LONGi Green Energy revenue and profits fall in Q3 as ASP declines continue

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Average mono-PERC module prices had declined by around 20% in the first half of 2018, according to PV InfoLink statistics. Image: LONGi Solar

Leading monocrystalline wafer producer and ‘Silicon Module Super League’ (SMSL) member LONGi Green Energy Technology increased revenue by 35.26% in the first nine months of 2018, yet third quarter revenue and profits were significantly lower than the previous quarter, due to ASP declines across wafers and modules. 

LONGi reported revenue (operating income) of RMB 14.671 billion (US$2.12 billion) for the first nine months of 2018, an increase of 35.26% over prior year period.

Third quarter revenue 2018 revenue was RMB 4,669 million (US$674.3 million), compared to US$956.1 million in the second quarter of 2018 and US$724.7 million in the prior year quarter. 

Third quarter revenue 2018 revenue was RMB 4,669 million (US$674.3 million), compared to US$956.1 million in the second quarter of 2018 and US$724.7 million in the prior year quarter.

Net profit attributable to shareholders in the first nine months of 2018 was RMB 1,691 million (US$244.2 million), down 24.53% on the first nine months of 2017. 

In its previously released first-half 2018 financial report, LONGi had highlighted the decline in monocrystalline silicon wafer ASPs and the impact expected from China’s 531 New Deal. 

According to PV InfoLink statistics, monocrystalline silicon wafer ASPs had declined by 37% in the first half of the year. Figures from PV InfoLink reported today by ROTH Capital, indicated ASPs are down 44%, since the beginning of the year. 

LONGi is continuing with capacity expansion plans as mono replacing multi wafers. 

LONGi is continuing with capacity expansion plans as mono replacing multi wafers.

SMSL member LONGi Solar is also being impacted by ASP declines. Average mono-PERC module prices had declined by around 20% in the first half of 2018, according to PV InfoLink statistics.

ROTH Capital reported PV InfoLink figures today that highlighted a 22.8% year to date ASP decline.

China agencies recently released PV installation figures for the first nine months of 2018, highlighting the utility-scale market had declines 37% year-on-year, although DG market installs had increased around 12%. 

Utility-scale installs had reached a total of 17.4GW, while DG installs reached 17.1GW. Total installs were reported to be 34.5GW, down around 20% from the prior year period. 

6 October 2021
The future is bright for a new era of US solar and storage, and the 8th annual Solar & Storage Finance Summit will provide opportunities to discuss solutions to the industry’s challenges and provide a networking platform designed to bring together the top minds in the industry to do business. With a mix of high-level, informative presentations and panels, a stellar cast of speakers and audience members with deal-making capacity, the 2021 edition of the event will be a sell-out success.

Read Next

PV Tech Premium
August 5, 2021
While solar deployment throughout Europe is expected to soar, can the same be said for manufacturing on the continent? As part of this week’s special feature on European solar, Liam Stoker assesses the potential for solar manufacturing to return to Europe.
PV Tech Premium
August 4, 2021
The latest installment of PV Tech’s special feature on Europe’s solar renaissance rounds-up the rest of the continent’s key markets, examining the key drivers behind solar growth in Portugal, France and the UK, amongst others.
PV Tech Premium
August 3, 2021
This installment of PV Tech’s European solar special uncovers the emerging markets of Europe’s PV sector, including Poland, Denmark and Greece.
PV Tech Premium
August 2, 2021
In today’s installment of PV Tech’s ‘European solar under the spotlight’ feature, we assess the potential and key drivers behind Europe’s leading markets in Germany, Spain and the Netherlands.
PV Tech Premium
July 30, 2021
Not only will solar be the dominant source of new power generation in Europe by 2025, cementing its position as the third largest market for solar globally, but the continent has placed the asset class at the very heart of its COVID-19 recovery strategy. As part of a week-long special report on PV Tech Premium, Liam Stoker, Edith Hancock and Jules Scully explore the drivers for solar in Europe, the key markets and the challenges that remain.
July 29, 2021
Tracker and racking provider Arctech has delivered SkySmart II tracking system to a 575MW agriculture-sharing solar project located in Nangong City, Hebei Province, China.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
August 19, 2021
At 9am (PT) | 6pm (CEST)
Solar Media Events
August 25, 2021
Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021
BRISTOL, UK