China-based solar module manufacturing company LONGi Green Energy Technology has reported a net profit of RMB3.64 billion (~$526.79 million) in the first quarter (Q1) of the Financial Year (FY) 2023, an increase of nearly 37% year-over-year (YoY).

The growth in net profit was based on increased wafer, cell, and module shipments.

The cell and module shipments increased by 78% YoY to 12.6 GW at the end of the January to March period. The wafer shipments jumped nearly 30% YoY to 23.8 GW during the period.

The company registered a revenue of RMB28.32 billion (~$4.09 billion) in Q1, a nearly 52% YoY increase.

The company said that the average module prices currently stood at RMB1.8 (~$0.26)/W, and the return rates for solar power projects are very attractive for developers, stimulating the solar demand further.

Full Year 2022

The company achieved a net profit of RMB14.81 billion (~$2.14 billion) in 2022, a 63% YoY jump.

LONGI registered a revenue of RMB129 billion (~$18.67 billion) for the full year, an increase of nearly 60%. This is the first time that LONGi’s yearly revenue exceeded the RMB100 billion level.

The company expects the revenue to surpass RMB160 billion (~$23.16 billion) this year.

In 2022, LONGi produced 46.76 GW of monocrystalline silicon modules, including 46.08 GW for external sales and 680 MW for internal use.

By the end of 2022, LONGi’s production capacity for monocrystalline silicon wafers, cells, and modules reached 133 GW, 50 GW, and 85 GW, respectively.

For the full year 2022, the company recognized revenue of RMB38.19 billion (~$5.53 billion) for ingot and wafer sales, a YoY increase of 124%, accounting for about 30% of total revenue.

Additionally, it also recognized revenue of RMB84.85 billion (~$12.28 billion) for monocrystalline cell and module sales, a yoy increase of about 45%, accounting for about 66% of the total revenue.

The company plans to expand monocrystalline silicon wafers to 190 GW, monocrystalline silicon cells to 110 GW, and monocrystalline silicon modules to 130 GW by the end of this year.

The company said that it had achieved sustained and stable growth by ensuring product delivery, and it had proactively undertaken the pressure of higher cost of raw materials. The company expects to achieve good performance in 2023.

The company said it has streamlined its international investments, which include augmenting its production facilities in Kuching, Malaysia, and completing the modernization of its production base in Vietnam.

In January this year, LONGi signed an investment agreement with the local government of Shaanxi province to manufacture 100 GW of monocrystalline silicon wafers and 50 GW of monocrystalline cells.

After a year and a half of extensive research in heterojunction (HJT) solar cells, LONGi achieved a record efficiency of 26.81% for its HJT silicon solar cells on full-size silicon wafers through mass production.