LONGi’s H1 FY21 Results Out: US$5.438 B Revenue Reported

Chinese module manufacturer LONGi has released its financial results for the first half of 2021, reporting revenue of 35.098 billion yuan (around US$5.438 billion), an increase of 74.26% compared to the same period of last year. The company earned a net profit of 4.993 billion yuan (around US$773.688 million), up 21.30% over the prior-year period.

2021 has been a bit of a mixed year for Chinese manufacturers, depending on how much of the supply chain they control. For a relatively large and integrated firm like LONGi, this has meant bumper profits on the back of higher prices.

The company’s debt to assets ratio in H1 FY21 was 55.18%, a decrease of 4.20 percentage points compared to the end of 2020. LONGi has obtained 1,196 patents to date. Investment in R&D increased to 1.614 billion yuan, accounting for 4.60% of the revenue during the reporting period.

LONGi shipped 38.36GW of monocrystalline silicon wafers during the period, including 18.76GW in exports, a year-on-year increase of 36.48%. Shipments of monocrystalline modules stood at 17.01GW, with exports reaching 16.60GW, an increase of 152.40%. The proportion of revenue from modules increased to 67%, as compared to 57% in the prior corresponding period.

In early June 2021, the company announced that the R&D conversion efficiency of its N-type TOPCon and HJT cells had reached 25.21% and 25.26%, respectively, while that of the newly announced P-type TOPCon cells reached 25.19%, a new record. Among them, the efficiency records of N-type TOPCon and HJT cells were included in the Solar Cell Efficiency Tables (Version 58) compiled by Martin Green, Scientia Professor at the University of New South Wales in Sydney, Australia.

In March 2021, LONGi entered the hydrogen energy sector and established laboratories in cooperation with several leading universities. This year, the firm also entered into a strategic partnership with CENTER to jointly develop the BIPV business in large-scale public and industrial buildings, expanding the application scenarios of PV products and promoting the applications of BIPV at scale. Additionally, LONGi, together with several industry players, has proposed the standardization of M10 silicon wafers and modules and issued the 182 Module Products white paper.