Chinese module supplier, LONGi Solar, has released its financial results for the year 2019 and Q1 2020.

In 2019, the company’s revenue from operations increased by 49.62% annually to reach ¥32.89 billion  (~$4.76 billion). Net profit attributable to shareholders increased by 106.41% to ¥5.28 billion (~$763.45 million).

According to the company, the annual monocrystalline silicon wafer sales increased by 139.17%, reaching 4.702 billion pieces in 2019. The sale of cells and modules increased by 23.43% at 7.394 GW in 2019. The overseas shipments reached 4.991 GW, accounting for 67% of the total sales and reflecting an increase of 154.59% YoY.

Its production capacity for monocrystalline silicon wafers reached 42 GW, while monocrystalline modules reached 14 GW as of 2019.

In 2019, LONGi had invested 5.1% of its revenue from operations, amounting to ¥1.677 billion($242.48 million) into R&D, focusing on improving the efficiency of its cells and modules.

Coming to 2020, in the first quarter (Q1) of the year, the company’s revenue from operations totaled to ¥8.59 billion (~$1.2 billion), showing year-over-year growth of 50.6%. The company had a net profit of ¥1.86 billion  (~$267.4 million), showing an increase of 205.07% compared to the corresponding quarter last year. As of March 2020, the total asset value of the company reached ¥63.15 billion (~$8.9 billion).

Bifacial module shipment reached 5 GW during the quarter, ranking first in the world, the company statement noted. LONGi has added 702 patents as of Q1 2020.

LONGi aims to reach a target of 75 GW in monocrystalline silicon wafer production and 30 GW in monocrystalline module production in 2020.

In March, LONGi Solar announced a framework agreement to acquire solar cell and module manufacturer Ningbo Jiangbei Yize New Technology for ¥1.78 billion (~$252.8 million). LONGi’s net profit stood at ¥2.01 billion ($296.46 million) in this period. The company attributed its performance to the “significant” growth in its overseas business because of its focus on monocrystalline modules.

In December 2019, LONGi entered into a strategic partnership with Adani Green Energy, to supply 1.2 GW of its new generation HiMO4 solar modules by 2020.