LONG announced that it produced 46.76GW of monocrystalline modules in 2022, with over 46GW shipped to external customers. The company's revenue exceeded RMB100 billion (US$14.4 billion) for the first time last year, as revealed in its financial results.
LONGi is consistently ranked among the top four solar manufacturers worldwide, producing 85.06GW of monocrystalline silicon wafers in 2022, half of which were sold to external customers. At the end of the year, LONGi had a production capacity of 133GW for wafers, 50GW for cells, and 85GW for modules. The company plans to expand these capacities significantly by the end of 2023, with targets of 190GW for monocrystalline wafer production, 110GW for cell production, and 130GW for module production. It aims to ship 85GW of modules by the end of this year.
Despite high polysilicon prices in 2022, LONGi addressed the issue by increasing production capacity and improving silicon material availability, which lowered the price. As a result, the company saw a 60% YoY increase in revenue to RMB129 billion (US$18.6 billion) in 2022, with net profits increasing by 63.2% YoY to RMB14.8 billion (US$2.1 billion) and net cash flow from operating activities almost doubling to RMB24.37 billion (US$3.5 billion).
In Q1 2023, LONGi recorded net revenue of RMB28.3 billion (US$4.1 billion), a 52% YoY increase. Jinko Solar, another SMSL member, also recorded similar figures in Q1 2023, with revenues of RMB23.33 billion (US$3.3 billion), a 58% increase from the same quarter a year earlier.
LONGi is investing in and accelerating its production lines in China to serve international markets and consolidating its positions in Vietnam and Malaysia. It also plans to partner with Invenergy, a US renewables developer, to build a 5GW module assembly plant in Ohio, marking the company's first foray into the US market.
In addition, LONGi is highlighting its research and development investments and work in increasing the efficiencies of p-type heterojunction (HJT) cells and modules. The company sees enormous potential in markets like Europe and India, which are large importers of Chinese modules with significant deployment targets in the coming years.
As stated by Mr. Li Zhenguo, Founder and President of LONGi Group: “LONGi's development is inextricably linked to technological innovation. We will continue to invest in R&D and work to improve the efficiency and performance of our products while reducing costs. By doing so, we will help to accelerate the global transition to clean energy and achieve our vision of ‘solar for a sustainable future'.”
