LONGi Inexperienced Vitality Expertise Co., Ltd., a world chief in photo voltaic expertise, formally launched its efficiency report for the yr 2023. The corporate achieved a income of 129.498 billion yuan, persevering with to keep up a scale of 100 billion in income. Based mostly on the judgment of dangers throughout the interval of speedy modifications in expertise routes, the corporate formally introduced final yr that it will use the BC (Again-Contact) expertise route to realize manufacturing line renewal; merging the trade’s commonality of being affected by cyclical elements, the corporate adjusted the efficiency of the interval barely declined.
The online revenue attributable to shareholders of the listed firm for the entire yr was 10.751 billion yuan, of which the online revenue attributable to shareholders of the listed firm after deducting non-recurring good points and losses was 10.834 billion yuan; the great gross margin was 18.26%, and the return on weighted common internet belongings was 16.20%.
Asset impairment impacts short-term efficiency, taking a deep crouch to construct energy for going through the brand new cycle
In 2023, China’s photovoltaic trade continued to broaden, with manufacturing of key manufacturing hyperlinks resembling polysilicon, silicon wafers, cells, and modules all experiencing year-on-year development of over 64%, and the full trade output worth exceeding 1.75 trillion yuan. Nevertheless, the corporate’s short-term efficiency was affected by the cyclical downturn within the trade’s industrial chain worth and the alternative of outdated and new manufacturing capacities.
By the top of 2023, the corporate’s self-owned silicon wafer manufacturing capability reached 170 GW, the cell manufacturing capability reached 80 GW, and the module manufacturing capability reached 120 GW. In 2023, the corporate carried out impairment assessments on belongings displaying indicators of impairment and proposed to put aside an impairment provision of seven billion yuan, which primarily consists of stock write-down provisions of 5.2 billion yuan and stuck asset impairment provisions of 1.6 billion yuan. On the similar time, affected by the continual decline in product costs at numerous levels of the photovoltaic trade chain, the corporate’s provisions for stock and different belongings elevated accordingly.
Within the first quarter of 2024, the corporate achieved shipments of 26.74 GW of monocrystalline silicon wafers (12.43 GW offered externally), a year-on-year improve of 12.26%; achieved 1.51 GW of monocrystalline cells exterior gross sales; achieved 12.89 GW of monocrystalline module shipments (12.84 GW offered externally), a year-on-year improve of 16.55%, and achieved a income of 17.674 billion yuan, a year-on-year lower of 37.59%. LONGi’s chairman, Zhong Baoshen, acknowledged that the corporate’s general enterprise for the yr will present a development of being decrease within the first half and better within the second half, with a gradual improve quarter by quarter. LONGi’s general cargo development price for the yr is not going to be decrease than the trade common, and the product cargo quantity will proceed to develop.
Through the reporting interval, going through a market setting the place new market alternatives and provide and demand pressures coexist, LONGi maintained a excessive depth of R&D funding, driving product price discount and effectivity enchancment by way of innovation, and technological upgrades and iterations, to construct the corporate’s differentiated aggressive benefits. From the itemizing in 2012 to the top of 2023, the corporate has gathered R&D funding of greater than 27 billion yuan, and has obtained 2879 patents of assorted varieties. The R&D funding for the entire yr of 2023 was 7.721 billion yuan, accounting for five.96% of the income.
The tempo of commercializing scientific and technological achievements accelerates, with new merchandise anchoring the supply of worth development
These days, the services and products offered by numerous photo voltaic producers have gotten more and more homogenized, with technological upgrades largely primarily based on the identical technical route and platform. There is no such thing as a vital distinction between the merchandise of various firms, resulting in fierce value competitors. The trade has reached a consensus that superior manufacturing capability won’t ever be extreme.
The fruit of three years of devoted analysis and improvement, LONGi launched the TaiRay silicon wafer product in March 28, 2024. It has uncommon benefits resembling full platform help, excessive resistance focus, and wonderful impurity absorption results, attaining a breakthrough within the substantial innovation of silicon wafers that has not been seen in almost a decade, and is anticipated to enter mass manufacturing within the second quarter of this yr. The 2023 Annual Report exhibits that the corporate has efficiently developed the HPBC 2.0 product, which might obtain a module energy that’s greater than 5% greater than that of the identical specification TOPCon modules, growing the ability era of the ability station over its whole life cycle by 6.5% to eight%. The plan is to step by step introduce mass manufacturing within the second half of 2024. Chairman Zhong Baoshen as soon as acknowledged that the corporate is accelerating the transformation of PERC manufacturing capability, and the product will likely be in a really vital main place by 2025.
Main firms have a considerably greater threat resistance functionality than second and third-tier firms. In 2023, after LONGi formally introduced the BC (Again-Contact) expertise route, the product has been extremely acknowledged globally. Solely half a yr after steady mass manufacturing, the month-to-month cargo scale exceeded 2GW. Adhering to the precept of main and increasing manufacturing with superior expertise, LONGi has accelerated the tempo of commercializing scientific and technological achievements, and the superior manufacturing capability with differentiated aggressive energy is value trying ahead to. Over the following three years, the corporate is anticipated to realize an annual manufacturing capability of 200 GW for monocrystalline silicon wafers, of which the “TaiRay” silicon wafer manufacturing capability will account for greater than 80%; the annual manufacturing capability for BC (Again-Contact) cells will attain 100 GW; and the annual manufacturing capability for monocrystalline modules will attain 150 GW.
In response to the continual upgrading of BC (Again-Contact) expertise merchandise and the event of next-generation expertise, LONGi continues to trace and put money into technical routes resembling TOPCon, HJT, and tandem, attaining excellent leads to the event and introduction of mass-produced cell expertise, breakthroughs within the effectivity of recent kinds of high-efficiency cells, and the event and design of recent merchandise tailor-made to buyer wants. The corporate has set world information for each the back-contacted crystalline silicon heterojunction photo voltaic cell with an effectivity of 27.09% and the crystalline-silicon-perovskite tandem cell with an effectivity of 33.9%, additional consolidating the corporate’s R&D energy and cutting-edge technical reserves.
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