LONGi Solar Posts 50.6% YoY Revenue Growth in Q1 2020

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.