Frankfurt am Main 16th November 2023 – LONGi, the world’s leading solar technology company, has maintained its AAA rating in the latest PV ModuleTech Bankability Report for the third quarter 2023, underlining the company’s continued consistency in performance and financial stability. The company’s 15th consecutive AAA rating is testimony to the widespread trust placed in its overall strength by international financial markets, third-party institutions, and the photovoltaic industry in general. The PV ModuleTech Bankability Report comprehensively analyses and benchmarks solar manufacturers regularly based on their relative strengths from a manufacturing (value-chain, production, global module shipment profile, CapEx and R&D spending) and financial (cash-flow, debt, valuation, profitability, and turnover) perspective.
15th AAA rating in succession underlines strong first half-year 2023
The AAA rating is further evidence of LONGi’s financial strength and compliance with the most stringent financial requirements for long-term stability. In addition, LONGi had a strong first half of 2023 and recently announced the second quarter of 2023 as the best in the company’s history with a net profit of over EUR 0.7 billion (CNY 5.5 billion)*.
LONGi has been the number one solar company in terms of module and wafer production and shipments since 2020, and forecasts 130GW of module production capacity in 2023. 30 GW will come from its premium back contact module series Hi-MO X6. The solar tech innovation carries LONGi’s proprietary back contact technology HPBC (Hybrid Passivated Back Contact).
BloombergNEF and Altman-Z Score confirm positive and strong outlook
Further independent institutions have been evaluating LONGi in the past months with results proving the company’s resilience and capability to serve its customers and stakeholders through a range of challenges and market conditions. Among them are the BloombergNEF (BNEF) PV Module and Inverter Bankability Report and the Altman-Z Score.
In November 2022, the annual BloombergNEF (BNEF) PV Module and Inverter Bankability Report recognized LONGi as a 100% bankable module brand demonstrating excellent financial health, supported by growing corporate strength and a high level of technological R&D. LONGi also deployed a very effective risk control and showed a long-term sustainable development ability.
Additionally, LONGi achieved an Altman-Z Score of 4.3 in the Q3 BNEF Global PV Market Outlook, putting the company in the best possible category called “Safe Zone” emphasizing its financial stability. The Altman-Z Score model was developed by the US finance professor Edward Altman in 1968 as a measure of the financial stability of companies.
LONGi’s Hi-MO X6 back contact series is one of the key drivers for future growth
Following its introduction in the global market in November 2022, LONGi’s premium module series Hi-MO X6 based on high-efficiency HPBC cell technology has reached widespread recognition in the European solar market and among distributors, installers, and end customers. The technology features a frontal busbar-free design and therewith maximizes the utilization of incident light. It also reduces optical losses, enhances conversion efficiency, and consequently optimizes the Levelized Costs of Electricity (LCOE). The standard version of the HPBC cell has achieved an efficiency breakthrough of 25.5%, while HPBC+ cell efficiency exceeds 25.8%. Equipped with this cutting-edge technology, the Hi-MO X6 shows a 6% to 10% improvement in power generation performance compared to conventional modules. With a maximum module efficiency of 23.3%, the product sets a new value benchmark for the global rooftop market.
More recently, LONGi has taken a stance on back-contact technology as the solar technology of the future in the coming years given the higher scope for efficiency improvements compared to alternative technologies. By improving the technology, modifying the manufacturing processes, and significantly reducing the cost, the company unlocked the large-scale promotion of back contact solar cell technology which is known for its high efficiency, reliability, and aesthetics. For the first time, LONGi makes a premium technology available to the mass market.
