LONGi 2018 Revenues Went Up 34.38%

China’s LONGi Solar Scored 34.38% Annual Revenue Improvement In 2018; Announces Capacity Expansion Plans For 65 GW Ingot/Wafers By 2021
06:35 AM (Beijing Time) - 30. April 2019
longi capacity

From 28 GW of monocrystalline silicon wafers and 8.8 GW of monocrystalline silicon modules production capacity at the end of 2018, LONGi Solar is now eying 65 GW capacity for ingot/wafer, 20 GW for cell and 30 GW for modules, according to its annual report. (Source: LONGi Solar)

Key Takeaways

  • The year 2018 saw LONGi Solar growing its annual operating revenues to RMB 21.988 billion ($3.26 billion) while reporting net profit of RMB 2.558 billion ($0.38 billion)
  • Q1/2019 operating income of the Chinese company reached RMB 5.71 billion ($0.85 billion)
  • Major capacity expansion plans are in the offing as LONGi said it is eventually targeting 65 GW for ingot/wafer, 20 GW for cell and 30 GW for modules by 2021-end

Chinese tier 1 vertically integrated module manufacturer LONGi improved its operating revenues in 2018 to  RMB 21.988 billion ($3.26 billion), reporting an increase of 34.38% over previous year’s RMB 16.362 billion ($2.43 billion). It churned a net profit of RMB 2.558 billion ($0.38 billion) to shareholders of listed companies. According to the company’s 2018 annual report, it shipped 7.072 GW of cells and modules during the year.

In Q1/2019, LONGI’s operating income was RMB 5.71 billion ($0.85 billion), with total assets reaching RMB 43.165 billion ($6.41 billion) and planned operating income was RMB 30 billion ($4.45 billion).

Previously, the Chinese company grew its revenues 35% YoY during first 9 months of 2018 to $2.11 billion. Back then LONGi said it wanted to achieve more than 50% shipments beyond China ahead of 2020 target (see LONGi Green Improves Revenues Over 35% In 9M/2018).

Gigantic capacity expansions

At the end of 2018, LONGi Solar had 28 GW of monocrystalline silicon wafers and 8.8 GW of monocrystalline silicon modules production capacity, in line with its declared capacity expansion plans in January 2018 (see LONGi Plans 45 GW Mono Wafer Capacity By 2020). Now, it has provided an update according to which at the end of 2019, LONGi expects to have 36 GW of ingot/wafer capacity, 10 GW of cell and 16 GW of module capacity. It will be increased to 50 GW, 15 GW and 25, respectively. By 2021-end, it will further go up to 65 GW for ingot/wafer, 20 GW for cell and 30 GW for modules.

In 2018, LONGi went full steam with its production capacity plans. Last year  it constructed a 10 GW silicon ingot and silicon wafer production fab in Yunan province, along with a 5 GW monocrystalline module in Chuzhou, Anhui province, and a high-efficiency monocrystalline cell fab in Yinchuan, Ningxia province. The first phase of the 5 GW Chuzhou facility came online in March 2019 (see LONGi 5 GW Module Fab).

Very recently, in April 2019 itself, LONGi announced plans to develop 15 GW of new ingot and wafer facility and 3 GW of monocrystalline solar cell fab in China’s Yinchuan city, both of which will come online in H2/2020 and H1/2020, respectively (see LONGi Plans 18 GW New Capacity).

TaiyangNews Staff

Write, follow the author.
Email