differenthandsinpoker| Research report Nuggets 丨 Soochow Securities: LONGi Green Energy has sufficient reserves of new technologies and maintains a "Buy" rating

Soochow Securities Research News pointed outdifferenthandsinpoker, LONGi Green Energy (601012differenthandsinpoker.SH) 24Q1 Due to the downward trend in industry prices, an impairment of 2.649 billion yuan was accrued for inventories and an impairment of 152 million yuan was accrued for fixed assets. Under the industry's low-price bidding situation, the company adopted a relatively conservative price strategy, resulting in a contraction in shipments. The company has a global production capacity layout and actively reserves new technologies. As of the end of 2023, the company's silicon wafer/battery/module production capacity is 170/80/120GW. Projects such as 2.8GW modules in Malaysia and 3.35GW batteries in Vietnam are gradually put into operation on schedule. The construction of the 6.6GW silicon rod project in Malaysia is progressing in an orderly manner. In terms of hydrogen energy, new ALK Hi1 series products were released, reducing the DC power consumption of hydrogen production to 4.0 kwh/Nm3, and the industry's first single-cell 3000 Nm3/h alkaline electrolytic cell was launched. Due to intensified competition in the industry and pressure on the profits of the entire industry chain, the company's 2024-2025 profit forecast has been lowered and the 2026 profit forecast has been added. Taking into account the company's leading position in the industry and sufficient reserves of new technology, the "Buy" rating has been maintained.