According to the company’s financial figures from last year, LONGi’s annual sales will top RMB100 billion ($14.4 billion) for the first time in 2022.
LONGi is always one of the top four companies in the world that make solar panels. Last year, it made 85.06GW of monocrystalline silicon wafers. It sold 42.52GW of those wafers to users outside the company and used the other 42.54GW to make its own goods.
At the end of the year, it could make 133GW worth of wafers, 50GW worth of cells, and 85GW worth of modules. LONGi said that it wants these abilities to grow a lot by the end of 2023, with production goals of 190GW for monocrystalline wafers, 110GW for cells, and 130GW for modules. By the end of this year, it plans to ship 85GW of units.
The price of polysilicon was high for most of 2022, and LONGi said it took steps to deal with this. Over the course of a year, the price went down because there were more ways to make silicon and more of it was available.
In 2022, LONGi’s income went up 60% from the previous year to RMB129 billion, which is about $18.6 billion. It had a net income of RMB28.3 billion (US$4.1 billion) in the first quarter of 2023, which was a 52% increase year over year.
Net income went up 63.2% year over year to RMB14.8 billion (US$2.1 billion), and net cash flow from running activities went up 97.7% to RMB24.37 billion (US$3.5 billion), which is almost double what it was in 2021.
In Q1 2023, another SMSL partner, Jinko Solar, had sales of RMB23.33 billion (US$3.3 billion), which was a 58% increase from the same quarter the year before.
LONGi said in its financial report that it plans to invest in and speed up its production lines in China to serve markets outside of China. It is also strengthening its standing in Malaysia and Vietnam. Europe is a big buyer of Chinese modules and has big plans for installing them in the coming years. India also wants to install a lot more solar panels. In a report on H1 2022, the company talked about both of these areas.
The SMSL member worked with US renewable energy company Invenergy to build a 5GW module assembly plant in Ohio earlier this year. This was the first time the Chinese maker had done business in the US.
LONGi also talked about its efforts in research and development and its work to make p-type heterojunction (HJT) cells and modules work better.
