LONGi revenue jumps 43% to 50.4 bn yuan in first half

By Editor


LONGi said its revenue increased 43.64 percent to 50.417 billion yuan in the first half of 2022.

The net profit of LONGi increased 29.79 percent to to 6.481 billion yuan.

LONGi sold 39.62GW of monocrystalline silicon wafers including 20.15GW for customers and 19.47GW for internal use. The shipments of monocrystalline modules reached 18.02GW including 17.70GW for customers and 0.32GW for internal use.

LONGi admitted that there was impact in the U.S. market due to WRO (Withhold and Release Order) and the increase in warehouse cost. Following this, the company has adjusted its operating strategy, shifting the focus of sales to other key markets such as Europe.

Overseas revenue of LONGi accounted for 38.38 percent in 2019, 39.32 percent in 2020 and 46.89 percent in 2021.

This year, the European Commission launched the RE Power EU plan, which aims to increase the share of renewable energy in the energy structure from 40 percent to 45 percent by 2030, double the installed solar photovoltaic capacity to more than 320GW by 2025 and close to 600GW by 2030.

India imported almost as many modules in the first quarter alone as it did throughout the entirety of 2021.

LONGi has upgraded manufacturing capacity, improved production efficiency, and reduced operating costs. LONGi’s gross profit margin was 17.61 percent, and the weighted average return on equity was 12.64 percent.

LONGi has set its global shipment target of monocrystalline silicon wafers around 90GW-100GW (including internal use) and shipment target of modules around 50GW-60GW (including internal use). The company plans to achieve operating revenue of more than 100 billion yuan in 2022.

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