First Read Longi Green Energy Technology: Net loss narrowed in 2Q26; continued efforts to reduce cost and improve efficiency

研报英文原文证据摘录

First Read Longi Green Energy Technology: Net loss narrowed in 2Q26; continued efforts to reduce cost and improve efficiency

Global Research

15 July 2026abc

First Read

EquitiesLongi Green Energy Technology

Net loss narrowed in 2Q26; continued efforts to China

reduce cost and improve efficiency Industrial, Diversified

12-month rating Buy

12m price target Rmb20.80

2Q26 net loss narrowed

Prior : Rmb22.80

Longi reported 1H26 preliminary net loss at Rmb3.4-3.8bn. Net loss narrowed from

Rmb1.9bn in 1Q26 to Rmb1.44-1.88bn in 2Q26. We attribute the narrowed losses Price (14 Jul 2026) Rmb11.73

chiefly to increasing mix of BC (Back Contact) module with higher margin and effective RIC: 601012.SS BBG: 601012 CH

cost reduction.

Trading data and key metrics

New technologies unveiled at the launch event 52-wk range Rmb22.80-11.63

Market cap. Rmb88.9b/US$13.1b

On 14 July, Longi held a launch event and unveiled new technologies to reduce cost and

improve efficiency. 1) ACM (Alloy Contact Matrix) technology: it significantly reduces Shares o/s 7,578m (ORDA)

silver consumption, and replaced with copper-based alloy contact system, which leads Free float 57%

to 0.2-0.3% efficiency improvement and 3-5W module power increase. 2) Integrated Avg. daily volume ('000) 143,949

conductive backsheet: By embedding conductive pathways into the backsheet Avg. daily value (m) Rmb2,082

structure, it simplifies module interconnection, reduces material usage and Common s/h equity (12/26E) Rmb48.7b

manufacturing complexity, improves reliability and power density. It could lift module P/BV (12/26E) 1.8x

power by another 3-5W. 3) By combining these new technologies, the module power Net debt to EBITDA (12/26E) 10.4x

output could potentially reach as high as 690W. ACM cell already started mass