LONGi defies gravity with record revenue, profit, and module shipments in first half 2020

Facebook
Twitter
LinkedIn
Reddit
Email
LONGi said that its annual production capacity for monocrystalline silicon wafers reached approximately 55GW by the end of the first half of 2020. Image: LONGi

Leading monocrystalline wafer producer and ‘Solar Module Super League’ (SMSL) member, LONGi Green Energy has defied the downward pricing pressure on its core wafer business and weak global demand, driven by the impact of COVID-19 on the solar industry supply chain to report record revenue, profit, and module shipments in the first half of 2020. 

LONGi reported first-half 2020 operating income (revenue) of RMB 20.141 billion (US$2.933 billion) a new record for a six-month period and a new quarterly record in Q2 of RMB 11.54 billion (US$1.68 billion). The operating income was 42.73% higher than in the prior year period.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Revenue generated within China totalled RMB 12.487 billion (US$1.818 billion), accounting for 62% of total revenue. Overseas revenue was RMB 7.654 billion (US$1.114 billion), accounting for 38% of the total.

LONGi reported first-half 2020 operating income (revenue) of RMB 20.141 billion (US$2.933 billion) a new record for a six-month period and a new quarterly record in Q2.

Ignoring multiple wafer pricing reductions throughout the reporting period, LONGi posted record net profits of RMB 4,116 billion (US$599.57 million), which were 104.83% higher than in the first half of 2019. 

Record half-year profits and new quarterly record in Q2.

LONGi said that continued wafer capacity expansions, coupled to a rapid shift in demand towards large-area wafer sizes (166mm x 166mm) partially offset ASP trends and the demand impacts. 

The company reported external monocrystalline wafer sales of RMB 2.469 billion (US$359.62 million), a year-on-year increase of 14.98%, and self-use wafers totalling RMB 1.489 billion (US$216.88 million). 

With the shift to larger wafers, demand for high-efficiency monocrystalline PV modules using larger wafers led to an external sales volume of 6,578MW in the first half of 2020, an increase of 106.04% from the prior year period, setting a new shipment record. 

PV modules used in its PV project business were 222MW in the reporting period and the company sold monocrystalline cells totalling 338MW to external customers.

LONGi’s PV module shipments in 1H 2020 set a new record and were greater than total module shipments of 5,991MW in 2018.

Manufacturing update

LONGi said that its annual production capacity for monocrystalline silicon wafers reached approximately 55GW by the end of the first half of 2020. Monocrystalline silicon wafer output reached approximately 4.400 billion pieces, a year-on-year increase of 54.14%. 

Monocrystalline PV module production capacity reached about 25GW at the end of the reporting period, while production output reached 8,002MW, a year-on-year increase of 124.59%.

LONGi has already met previously set capacity expansion plans for 2020 and is excelerating expansions through 2021.
27 June 2024
9am BST
FREE WEBINAR -This special webinar will take a deep dive into the latest PV ModuleTech Bankability Ratings pyramid, capturing the relative bankability status of the top 70-80 PV module suppliers globally. In addition to revealing the latest ranking of global PV module suppliers, PV Tech’s Head of Research, Finlay Colville, will show the depth of analysis and commentary included within the report for module suppliers. A key output from the webinar will be to learn which PV module suppliers have moved up the rankings pyramid in recent years and why this growth has been achieved. Conversely, some of the companies that have fallen down the rankings will be discussed, in particular those suffering from market-share losses and financial problems.
8 October 2024
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 8-9 October 2024 is our second PV CellTech conference dedicated to the U.S. manufacturing sector. The event in 2023 was a sell out success and 2024 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
26 November 2024
Málaga, Spain
Understanding PV module supply to the European market in 2025. PV ModuleTech Europe 2024 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.
11 March 2025
Frankfurt, Germany
The conference will gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing out to 2030 and beyond.

Read Next

Sponsored
June 13, 2024
Tongwei has continued to increase its investment in HJT cell and module technology and built a green supply chain for its PV cells.
June 13, 2024
PV Tech's coverage of the SNEC PV Power expo 2024. We are reporting live from the exhibition floor at the world's biggest PV trade show.
Premium
June 13, 2024
Kiwa Group on why the integration of three PV inspection and QA businesses signposts the way forward for solar reliability testing.
June 11, 2024
China’s surge is not just a ripple but a tidal wave, with over US$450 billion in surplus factory investment threatening to flood the market over the next three years.
June 11, 2024
JA Solar tops the list with the score of 82.9 out of 100, followed by Trina Solar (81.7), JinkoSolar (80.8) and Canadian Solar (78.5).
June 11, 2024
The Austrian government has introduced a “made in Europe” subsidy bonus for European photovoltaic components.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
July 2, 2024
Athens, Greece
Solar Media Events
July 9, 2024
Sands Expo and Convention Centre, Singapore
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia