On April 27, LONGi Green Energy Technology released its reports for 2022 and 1Q23. According to these reports, LONGi posted RMB 128.998 billion in operating income for 2022, representing a YoY growth of 60.03%. The company’s net profit attributable to shareholders reached RMB 14.812 billion for 2022, translating to a YoY increase of 63.02%. As for 1Q23, LONGi posted RMB 28.319 billion in revenue. Even though the costs of components and materials remained high during 2022, LONGi took actions to lower the cost pressure while ensuring products are delivered on time and in an excellent quality. As a result, the company achieved steady growth. The presentation of these reports were first covered by other Chinese media outlets.
LONGi Has Been Global Leader in PV Module Shipments for Three Consecutive Years
Regarding product shipments, LONGi shipped 85.06GW of mono-Si wafers in 2022. Of that amount, wafers sold to customers outside the company came to 42.52GW, and wafers for in-house use came to 42.54GW. As for mono-Si modules, LONGi shipped 46.076GW in 2022. Of that amount, modules sold to customers outside the company totaled 46.08GW, and modules for in-house use totaled 0.68GW. With more than 46GW, LONGi was again No. 1 in the global PV module market and has achieved this status for three years in a row. In terms of annual total revenue, LONGi posted a result that exceeded the RMB 100 billion mark for the first time for 2022.
LONGi’s asset-liability ratios for 2020, 2021, and 2022 were 59.38%, 51.31%, and 55.39% respectively. The company’s weighted average return on net assets came to 27.23% for 2020, 21.45% for 2021, and 26.95% for 2022. LONGi’s reports emphasized that the company’s interest-bearing debt has been maintained at a low level, thus reflecting a strong financial position and a strong risk resistance. Thanks its outstanding manufacturing capabilities and sound financial health, LONGi has become the world’s first PV module supplier to receive the highest financing rating from two authorities within the PV industry, namely PV ModuleTech and BNEF.
Moreover, during the reporting period, LONGi’s net cash flow from operating activities for the full year was RMB 24.37 billion, showing a huge YoY growth of 97.77%. Its cash and cash equivalents reached RMB 54.372 billion, showing a YoY increase of 86.38% and comprising 38.96% of its total assets. These results suggest that the company’s various business operations have been expanding rapidly. At the same time, the company is posting a higher growth rate for revenue, net profit, and cash inflows. Also, judging by these performances, LONGi appears to continue solidifying its position and enhancing its ability to withstand market cycles
LONGi Plans to Achieve Revenue of Over RMB 160 Billion for 2023
Since 2012, LONGi has invested over RMB 20 billion in R&D. As of the end of 2022, the company has amassed more than 2,132 patents related to various technologies. LONGi employs 4,036 workers that are dedicated to R&D. They make up 6.66% of the total employee count.
During the reporting period, LONGi’s HJT cells reached a conversion of efficiency rate higher than 26.81%. This achievement was confirmed by ISFH and represents the highest conversion efficiency rate for HJT cells worldwide. Also, LONG’s Hi-MO6 module, which is based on the in-house developed high-efficiency HPBC technology, reached its highest conversion efficiency rate of 23.2%.
Regarding capacity expansion activities, LONGi’s production capacity figures for mono-Si wafers and mono-Si modules reached 133GW and 85GW by the end of 2022. Also, LONGi has been making rapid progress in digital transformation and intelligent manufacturing at its production sites. The company continues to streamline, automate, and digitalize its manufacturing processes. The company stated that it various manufacturing units have been ramping up the optimization and upgrading of their production lines, thereby cutting costs and raising efficiency. With the expectation that the installation demand from the entire global PV market will keep rising, LOINGi will be able to maintain high shipment volumes and impressive financial performances.
Besides presenting its results for 2022 and 1Q23, LONGi has also announced its targets for production capacity and shipments for 2023. Regarding capacity targets, company aims to attain 190GW for mono-Si wafers, 100GW o for mono-Si cells, and 130GW for mono-Si modules by the end of 2023. As for shipment targets, the company aims to ship 130GW of mono-Si wafers and 85GW of cells and modules for 2023. These shipments targets include the amounts for in-house use. Lastly, turning to revenue, the company hopes to surpass RMB 160 billion for 2023.