Gelonghui, May 27 | According to Dongwu Securities Research Report, Longji Green Energy (601012.SH) 24Q1 depreciated 2,649 million yuan in inventory and 152 million in fixed assets due to falling industry prices. Under the industry's low price bidding trend, the company adopted a relatively conservative price strategy, causing shipments to shrink. The company has a global production capacity layout and active reserves of new technologies. By the end of 2023, the company's silicon wafer/battery/module production capacity was 170/80/120GW, projects such as Malaysian 2.8 GW modules and Vietnam's 3.35 GW batteries were gradually put into operation on schedule, and construction of the 6.6 GW silicon rod project in Malaysia progressed in an orderly manner. In terms of hydrogen energy, a new ALK Hi1 series product was released, DC power consumption for hydrogen production was reduced to 4.0 kWh/Nm3, and the industry's first single tank 3000 Nm3/h alkaline electrolyzer was launched. Based on the intensification of industry competition and the profit pressure on the entire industry chain, the company's profit forecast for 2024-2025 was lowered and the profit forecast for 2026 was added. Considering the company's leading position in the industry and sufficient reserves of new technology, the “buy” rating was maintained.