In 2019, LONGi expects its net profit to increase by RMB 2.44 billion to up to RMB 5.3 billion for 2019, growing from RMB 2.55 billion in 2018.
Key Takeaways
- LONGi has provided an estimate of its expected net profit for the year 2019
- It has forecast RMB 5 billion to RMB 5.3 billion as net profit during the year reflecting an annual increase of 95.47% to 107.19%
- Better demand for its products domestically as well as internationally and increased production capacity with technological advancements helped the company bring down its production costs in 2019
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LONGi Green Energy Technology expects its net profit for 2019 to increase by RMB 2.44 billion to RMB 2.74 billion ($354 million to $397 million) to RMB 5 billion to RMB 5.3 billion ($724 million and $768 million), it stated in a stock exchange filing.
This would be an annual increase of 95% to 107% year on year. In 2018, LONGi’s net profit was RMB 2.55 billion ($370.6 million).
The management attributed this expected increase in net profit (unaudited) to a number of factors including increased demand for PV products globally, geographical expansion of the company’s business and technological advancements among other factors.
The management explained that during 2019, the YoY sales for its main products, monocrystalline silicon wafers and monocrystalline modules, increased significantly, even to overseas markets. Increased production capacity contributed to lowered manufacturing costs and and increase in gross profit margin.
During Q3/2019, LONGi had reported a net profit of RMB 3.48 billion, adding RMB 1.47 billion more than the year before (see LONGi To Develop 5 GW Solar Module Fab In Jiaxing, China).
Anu Bhambhani
Anu Bhambhani is the Senior News Editor of TaiyangNews
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