LONGi Solar announces 2021’s first quarter and 2020 results

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LONGi, the world-leading solar technology company, announces its 2020 annual report to shareholders worldwide. The report shows continued revenue growth and a significant increase in global shipments. Throughout the pandemic year, the company continued with its customer value-oriented approach, providing reliable and efficient products and services to the market.

According to the report, LONGi achieved 2020 operating revenue of 54.583 billion yuan ($8.416 billion), a year-on-year increase of 65.92%. The net profit attributable to the parent company during the period was 8.552 billion yuan ($1.319 billion), a year-on-year increase of 61.99%, while net profit attributable to the shareholders of the listed company after deduction of non-recurring gains and losses was 8.143 billion yuan ($1.256 billion), a year-on-year increase of 59.87%.

For the first quarter of 2021, LONGi reported operating revenue of 15.854 billion yuan ($2.413 billion), up 84.36% from 8.599 billion yuan ($1.309 billion) last year. Net profit was 2.502 billion yuan ($0.381 billion), up 34.24% compared with 1.864 billion yuan ($0.284 billion) in the equivalent period in 2020. Net profit, excluding non-recurring gains and losses (referred to as non-net profit deduction), was 2.421 billion yuan ($0.368 billion), up 37.46% year on year.

LONGI’s globalization strategy accelerated overseas business expansion and sales performance. In 2020, based on the pillars of quality, cost and brand, LONGi fulfilled market demand for mono products. Sales of mono wafers and modules increased significantly year on year, with steady growth in operating revenue and profits.

  1. Wafer production and sales have grown steadily and shipment levels remain No.1 globally: In 2020, as a result of long-term orders, improving supply and production capacity and appropriate price adjustments, LONGi achieved wafer shipments of 58.15GW, with external sales of 31.84GW and 26.31GW for internal use, a year-on-year growth of 25.65%.  The company maintained its position as the world’s largest silicon wafer supplier with a market share of around 46% and retained its status as the world’s largest mono-crystalline PV manufacturer. According to the China Photovoltaic Industry Development Roadmap (2020 Edition) published by the Chinese Photovoltaic (CPIA), the share of monocrystalline in 2020 has risen to 90.2%, up more than 20 percentage points from 2019.
  2. Module production and sales have increased significantly and shipments rank No.1 globally: LONGi achieved shipments of 24.53GW for its mono-crystalline modules, of which external sales accounted for 23.96GW, up 223.98% year on year. Internal use was 0.57GW. According to PV InfoLink, the company’s shipments placed it No.1 in the world, with a market share of 19%, an increase of 11% from 2019.

The company also invested 2.592 billion yuan in R&D, accounting for 4.75% of revenue and secured a cumulative total of 1,001 authorized patents. LONGi Solar has an R&D team of more than 800 people. Despite the impact of the epidemic and the imbalance between supply and demand, LONGi accelerated its growth in production capacity. The annual report highlighted that by the end of 2020, the company’s monocrystalline wafer, cell and module production capacities had reached 85GW, 30GW and 50GW, respectively. LONGi estimates that its wafer, cell and module production capacities will reach 105GW, 38GW and 65GW in 2021.

The world-leading solar technology company also achieved multiple awards and achievements. These notable accomplishments validate LONGi’s world brand name and product quality:

  • According to PV Tech’s ModuleTech Bankability rankings, LONGi has been the sole AAA-rated module supplier for four consecutive years.
  • LONGi holds the highest score in BloombergNEF’s Altman-Z chart for module manufacturers.
  • In 2020, LONGi Solar was awarded “PV Top Brand” status by EuPD Research in Australia, Spain and the Netherlands.
  • In RETC’s “PV Module Index Report 2020”, LONGi was recognized as “Overall High Achiever” and was the only company to achieve excellent results in 8 individual tests.
  • In 2020, LONGi initiated the “Zero Carbon Solar” concept, becoming the first company in the PV industry to join the global RE100, EV100, EP100 and SBTi initiatives.

LONGi’s vision has always been to assume increasing responsibility for global sustainability. In 2021, LONGi will retain its business policy of “Advanced Products, Efficient Operation, Realistic Collaboration & Stable Management.” The company will also improve management efficiency and create new opportunities by using digital transformation, enhancing the competitiveness of the industrial chain by focusing on collaborative innovation.