LONGi Revenue Up 17.29% to CNY 18.6 Bn in Q1

Solar photovoltaic (PV) module manufacturer LONGi has reported a growth of 17.29 per cent in its operating revenue to CNY 18.595 billion during the first quarter of 2022, as compared to the same period in the previous year, mainly on account of stable operations and significant global shipments throughout the period.

Moreover, the company has set a goal of achieving operating revenue of over CNY 100 billion in 2022.

During the quarter, the solar module manufacturer has achieved 18.36 GW mono-crystalline silicon wafer shipments, out of which external sales of 8.42 GW and 9.94 GW for internal use. Besides, it has shipped 6.44 GW of mono-crystalline modules, of which external sales accounted for 6.35 GW.

For the full year 2021, the company’s operating revenue grew by 48.27 per cent to CNY 80.932 billion on a y-o-y basis.

Also, the net profit attributable to the parent company during the period stood at CNY 9.086 billion. However, the consolidated gross margin stood at 20.19 per cent and the asset-liability ratio 51.31 per cent, down 8.07 per cent point from last year.

In 2021, LONGi achieved wafer shipments of 70.01 GW, and 38.52 GW shipments of mono-crystalline modules.

At the end of 2021, the company’s production capacity for wafers, cells and modules had reached 105 GW, 37 GW and 60 GW respectively, with 2022 capacity targets increased to 150 GW, 60 GW and 85 GW respectively.

LONGi has issued 2022 shipment targets of 90 GW-100 GW for wafers and 50 GW-60 GW for modules.

The company has now established manufacturing facilities and sales networks in over 150 countries and regions across the world.

Despite various issues like with trade disputes (WRO) and other ad-hoc issues impacting China’s PV industry, the company is having the advantage of not relying on a single market, which allows it to perform consistently well and meet growth expectations, LONGi said in a statement.

In 2021, LONGi had broken the world record for cell conversion efficiency 7 times across various technical disciplines and laid claim to the overall leadership in new high-efficiency cell technologies including n-type and p-type TOPCon and n-type and p-type HJT.

Also, its new solar cell technology will be put into production in Q3 2022.

Meanwhile, the company has reached 40.19 per cent of renewable electricity use in its global operations and cut greenhouse gas emissions by 1,687,933 tons, via self-owned power generation facilities, procurement of third-party power generation facilities and contract procurement of green power.