Haitong sec's research reports indicate that Longi Green Energy Technology (601012.SH) shows signs of recovery in profitability in Q3 2024. In the first three quarters, the company's wafer shipments reached 82.80GW and battery module shipments reached 55.39GW; in the third quarter, shipments were 38.37GW and 21.39GW respectively, both showing sequential growth. According to the company's semi-annual report, the HPBC 2.0 products will enter mass market launch by the end of 2024, and by the end of 2025, the BC battery production capacity is expected to reach 70GW, with HPBC 2.0 capacity around 50GW. By the end of 2026, all domestic battery bases plan to shift to BC products; in the first half of 2024, North American shipments have achieved smooth customs clearance, and the 5GW module factory in the USA has officially commenced production, providing strong support for business expansion in North America. As a leading company in the global photovoltaic industry, the company is given a valuation of 32-35 times for 2025 in reference to comparable companies, corresponding to a reasonable value range of 22.08-24.15 yuan, granting an "outperform market" rating.