Research Report Insights | BOC Securities: LONGi Green Energy maintains steady operations; maintains ‘Buy’ rating.
Gelonghui, November 4th | According to a research report by BOC Securities, LONGi Green Energy Technology Co., Ltd. reported a year-on-year reduction in losses for the first three quarters of 2025, with further narrowing of the loss in Q3 2025 alone. The company maintained stable shipment volumes of silicon wafers and modules, while optimizing the sales mix of its BC modules. In the first three quarters of 2025, the company achieved BC module sales of 14.48 GW, accounting for 22.83% of externally sold battery and module products. In terms of the shipment mix of BC products, the production and sales of HPBC 2.0 products achieved rapid quarter-on-quarter growth, establishing a differentiated competitive advantage centered on high-value, scenario-based solutions. From a gross margin perspective, the company achieved a gross margin of 4.89% in Q3 2025, marking the second consecutive quarter of quarter-on-quarter improvement. The company holds more than RMB 50 billion in cash and maintains robust operations. Considering the company’s shipment scale and progress in countering internal competition, the forecasted earnings per share (EPS) for 2025-2027 have been adjusted to -0.61/0.40/0.58 yuan (previously 0.75/0.93/- yuan for 2025-2027), corresponding to price-to-earnings ratios of 53.1x/36.6x for 2026-2027. The ‘Buy’ rating is maintained.
