Leading Chinese module manufacturer LONGi has released its results for the first half of 2024, reporting the shipment of close to 80GW of cells, wafers and modules.
The company shipped 78.44GW of products, split between 44.44GW of wafers, 31.34GW of modules and 2.66GW of cells for external uses, that is projects operated by other companies rather than LONGi itself.
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LONGi noted that, in the first half of the year, its sales generated revenues of RMB38.5 billion (US$5.4 billion) and its sales in the Asia-Pacific region increased by 140% between the first half of 2023 and the first half of 2024.
This total revenue figure is lower than in the first half of 2023, when LONGi’s revenue reached RMB64.7 billion (US$9.1 billion). LONGi’s net losses in the first half of the year hit RMB5.5 billion (US$760 million), as increased competition within the Chinese manufacturing industry has cut into the profits of some of the industry leaders, including LONGi and Tongwei.
LONGi’s H1 2024 shipments are slightly down year-on-year. In the first half of 2023, the company sold 52.05GW of wafers and 26.64GW of modules, reflecting a slight shift towards a higher proportion of sales coming from modules, as shown in the graph above.
The company’s decline in shipments and revenue comes as the global PV manufacturing industry contends with a downturn, with an oversupply of modules, particularly those produced in China, impeding the productivity and profitability of manufacturers. PV Tech head of research Finlay Colville predicted as much at the end of 2023 and last week noted that the manufacturing downturn could persist until as late as 2026.
These challenging financial conditions could affect the LONGi’s performance for the remainder of the year. LONGi has said it expects to ship 135GW of wafers and 90-100GW of modules in 2024; while the second half of the year has historically seen stronger sales figures than the first half for the company, those targets look some way from being met.
The company’s leadership, however, remains optimistic about its long-term prospects. LONGi chairman Baoshen Zhong said: “LONGi had a clear direction at the beginning of 2023 and carried out a series of planning. By 2025, our company will be the first to return to a growth track and will enter a recovery state ahead of the PV industry.”
