆 22 转债 | 公告编号:临 | | | | --- | --- | --- | --- | --- | --- | | | | | | 2024-104 | | | | | | | | 号 | 隆基绿能科技股份有限公司 关于提供担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 被担保人：隆基绿能科技股份有限公司（以下简称"公司"）的全资子 公司。 提供担保金额：近期公司及子公司间发生新增担保金额合计人民币 12,319.52万元（外币担保金额根据2024年10月31日汇率折算为人民币，如无特 别说明，本公告中金额币种均为人民币）。 截至2024年10月31日，公司及子公司已提供的担保金额累计为254.09亿元， 占公司最近一期经审计净资产36.04%。其中：公司及合并报表范围内子公司之间 的担保金额为250.58亿元，公司及子公司对外提供担保金额为3.51亿元。 是否有反担保：本次新增担保事项无反担保。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [6][7]. Core Insights - The company's profitability signals have shown improvement, with expectations for gradual recovery in performance due to policy guidance and supply-side optimization in the photovoltaic industry [7]. - The company achieved a significant reduction in net loss in Q3, with a notable increase in gross margin, suggesting a potential stabilization in industry pricing [1][3]. Summary by Sections Sales Performance - In the first three quarters of 2024, the company shipped 82.80 GW of silicon wafers, with external sales of 35.03 GW, representing a year-on-year decline of 4.22%. The company also sold 4.16 GW of monocrystalline batteries and 51.23 GW of modules, with a year-on-year increase of 17.70% in module shipments [1]. Financial Performance - For the first three quarters of 2024, the company reported revenue of 585.93 billion yuan, a year-on-year decrease of 37.73%, and a net loss attributable to shareholders of 65.05 billion yuan, down 155.62% year-on-year. In Q3 alone, revenue was 200.64 billion yuan, a decrease of 31.87% year-on-year, but a sequential increase of 56.40% in net loss [3][7]. Profitability Forecast - The report adjusts the profit forecast, estimating revenues for 2024, 2025, and 2026 to be 858 billion yuan, 1,075 billion yuan, and 1,284 billion yuan, respectively. The net profit attributable to shareholders is projected to be -74 billion yuan, 35 billion yuan, and 67 billion yuan for the same years, with corresponding EPS of -0.97, 0.47, and 0.89 yuan per share [7][8]. Capacity Expansion - The company currently has a production capacity of 1.5 GW for the second-generation HPBC batteries, with plans to expand to 50 GW by the end of 2025. The Hi-M09 module has seen successful market penetration across various regions, including China, Europe, the Middle East, Asia-Pacific, and Latin America [2].

Investment Rating - The report maintains a "Recommended" rating for Longi Green Energy (601012) with a target price of 23.37 CNY [1]. Core Views - The third quarter losses have narrowed sequentially, primarily due to a reduction in asset impairment. The company is expected to see promising developments in BC battery technology [1]. - The solar industry is witnessing a price turning point, with component prices anticipated to stabilize and recover, aiding in the profitability recovery of companies within the sector [1]. - Longi Green Energy is positioned as a dual leader in silicon wafers and modules, focusing on differentiated development strategies [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 58.593 billion CNY, a year-on-year decrease of 37.73% [1]. - The net profit attributable to shareholders was -6.505 billion CNY, with a net profit margin of -11.1%, reflecting a year-on-year decline of 31.87% and a sequential decrease of 3.79% [1]. - In Q3 2024, the company reported a revenue of 20.064 billion CNY, with a net loss of 1.261 billion CNY, marking a year-on-year decline of 150.14% [1]. - The company’s gross margin was 7.98%, down 23.53 percentage points year-on-year [1]. Production and Sales Summary - The company shipped 82.80 GW of silicon wafers and 55.39 GW of battery modules in the first three quarters of 2024, with both figures showing sequential growth [1]. - The report indicates that the company’s Q3 investment income was -0.353 billion CNY, with asset impairment losses amounting to -0.774 billion CNY [1]. Future Outlook - The company is investing in the construction of production lines for BC technology, with expectations to exceed 30 GW of output by 2025. New products are anticipated to improve performance and maintain competitiveness in the global market [1]. - The establishment of production capacity in the U.S. through joint ventures is expected to mitigate trade risks and significantly enhance U.S. shipment volumes in the coming year [1].