BOC Securities Reaffirms ‘Buy’ Rating as LONGi Green Energy Stabilizes Operations
BOC Securities has reaffirmed its ‘Buy’ rating for LONGi Green Energy Technology Co., Ltd., citing significant operational improvements and reduced losses. The company’s recent report highlights a year-on-year reduction in losses over the first three quarters of 2025, with Q3 showing even more narrowing of losses.
Stability in Shipments and Sales Growth
Throughout the initial nine months of 2025, LONGi maintained stable shipment volumes of silicon wafers and modules. Notably, sales of BC modules reached 14.48 GW, which represents 22.83% of the company’s total battery and module products sold externally.
High-Performance BC Products
- HPBC 2.0 products saw rapid growth in both production and sales.
- The company has established a competitive edge through high-value, scenario-based solutions.
Improving Gross Margins
In Q3 2025, LONGi Green Energy reported a gross margin of 4.89%. This marks the second consecutive quarter of improvement, reflecting the company’s effective operational strategies.
Financial Status and Projections
LONGi holds over RMB 50 billion in cash, showcasing robust operations. As part of their updated earnings forecast, the projected earnings per share (EPS) for 2025-2027 have been adjusted as follows:
| Year | EPS (yuan) |
|---|---|
| 2025 | -0.61 |
| 2026 | 0.40 |
| 2027 | 0.58 |
This adjustment corresponds to estimated price-to-earnings ratios of 53.1x for 2026 and 36.6x for 2027. BOC Securities believes that LONGi’s shipments and management of internal competition position it favorably moving forward, justifying the maintained ‘Buy’ rating.
