LONGi Shipped 24.53 GW Solar Modules In 2020

• LONGi shipped 24.53 GW solar modules in 2020, comprising 23.96 GW to external clients
• Its operating income in 2020 grew 65.92% annually to RMB 54.58 billion, while increasing its annual net profit by 61.99%
• Company plans to grow its annual production capacity of mono wafer, cell and modules to 105 GW, 38 GW and 65 GW by the end of 2021
• In Q1/2021, LONGi's operating income went up 85.36% to RMB 15.85 billion

The Chinese solar PV manufacturing industry behemoth LONGi Green Energy Technology Co., Ltd. has revealed the final numbers for its solar module shipments in 2020 as adding up to a total of 24.53 GW. Previously the company had announced shipping more than 20 GW last year (see LONGi Exceeds 20 GW Module Shipments In 2020).

Sales to external clients amounted to 23.96 GW, growing on annual basis by 223.98%, the company claimed.

The year was also the one when it shipped 58.15 GW of monocrystalline silicon wafers of which 31.84 GW was shipped to external clients reflecting an annual increase of 25.65%. Remaining 26.31 GW was used by the company internally.

The Chinese company grew its operating income for 2020 on annual basis by 65.92% to RMB 54.58 billion ($8.41 billion), while increasing its net profit by 61.99% to RMB 8.552 billion ($1.32 billion).

LONGi invested 4.75% of operating income on its R&D investments amounting to RMB 2.592 billion ($399 million). The company claims to have improved the quality control level of large size products and n-type products, having decreased the average unit of non-silicon cost of the crystal pulling process by 9.98% YoY and that of slicing process lowered by 10.82% annually.

In Q1/2021, LONGi's operating income was RMB 15.85 billion ($2.44 billion), having grown 85.36% from last year due to increase in sales of modules and wafers.

Manufacturing

At the end of 2020, LONGi's monocrystalline silicon wafer production capacity reached 85 GW, while the monocrystalline cell capacity was 30 GW, and monocrystalline solar module capacity went up to 50 GW. Mono module production volume of LONGi in 2020 went up 198% YoY to 26.6 GW.

By the end of 2021, the management targets to report its total mono wafer production capacity as 105 GW, mono cell as 38 GW, and modules as 65 GW.

It has guided for its wafer and module shipments in 2021 to grow to 80 GW, and 40 GW respectively, including for self-use. Management sees the company reporting RMB 85 billion in operating income for the current year.

Pointing at the currently growing menace of COVID-19 pandemic globally, LONGi management cautioned that if it is not controlled in 2021, it will lead to macroeconomic fluctuations on the global solar PV market with reduced power demand, and strained financials. LONGi said it will focus on improving its supply chain capacity building in 2021 with an aim to improve its logistics efficiency.