A：Company Basic Information
Full Name: LONGi Green Energy Technology Co., Ltd.
Stock Code: 601012.SH
Stock Abbreviation: 隆基绿能
Region: Shaanxi Province, Xi'an
Industry: Photovoltaic Equipment
Establishment Date: February 14, 2000
Issue Price: 15.07 yuan
Founder: Li Zhenguo
Company Website: https://www.longi.com
Registered Address: No. 966, East Chang'an Street, National Civil Aerospace Industry Base, Xi'an, Shaanxi Province
Total Share Capital: 4,116 million shares (as of October 22, 2024)
Total Market Value: 239.89 billion yuan (as of October 22, 2024)
Business Scope: Research, development, production, and sales of monocrystalline silicon wafers, solar cells, and photovoltaic modules, as well as solutions for distributed photovoltaic systems and ground photovoltaic systems, and hydrogen energy equipment.
Company Profile: LONGi Green Energy Technology Co., Ltd., established in 2000 and headquartered in Xi'an, China, is a leading global manufacturer of monocrystalline silicon solar products. Committed to becoming the world's most valuable solar technology company, the company focuses on R&D, production, and sales of photovoltaic products and aims to "use the power of the sun to create a green energy world." With a mission to "use the power of the sun to create a green energy world," the company adheres to the brand positioning of "steady and reliable, technology-leading," focusing on technological innovation. It has established five major business segments including monocrystalline silicon wafers, solar cells, photovoltaic modules, distributed photovoltaic system solutions, ground photovoltaic system solutions, and hydrogen energy equipment, forming a product and solution portfolio that supports global zero-carbon development with "green electricity" and "green hydrogen."
B：Value Investment Analysis
Key Financial Indicators:
Operating Income: In the first half of 2024, the company achieved a revenue of 10.696 billion yuan, a year-on-year increase of 10.5%.
Net Profit: In the first half of 2024, the net profit attributable to the parent company was 1.499 billion yuan, a year-on-year increase of 38.1%.
R&D Investment: In 2023, the company's annual R&D expenditure exceeded 398.2 million yuan, with 4,157 R&D personnel.
Gross Margin: In the first half of 2024, the gross margin was 23.78%, a year-on-year increase of 4.7 percentage points.
Company Investment Value:
As a leading enterprise in the photovoltaic industry, LONGi Green Energy Technology Co., Ltd. demonstrates good investment value and growth potential with its technological advantages and scale effects in high-purity crystalline silicon and solar cells. With the increasing global demand for renewable energy, the company is expected to achieve sustained growth in the photovoltaic industry. Meanwhile, the company's steady development in the agricultural field provides additional growth momentum and risk hedging capabilities.
Company Growth Potential:
The growth potential of LONGi Green Energy Technology Co., Ltd. mainly comes from the continuous growth of the photovoltaic industry and the company's leading position in this field. With the increasing global demand for renewable energy, the company's high-purity crystalline silicon and solar cell businesses are expected to achieve rapid growth. At the same time, the company's innovation and R&D investment in the agricultural field are also expected to drive continuous growth in this business segment.
Industry Support Policies:
LONGi Green Energy Technology Co., Ltd. benefits from the national support for the new energy industry, especially in the photovoltaic industry. The state has introduced a series of policies, including tax incentives, financial support, R&D subsidies, etc., to promote the development of the photovoltaic industry. These policies provide a favorable development environment and opportunities for companies like LONGi Green Energy Technology Co., Ltd.
International Policy Risks:
The current international situation is complex and changeable. Trade frictions and technology blockades may have certain impacts on the company's supply chain and market expansion. However, LONGi Green Energy Technology Co., Ltd. actively responds to international policy risks by strengthening independent research and development and cooperation, striving to ensure the stable development of the company.
A.Top's Investment Review:
As a leading enterprise in the photovoltaic industry, LONGi Green Energy Technology Co., Ltd. demonstrates good investment value and growth potential with its technological advantages and scale effects in high-purity crystalline silicon and solar cells. With the increasing global demand for renewable energy, the company is expected to achieve sustained growth in the photovoltaic industry. Meanwhile, the company's steady development in the agricultural field provides additional growth momentum and risk hedging capabilities.