Frankfurt am Main, 11.11.2024 – LONGi Green Energy Technology Co., Ltd. (“LONGi”) has released its financial report for Q3 2024 on 30th October 2024, showing cumulative revenue of CNY 58.593 billion for the first three quarters of the year. The third quarter contributed CNY 20.064 billion in revenue, with a net loss attributable to shareholders of CNY -1.261 billion, reflecting a gradual reduction in losses as the company progresses through a challenging industry cycle and enhances its operational efficiency.
LONGi adapted market strategy and implemented measures to successfully counter industry’s collective loss
In 2024, a supply-demand imbalance in the photovoltaic (PV) industry and intensified price competition have led to the industry’s first collective loss since 2016. In response, LONGi adapted its market strategy and adjusted shipments to manage risks associated with fluctuating supply and demand. For the first three quarters, LONGi shipped 82.80GW of silicon wafers (including 35.03GW for external sales), a decrease of 4.22% year-on-year, while module shipments reached 51.23GW (including 13.77GW of BC modules), a year-on-year increase of 17.70%.
LONGi implemented precise cost-control measures, reducing management expenses by 34.70% year-on-year to CNY 2.422 billion. This strategic focus on cost efficiency has bolstered the company’s resilience amid market challenges.
LONGi continues to invest in R&D and back contact technology
LONGi has invested over CNY 23.5 billion in R&D over the past five years to enhance core competitiveness and advance its product portfolio. Following the strategic route announced in September 2023 towards BC (back contact) technology, LONGi has introduced several differentiated products to align with market demand. Previously, BC technology production was limited to less than 1GW annually. In the first half of 2024 Chinese firms, including LONGi, have expanded production to nearly 12GW, with BC modules now included in large-scale Chinese procurement bids.
“For twenty years, LONGi has been focused on one thing, which is to make solar power cheaper, easier to use, and safer, so that it can benefit everyone. We always focus on improving photovoltaic conversion efficiency and the safety and reliability throughout the entire life cycle,” said Baoshen Zhong, Chairman of LONGi.
LONGi’s HPBC 2.0 product line further supports this expansion, offering high efficiency and reliability across a range of photovoltaic applications. The adoption of BC technology and the associated laser-based production process reflects a strategic shift toward product differentiation and increased market penetration.
LONGi counters industry pressures and homogenized competition with HPBC 2.0
In response to industry pressures and to avoid homogenized competition, LONGi launched its high-efficiency HPBC 2.0 technology. With a mass production power rating up to 670W, LONGi’s HPBC 2.0 modules surpass TOPCon modules by over 30W, achieving a mass production efficiency of 24.8%, the highest globally for solar modules. HPBC 2.0 technology delivers 6% higher power generation than comparable TOPCon products and enhances pre-tax profitability by 15%-20%.
LONGi’s recent releases, the Hi-MO 9 and Hi-MO X10 modules, incorporate these technological advancements, reinforcing the company’s position as a leader in high-efficiency PV solutions.
LONGi sees sustained growth for the photovoltaic industry
LONGi anticipates improvements in the industry landscape as outdated capacity is phased out and some projects are postponed or terminated. The demand for efficient products continues to drive sector growth, with policies supporting further expansion. LONGi projects that the PV industry will achieve stable annual growth of 10%-15%, supported by efficiency gains and high-performing technologies.
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About LONGi and LONGi Solar
LONGi Solar is one of the world’s largest solar technology companies. It is a subsidiary of LONGi Green Energy Technology (LONGi), which was founded in 2000. LONGi has more than 60,000 employees, 30+ locations and 30 manufacturing sites globally. LONGi Europe is headquartered in Frankfurt am Main, Germany. The company has established five business sectors, covering mono silicon, wafers, cells and modules, commercial and industrial as well as residential distributed solar solutions, green energy solutions and hydrogen equipment to support the development of zero-carbon energy globally.
Since 2021, LONGi has broken the photovoltaic (PV) cell conversion efficiency record 18 times in a row. Currently the company is holding two efficiency world records, both officially confirmed in 2024: 34.6% for crystalline silicon-perovskite tandem solar cells, and 27.30% for crystalline silicon Heterojunction Back Contact (HBC) solar cells. LONGi is the first Chinese solar manufacturer to join the three distinguished climate initiatives RE100, EP100 and EV100. Under the Science Based Targets Initiative (SBTi), LONGi has set a 2030 emission reduction target aiming to reduce greenhouse gas emissions by 60 percent across its operations and productions compared to 2020 levels.
