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Company Profile　　LONGi Green Energy Technology Co Ltd is a China-based company mainly engaged in the research and development, manufacture and distribution of mono crystalline ingots, mono crystalline wafers, batteries, and assemblies. Its products consist of mono crystalline ingots, wafers, poly crystal silicon materials, polyethylene glycol, silicon carbide powder, solar modules and others. The company is also engaged in the investment development, construction and operation of photovoltaic ground power plants and distributed power plants. It conducts its businesses within domestic and overseas markets. (Source: morningstar)　　Event　　LONGi Green Energy Technology Co., Ltd. (“LONGi” / the company) announced its third-quarter financial results of 2022.　　In the first three quarters of 2022, LONGi achieved a revenue of CNY 87.04 billion, up 54.85% year on year (YoY); it reported CNY 10.98 billion in net income attributable to shareholders, 45.26% higher than it was a year ago; it turned in CNY 10.65 billion in net income deducting non-recurring items, a 43.99% growth from a year earlier.　　In Q3 alone, the company posted CNY 36.62 billion in revenue, rising 73.48% YoY; its net income attributable to shareholders surged by 75.4%YoY to CNY 4.50 billion; its net income deducting non-recurring items stood at CNY 4.25 billion, 70.34% higher than the year before.　　LONGi delivered a better-than-expected performance.　　The company unveiled new products on November 2nd, launching a new generation of HiMO6 module products which employed innovatively HPBC technology whose conversion efficiency reaches 25%, continuing to lead the industry.　　Comments　　Having steadily responded to complicated and changeable external environments, LONGi saw a remarkable increase from a quarter earlier in the shipment of module.　　The exports of module slowed down as the US market was impacted by WRO, the company made timely adjustments in its marketing strategies for modules, stepping up efforts in its business presence in Europe to perfect its marketing network, which helped the steady growth in the shipment of module.　　In the first half of 2022, LONGi achieved 39.62GW in shipment of mono crystalline wafers, with 20.15GW for external selling and 19.47GW for self use; the company shipped mono crystalline module of 18.02GW, with external marketing at 17.70GW and self use at 0.32GW.　　The company is expected to achieve shipment of wafer at 22GW in Q3 and module at 13GW which improved greatly from a quarter earlier.　　Driven by innovation, LONGi marches on.　　Keeping clients’ demand on mind, the company has developed module products with differentiated HPBC which features high-efficiency, safety and aesthetic appearance. The efficiency of massive production reached 25%, and the power of module reached 580~600W, 5~10W higher than the power of TOPcon. The design made modules more aesthetic, boasting stronger abilities to employ premium pricing.　　In addition, the company took the initiative and developed back-contacted modules, and it is expected to lead the industry through differentiated products.　　Earnings forecast and investment recommendation　　We estimate its full-year shipment of wafers and modules in 2022 will achieve rapid growth, and new products with new technologies will bring in excessive returns. We revised its net income attributable to shareholders at CNY 15.20 billion in 2022, CNY 19.14 billion in 2023, and CNY 22.47 billion in 2024, implying a P/E ratio to 26.0x, 20.6x, and 17.6x, respectively. Reiterate “Buy”.　　Potential risks　　changes in policies; less-than-expected demand from the downstream; greater-than-expected price fluctuations of raw materials【免責(zé)聲明】本文僅代表第三方觀點(diǎn)，不代表和訊網(wǎng)立場(chǎng)。投資者據(jù)此操作，風(fēng)險(xiǎn)請(qǐng)自擔(dān)。

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