LONGi posts record quarterly revenue as mono wafer shipments increase 183%

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Leading monocrystalline wafer producer and ‘Solar Module Super League’ (SMSL) member LONGi Green Energy Technology (LONGi Group) has reported second quarter 2019 revenue of approximately US$1.17 billion, a new quarterly record, due to monocrystalline wafer shipments increasing by 183% in the first half of 2019, compared to the prior year period. Image: LONGi Group

Leading monocrystalline wafer producer and ‘Solar Module Super League’ (SMSL) member LONGi Green Energy Technology (LONGi Group) has reported second quarter 2019 revenue of approximately US$1.17 billion, a new quarterly record, due to monocrystalline wafer shipments increasing by 183% in the first half of 2019, compared to the prior year period.

LONGi Group reported first half year revenue (operating income) of RMB 14.1 billion (US$1.96 billion), compared to RMB 10 billion in the first half of 2018. 

LONGi Group reported first half year revenue (operating income) of RMB 14.1 billion (US$1.96 billion).

Mono wafer shipments were the key driver for the first half year financial results. Mono wafer sales topped 2,148 million pieces, a 183% increase, year-on-year. A total of 795 million pieces were used in-house for SMSL member, LONGi Solar.

In the first half of 2019, module shipments reached 3,193MW, compared to 3,232MW in the prior year period. However, module shipments overseas accounted for 76% (2,423MW) of the total sales, with overseas revenue increasing significantly.

In the first half of 2019, module shipments reached 3,193MW, compared to 3,232MW in the prior year period.

LONGi Group reported a net profit attributable to shareholders of RMB 1.996 billion, up 59.15% year-on-year.  Group gross profit margin was 26.22%, an increase of 3.6 percentage points, year-on-year.

LONGi Group reported a net profit attributable to shareholders of RMB 1.996 billion, up 59.15% year-on-year.

As PV Tech recently highlighted, LONGi was the biggest spender on R&D in 2018, its second consecutive year of topping the R&D rankings, having spent US$182.74 million, up from US$175.47 million in 2017. 

In the first half of 2019, LONGi reported R&D expenditure of RMB 718 million (US$100.12 million). LONGi Group and Hanergy Thin Film were the only two companies to surpass US$100 million in R&D spending in 2018, from 21 public listed PV manufacturers tracked by PV Tech.

Manufacturing update

According to LONGi’s “Production Capacity Planning for the next three years (2019-2021)”, the company plans to achieve 65GW of mono ingot/wafer capacity by the end of 2021.

Solar cell capacity is planned to reach 20GW by the end of 2021, while module capacity is planned to reach 30GW by the end of 2021. 

According to LONGi’s
1 December 2021
Join this virtual conference on 1-2 December 2021 for expert presentations covering PV Module Technology, Supply & Site Optimisation for Utility-Scale. Delegates can access streamed presentations, session recordings and chat/messaging tools to connect with fellow delegates and speakers. Speakers include leading developers, manufacturers, testing and research institutes, including: NREL, Silicon Ranch, Sonnedix, Heliene, Powertis, LONGi Solar, JinkoSolar, PVEL, Risen Energy, Seraphim, STS, Trina Solar, Eternalsun Spire, QEERI, Fraunhofer, Estuary Capital Partners and VDE

Read Next

PV Tech Premium
November 26, 2021
Average market prices for 182mm solar wafers fell by nearly 7% this week, falling to levels not seen in almost two months, however other material and component costs have remained high.
November 12, 2021
German conglomerate BayWa AG has witnessed “flourishing” sales of solar PV components take its renewables segment to new heights in the first nine months of 2021.
November 5, 2021
LONGi Solar has revealed details of its shipment seizures by US authorities, stating that 40.31MW of solar components were detained at five US ports from 28 October to 3 November.
November 3, 2021
LONGi Solar is to become the latest leading PV module manufacturer to have shipments blocked from entering the US, reports have suggested.
October 22, 2021
Essentia Energia has begun operations at its 475MW Sol do Sertao solar power plant in the Brazilian state of Bahia
October 18, 2021
Recent solar wafer and cell price increases from both LONGi Solar and Tongwei, which have seen prices rise by between 5.6 – 7.7%, have underscored heightened volatility in the solar supply chain.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
December 1, 2021
Solar Media Events
February 1, 2022
London, UK
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal