LONGi Group guides for trebling of quarterly profits in Q1 2020

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
The potential 210% net profit increase, year-on-year was said to be related to the expansion of production capacity, with higher uptake in demand for large-size mono wafers, while capacity and demand increased for its high-efficiency PV modules. Image: LONGi

Leading monocrystalline wafer producer and ‘Solar Module Super League’ (SMSL) member LONGi Green Energy Technology (LONGi Group) has guided for a trebling of net profit increase for the first quarter of 2020, up 210% compared to the prior year period.

LONGi Group said that preliminary calculations put net profit attributable to shareholders in the range of RMB 1.65 billion to RMB 1.95 billion (US$233.25 million to US$275.67 million), compared to US$86.41 million recorded in Q1 2019. 

The potential surge in net profit increase was said to be related to the expansion of production capacity, with higher uptake in demand for large-size mono wafers, while capacity and demand increased for its high-efficiency PV modules. 

The larger production scale also meant production costs were lowered, boost profitability, according to the company.

However, given the well documented COVID-19 impact on PV manufacturing and exports from China in the first quarter of 2020, LONGi Group said it had negated most of the impact through a number of measures.

The company noted that it adopted a wide range of COVID-19 prevention and control strategies at all of its manufacturing plants with the aim of fully guaranteeing the health and safety of employees. 

The company had recently noted that it had zero COVID-19 cases while running operations at high utilisation rates in Q1. 

LONGi also noted that it had instigated programs to fully guarantee the logistics delivery capacity and keep the trade channels open, while strengthening timely communication with customers in China and overseas to ensure timely delivery of orders in hand.

Read Next

March 3, 2021
Major polysilicon and solar cell producer Tongwei Group has begun ramping the final cell lines at its 15GW Meishen production hub in Sichuan Province, with the facility now the largest single site for solar production in the world.
PV Tech Premium
March 2, 2021
With three years of financial and business data available, we can start to analyse a number of possible trends, one of these is the changing landscape surrounding Sunnova's supplier base for PV modules, inverters and energy storage.
March 2, 2021
‘Solar Module Super League’ (SMSL) member Trina Solar is to establish a 10GW large-area, high-efficiency PV module assembly plant at the Yancheng Economic and Technological Development Zone, north of Shanghai.
February 24, 2021
Microinverter supplier to use proceeds to repurchase notes due 2024 and 2025 as well as other corporate purposes
February 23, 2021
Strong installs expected in China, India and other markets as supply chain concerns ease and costs drop further
February 18, 2021
Major ‘Solar Module Super League’ (SMSL) member JinkoSolar has secured a three-year solar glass supply contract with Flat Glass Group, totalling the equivalent of 59GW of PV modules.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
March 9, 2021
Solar Media Events
March 17, 2021
Solar Media Events
April 13, 2021
Solar Media Events
April 20, 2021