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<p>Chinese module supplier, <a href="https://en.longi-silicon.com/" target="_blank" rel="noopener noreferrer">LONGi Solar</a>, has released its financial results for the year 2019 and Q1 2020.</p>
<p>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).</p>
<p>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.</p>
<p>Its production capacity for monocrystalline silicon wafers reached 42 GW, while monocrystalline modules reached 14 GW as of 2019.</p>
<p>In 2019, LONGi had invested 5.1% of its revenue from operations, amounting to ¥1.677 billion($242.48 million) into R&amp;D, focusing on improving the efficiency of its cells and modules.</p>
<p>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).</p>
<p>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.</p>
<p>LONGi aims to reach a target of 75 GW in monocrystalline silicon wafer production and 30 GW in monocrystalline module production in 2020.</p>
<p>In March, LONGi Solar <a href="https://mercomindia.com/longi-solar-acquire-solar-cell-module-manufacturer/" target="_blank" rel="noopener noreferrer">announced</a> 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.</p>
<p>In December 2019, LONGi <a href="https://mercomindia.com/longi-supply-solar-modules-adani-green-by-2020/" target="_blank" rel="noopener noreferrer">entered</a> into a strategic partnership with Adani Green Energy, to supply 1.2 GW of its new generation HiMO4 solar modules by 2020.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/anjana/" class="vcard author" rel="author"><span class="fn">Anjana Parikh</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2019/06/Anjana2.png" width="112" height="121" />Anjana is a news editor at Mercom India. Before joining Mercom, she held roles of senior editor, district correspondent, and sub-editor for The Times of India, Biospectrum and The Sunday Guardian. Before that, she worked at the Deccan Herald and the Asianlite as chief sub-editor and news editor. She has also contributed to The Quint, Hindustan Times, The New Indian Express, Reader’s Digest (UK edition), IndiaSe (Singapore-based magazine) and Asiaville. Anjana holds a Master’s degree in Geography from North Bengal University, and a diploma in mass communication and journalism from Guru Ghasidas University, Bhopal.</p>
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LONGi Solar Posts 50.6% YoY Revenue Growth in Q1 2020

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