China-based supplier of solar photovoltaic modules and solutions LONGi Solar posted a year-over-year (YoY) increase of 44% in net revenue at ¥50.4 billion (~$7.32 billion) during the first half (1H) of the financial year (FY) 2022.

LONGi’s net profit for the six months totaled ¥6.4 billion (~$930 million), up YoY by 30%.

During 1H 2022, LONGi shipped 40 GW of monocrystalline silicon wafers, of which 20.15 GW was sold, and 19.47 GW was for internal use.

Monocrystalline module shipments reached 18.02 GW in 1H, of which 18 GW was sold, including 87.35 MW of building integrated photovoltaics (BIPV) and 0.32 GW was for internal use.

LONGi has developed a variety of new high-efficiency cell and module technologies like n-type TOPCon (tunnel oxide passivated contact), p-type TOPCon, n-type HJT (heterojunction), and p-type HJT. It has also developed the HPBC (hybrid passivated back contact) cell.

The company said since last year, the price of upstream raw materials had been rising continuously. Under the strain of upstream costs, LONGi had taken the initiative to lock long-term orders with strategic customers to guarantee customer benefits and value.

It had accelerated upgrading and intelligent manufacturing capacity, constantly improved production efficiency and intelligent manufacturing level, and reduced operating costs. The company’s comprehensive gross profit margin was 17.61%, and the weighted average return on equity was 12.64% during 1H 2022.

The company said that despite the impact of WRO (Withhold and Release Order) and the increased warehouse cost in the U.S. market, LONGi adjusted its operating strategy and shifted its sales focus to other major markets, such as Europe.

As of 1H 2022, the Chinese supplier invested ¥3.67 billion (~$530 million) in R&D, accounting for 7.28% of the operating revenue.

According to Mercom’s India Solar Market Leaderboard 2022, LonGi Solar, Jinko Solar, JA Solar, Adani Solar, and Trina Solar were the leading module suppliers in the Indian solar market for the calendar year (CY) 2022.

Earlier this year, LonGi supplied 535 kWp bifacial modules to Mahindra Susten, the engineering, procurement, and construction arm of Mahindra Group, for the latter’s 175 MW solar project in Kolayat of Bikaner district in Rajasthan.