LONGi Solar has released its H1-2019 report to shareholders, reporting stellar financial results and significant capacity achievements.
Xi’an, China headquartered LONGi Solar has released its 2019 semi-annual (H1) report to shareholders, reporting stellar financial results and significant capacity achievements.
According to the financial report, the company’s operation revenue in the first six months of the year reached 14.11 billion yuan (USD 1947 million), a YoY increase of 41.09 percent from 2018. Additionally, the net profit attributable to shareholders of the listed company was 2.01 billion yuan. Basic earnings per share were 0.57 yuan (8.41 US-cents and weighted average return on equity was 10.17 percent.
At the end of the reporting period, LONGi’s total assets reached 51.616 billion yuan (USD 7.22 billion). Its asset-liability ratio was 56.54 percent, down from the first quarter 2019. Compared to Q1-2019, days of inventory decreased by 18 days and accounts receivable decreased by 19 days.
The most stellar result for the company was that it shipped 2.148 billion pieces of monocrystalline silicon wafers, a 183 percent increase over the previous year. The sales of cells and modules reached 712 MW and 3,193 MW respectively, experiencing a 21 percent YoY increase.
The proportion of LONGi monocrystalline module sales to overseas markets increased significantly, with 2.423 GW shipped to international markets, an increase of 252 percent over the previous year.
The firms’s dedication to monocrystalline technology and leadership in the cost-performance ratio of monocrystalline modules gained traction as global monocrystalline market share continues to increase. PV InfoLink data of July 2019 projected the global market share for global monocrystalline to increase to 62 percent in 2019, with further growth trajectory
In 1H-2019, LONGi also introduced the M6 (166mm) silicon wafer that significantly improves the energy yield of cells and modules. M6 reduced the manufacturing cost per watt and is expected to become the standard size of the next-generation monocrystalline silicon wafers.
Together with the launch of the M6 silicon wafer, it also unveiled the high power Hi-MO4 bifacial PERC module with half-cut cell technology. Based on M6 wafer with cell efficiency up to 22.5 percent and front power up to 440W, Hi-MO 4 would further reduce BOS cost and lower the LCOE. To date, the manufacturer has received more than 2GW in its order books for Hi-MO4.