The manufacturer LONGi reported operating revenue of approximately $2,4 billion in the first quarter of this year, an increase of 84,36% compared to the same period in 2020. The 2020 annual report to shareholders worldwide, released by the company last week, shows continued revenue growth and a significant increase in global shipments.
According to the balance sheet, net income grew 34,24%, reaching approximately US$ 381 million. Excluding non-recurring gains and losses, the company's gross profit was US$ 368 million, an annual increase of 37,46%. LONGi also announced that in 2020, 24,53 GW of monocrystalline modules were shipped, representing an increase of 223,98% compared to 2019.
For this year, the company's strategy is to maintain its business policy of advanced products, efficient operation, realistic collaboration and stable management. Furthermore, it estimates that its wafer, cell and production capacities will reach 105 GW, 38 GW and 65 GW, respectively, later this year.
LONGi also plans to improve management efficiency and create opportunities through digital transformation, increasing the competitiveness of the industrial chain with a focus on collaborative innovation.
Investment in R&D
In the statement, the manufacturer also highlighted that the company's technical innovations are aligned with its product leadership strategy and highlighted its strong investment in R&D (Research and Development). In 2020, approximately US$386 million was invested in R&D, ing for 4,75% of revenue, guaranteeing a cumulative total of 1.001 authorized patents. The company has an R&D team of more than 800 people.
Recognition
According to PV Tech’s ModuleTech Bankability ratings, LONGi is the only module supplier to have been AAA-rated for four consecutive years. The company also holds the highest score on BloombergNEF’s Altman-Z chart for module manufacturers. In 2020, the company was awarded “PV Top Brand” status by EuPD Research in Australia, Spain and the Netherlands. In RETC’s “PV Module Index Report 2020”, LONGi was recognized as a “Global High Achiever” and was the only company to achieve outstanding results in eight individual tests.
