Longi(601012) 民生证券·2024-11-03 07:20Investment Rating - The report maintains a "Recommended" rating for Longi Green Energy (601012.SH) [3] Core Views - The company reported 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% [1] - In Q3 2024, the company achieved a revenue of 20.064 billion yuan, a year-on-year decrease of 31.87%, but a sequential improvement in net loss, which narrowed by 56.40% compared to the previous quarter [1] - The company is strategically adjusting its shipments in response to market changes, with a total silicon wafer shipment of 82.80 GW in the first nine months of 2024, a year-on-year decrease of 4.22% [1] - Longi Green Energy is committed to its leading position in BC technology, achieving significant breakthroughs in HPBC 2.0 technology with a battery mass production efficiency of 26.6% [1] - The company has successfully launched high-efficiency Hi-MO 9 and Hi-MO X10 components, with the highest production efficiency reaching 24.8%, making it the highest in the industry [1] - The company has completed the construction of its U.S. component factory, supporting its business expansion in North America [1] Financial Summary - The projected revenue for Longi Green Energy is expected to be 80.493 billion yuan in 2024, 115.792 billion yuan in 2025, and 142.642 billion yuan in 2026 [2][4] - The net profit attributable to shareholders is projected to be -7.582 billion yuan in 2024, 5.404 billion yuan in 2025, and 8.243 billion yuan in 2026 [2][4] - The company's PE ratio is expected to be 27X in 2025 and 17X in 2026, based on the closing price on November 1 [2][4]