- LONGi Green Energy management expects group’s net profit for 2020 to have increased on annual basis by 55.30% to 62.88%
- Its total net profit for the year is expected to have reached between RMB 8.2 billion to RMB 8.6 billion
- It attributes the reason for this expected growth to increased module demand both domestically and globally as well as its wafers and modules selling well
LONGi Green Energy Technology Co., Ltd. expects its annual net profit attributable to shareholders of listed companies for the year 2020 to increase by 55.30% to 62.88% in an earnings forecast released by the Chinese integrated solar PV manufacturer in a stock exchange filing.
Total net profit of the group is guided to reach anywhere between RMB 8.2 billion to RMB 8.6 billion ($1.27 billion to $1.33 billion) for 2020.
Management attributes this expected increase to the increase in global demand for new PV installations globally along with improved demand in the domestic market. LONGi said during the reporting period, production and sales of the group’s monocrystalline silicon wafers and modules went up significantly though it wouldn’t reveal how much. This in turn brought it steady growth in operating income and profits.
In August 2020, LONGi said its H1/2020 business improved on all fronts with the domestic market accounting for 62% of its operating revenues. It had warned of module supply constraints due to a polysilicon shortage pushing up module prices (see LONGi’s H1/2020 Net Profit Improved Over 104.83%).
The year 2020, despite the COVID-19 pandemic, turned out to be an eventual one for LONGi as it shipped more than 20 GW modules in a single year, replacing JinkoSolar as the top module supplier for the year on PV InfoLink’s top 10 ranking (see LONGi Largest Solar Module Supplier In 2020).