LONGi Releases Q1 2021 and Full Year 2020 Results

Chinese solar PV manufacturer LONGi has released its 2020 annual report to shareholders across the world, displaying a steady growth in revenue and a substantial rise in global shipments. During 2020, the company continued with its customer value oriented approach, providing reliable and efficient products and services to the market.

According to the annual report, LONGi achieved 2020 operating revenue of $8.416 billion, a year-on-year increase of 65.92%. Net profit attributable to the parent company during the period was $1.319 billion, a year-on-year increase of 61.99%, while net profit attributable to the shareholders of the listed company after deduction of non-recurring gains and losses was $1.256 billion, a year-on-year increase of 59.87%. In Q1 2021, LONGi reported operating revenue of $2.413 billion, up 84.36% from $1.309 billion in the same period last year. Net profit was $0.381 billion, up 34.24% compared with $0.284 billion in the equivalent period in 2020. Net profit, excluding non-recurring gains and losses (referred to as non-net profit deduction) was $0.368 billion, up 37.46% year on year.

The company states that its globalisation strategy accelerated overseas business expansion and sales performance. This is evidenced by these feats: Its wafer production and sales have grown steadily and shipment levels remain No.1 globally, module production and sales have increased significantly and shipments rank No.1 globally; Technical innovations, such as the Intelligration Pro+5.0 Solution for utility projects and released a roof product for BIPV, have been in line with product leading strategy and heavy investment in R&D; The rapid progress of newly built facilities have ensured advanced product supply and significant increase of global market share. By the end of 2020, the company’s monocrystalline wafer, cell and module production capacities had reached 85GW, 30GW and 50GW respectively.

The report emphasises that the awards won by LONGi validate its world renowned brand and product quality. According to PV Tech’s ModuleTech Bankability rankings, the firm has been the sole AAA-rated module supplier for 4 consecutive years. The company also holds the highest score in BloombergNEF’s Altman-Z chart for module manufacturers. In 2020, it was awarded “PV Top Brand” status by EuPD Research in Australia, Spain and the Netherlands. Additionally, in RETC’s “PV Module Index Report 2020”, LONGi was recognized as “Overall High Achiever” and was the only company to achieve excellent results in 8 individual tests.

The annual report concludes that in 2021, the company will retain its business policy of “Advanced Products, Efficient Operation, Realistic Collaboration & Stable Management.” LONGi will also improve management efficiency and create new opportunities by using digital transformation, enhancing competitiveness of the industrial chain by focusing on collaborative innovation.

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Soumya Duggal

Soumya Duggal

Soumya is a master's degree holder in English, with a passion for writing. It's an interest she has directed towards environmental writing recently, with a special emphasis on the progress being made in renewable energy.

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