LONGi Reports 40% drop in Revenues, Losses in H1 2024

LONGi Revenues Down 40% In H1 2024, Losses Climb To $760 Million

By Tony Cheu/ Updated On Thu, Sep 19th, 2024

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LONGi Green Energy, one of the largest integrated solar manufacturers , has reported its H1 results. The results reflect the weakness in prices seen during the year, with the firm slipping into significant loses on a reduced turnover. All this, despite LONGi reporting shipment of over 78 GW of wafer, cells and modules.

LONGi reported sales revenues of RMB38.5 billion (US$5.4 billion) with its sales in the Asia-Pacific region increased by 140% year on year. Even those numbers might be tough to replicate, considering the tariff, and non-tariff walls it is facing in many key markets. The domestic market remains a strong bulwark however. The APAC region stood out for the firm with a 140% increase.

The company shipped an impressive 78.44GW of products in H1, with 44.44GW accounted for by wafers, 31.34GW of modules and a small amount of cells. Module sales have gained in 2024 at the expense of wafers, as seen by the volumes it shipped in H1 2023, when it shipped 52.05GW of wafers and 26.64GW of modules.

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This total revenue figure is 40% lower than the same period in 2023, when revenues reached RMB64.7 billion (US$9.1 billion). LONGi’s net losses in the first half of the year hit RMB5.5 billion (US$760 million). reflecting a slight shift towards a higher proportion of sales coming from modules, as shown in the graph above.

LONGi has predicted it could ship 135GW of wafers and 90-100GW of modules in 2024. However, with prices persistently low, and multiple other challenges, those numbers may not come easy. Earlier this month, the firm raised wafer prices in hopes it would arrest the broader market decline and send a signal to customers. While too early to predict anything, considering the typical sales cycle, it is really difficult to see the firm drag itself out of losses despite the many steps it has taken to cut back.

The company, which has been championing back contact (BC)cells, expects capacity to grow to 100 GW over the next three years. LONGi’s mono-crystalline silicon wafer annual production capacity will reach 200 GW, with “TaiRay” silicon wafer capacity accounting for more than 80%; mono-crystalline module annual production capacity will reach 150 GW, according to its investor presentation.