LONGi Green Energy Technology’s total solar module shipments during 9M 2024 totaled 51.23 GW
The management says it strategically adjusted shipments to deal with the mismatch between supply and demand
It suffered a net loss of RMB 6.5 billion during the reporting period, including RMB 1.261 billion in Q3
Leading global solar PV manufacturer from China, LONGi Green Energy Technology, counts to have shipped 51.23 GW of solar PV modules between January and September 2024, including 13.77 GW of its back contact modules. This represents a year-on-year (YoY) increase of 17.70%.
While the management does not specify the module shipments for Q3 2024, it should be 19.89 GW since the company previously announced having shipped 31.34 GW modules in the first half of the year (see LONGi’s H1 2024 Solar Module Shipments Totaled 31.34 GW).
With this, LONGi has already achieved over 75% of the 67.52 GW modules it shipped in FY 2023 (see Chinese Solar PV Giant Shipped 67.52 GW Modules In 2023).
The manufacturer also achieved silicon wafer shipments of 82.80 GW, including 35.03 GW for external sales during the reporting period, registering a year-on-year (YoY) decrease of 4.22%. The external sales of monocrystalline solar cells were a combined 4.16 GW.
According to the management, it strategically adjusted shipments according to market changes, referring to the mismatch between supply and demand in the global PV industry since the beginning of this year.
Its 9M 2024 revenues of RMB 58.593 billion comprised RMB 20.064 billion in Q3. The manufacturer has reported a net loss of RMB 1.261 billion for Q3 2024, which it claims shows a clear trend of reducing losses. For 9M 2024, it reported a RMB 6.5 billion net loss.
“This indicates that the company is gradually moving out of the industry’s bottoming cycle, its profitability is continuously being repaired, and its operational efficiency is further improved,” stated the management.
It has been increasing spending on R&D, however, having invested over RMB 23.5 billion in this space over the past 5 years. In 9M 2024, it invested RMB 1.34 billion, which was less than the RMB 1.61 billion it reported for 9M 2023.
LONGi is actively focused on promoting and refining its BC technology using its Hybrid Passivated Back Contact (HPBC) cell technology. It recently launched Hi-MO X10 modules based on HPBC 2.0 cell technology with a mass production power reaching 670 W, and mass production efficiency reaching 24.8% (see LONGi ‘Breaks’ Global Module Mass Production Efficiency Record).
LONGi Chairman Zhong Baoshen said, “Looking back at the development of the PV industry over the years, as long as there is a significant improvement in efficiency, the promotion of high-efficiency products generally will not have too much pressure. This industry has a long slope and thick snow, and we believe that the industry will enter a period of stable growth, with an annual growth rate of 10%-15%.”