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.
Nov 12, 2020
The webinar will feature presentations from Cherif Kedir, CEO at RETC and Finlay Colville, head of research at PV-Tech, covering the latest developments related to PV module testing, reliability and bankability. Specific attention will be afforded to RETC's hail durability testing (HDT) process, and PV-Tech's bankability analysis for utility scale deployment in the US today.
Jun 15 - Jun 16, 2021
The Utility Solar Summit UK will focus entirely on the opportunities in the UK ground-mount space and feature the new technology and advanced innovations allowing asset owners to improve yield in a subsidy free market. Listen to senior market leaders share stories of their successes and manufacturers pushing the envelope for solar PV whilst taking advantage of our enhanced networking features to connect you with your peers onsite; realising the potential of UK utility scale deployment from 2020 and beyond.
Mar 10 - Mar 12, 2021
Penang, Malaysia (also available virtually)
Understand fully the technical and logistical supply chains that determine the production and performance of solar modules, including all related factors impacting quality, reliability & bankability. This event will be run as a live event in Penang for delegates able to attend and will also welcome virtual delegates via streamed content and online networking.
Oct 27 - Oct 29, 2020
Going into its fifth year over 200 delegates from 150 companies and 20 countries representing the PV supply chain will gather (virtually, due to COVID-19) for 3 days to discuss the technology roadmaps for PV cell advancement in GW markets. The scope of the event has been expanded this year, to cover developments in wafer supply and thin-film investments and technologies alongside all the regular benefits to all stakeholders tracking PV technology and investment trends for the next 5 years.