LONGi reports full year 2019 results and Q1 2020; shows strong revenue growth led by technology leadership and substantial shipments
Full year 2019 Highlights
Revenue from operations increased by 49.62% annually to reach 32.897 billion yuan ($4,756.7 million)1
Net profit attributable to shareholders increased by 106.41% to 5.28 billion yuan ($763.45 million)1
Annual monocrystalline silicon wafer sales up by 139.17%; reached 4.702 billion pieces in 2019
Sale of cells and modules increase by 23.43%; reached 7.394 GW in 2019
Overseas shipments accounted for 67% of the total sales
Q1 2020 Highlights
Quarterly revenue from operations at 8.599 billion yuan ($1233.6 million)2
, YoY growth of 50.60%
Net profit at 1.864 billion yuan ($267.4 million)2
, up by 205.07% compared to corresponding quarter last year
Total asset value reached 63.151 billion yuan ($8913.21 million)3
as of March 2020
Strong operational strength reflected by an improved asset-liability ratio of 52.29%
Bifacial module shipment reached 5 GW during the quarter, ranking first in the world
LONGi had a strong end to the year 2019 and a good first quarter in 2020 as the company’s revenue and earnings continued to grow significantly, led by strong technology leadership and considerable increase in global shipments.
In 2019, LONGi’s revenue from operations has increased by 49.62% year-on-year (YoY) to reach 32.897 billion
yuan ($4756.7 million)1. Net profit attributable to shareholders of the listed company has increased by 106.41% year-on-year (YoY) to 5.28 billion yuan ($763.45 million)1 in 2019.
In Q1 2020, revenue from operations is reported at 8.599 billion yuan ($1233.6 million)2, a 50.60% increase
compared to the corresponding quarter in 2019. Net profit attributable to shareholders of the listed company during the reporting quarter is 1.864 billion yuan ($267.4 million)2, 205.07% higher than that in the corresponding quarter in 2019.
During the reporting period, LONGi has achieved significant breakthroughs. In 2019, itsold 4.702 billion pieces
of monocrystalline silicon wafers, which is an impressive 139.17% increase over the sales registered in 2018. The sale of cells and modules reached 7.394 GW in 2019, an increase of 23.43 per cent over the past year. The overseas shipments reached 4.991 GW, accounting for 67% of the total sales and reflecting an increase of 154.59% YoY. At the end of Q1 2020, LONGi’s bifacial module shipment has reached 5 GW, ranked first in the world.
The company has been continuously growing its production capacity and increasing efficiency to meet global demand. Its production capacity for monocrystalline silicon wafers has reached 42 GW, while that monocrystalline modules has reached 14 GW as of end-2019. In 2020, LONGi aims to reach a monocrystalline silicon wafer production capacity of 75 GW, and monocrystalline module production capacity of 30 GW. Continuing its efforts on efficiency improvement, LONGi invested 1.677 billion yuan ($242.48 million)1 in R&D in 2019, accounting for 5.1% of revenue from operations. LONGi has accumulated 702 patents at the end of the reporting period.
During the reporting period, LONGi launched the new products of M6 silicon wafers and Hi-MO4 module, which further led to and promoted a continuous reduction of the comprehensive cost of the industrial chain and LCOE, and helped meet the market demand for efficient products. By end-2019, the global intended order of Hi-MO4 module exceeded 10 GW.
Meanwhile, joining global initiatives and responding to global crisis, LONGi assumed increasing responsibility for the sustainable future. The company actively participated in the nation’s public welfare activities and donated 15 million yuan ($ 2.16 million)1 through the LONGi One Percent Foundation of the Red Cross Society of China to fight against the “invisible war”.
Going forward, with a higher scale of production and incessant improvement of PERC technology, LONGi’s manufacturing capacity will continue to expand, providing high-efficiency monocrystalline products to global customers and developing a stronger guarantee for the global market. The company’s future revenue guidance, therefore, stands extremely positive. LONGi’s revenue from operations is expected to reach 49.6 billion yuan ($7,116 million)2 in 2020. LONGi will continue to take greater responsibility for global development of the low-carbon economy and achievement of climate goals.
Notes: The financial figures in the FY2019 and Q1-2020 reports are denominated in Chinese Yuan (CNY). The
converted USD amount is for reference only.
1 USD-Chinese Yuan exchange rate of 1:6.9159 is used in the 2019 Annual Report
2.USD-Chinese Yuan exchange rate of 1:6.9702 is used in the Q1 2020 report
3 USD-Chinese Yuan exchange rate used in the Q1 2020 report to calculate the total assets is 1:7.0851
