LONGi Green Energy Technology's revenue nearly doubled in 2016

The monocrystalline ingot, wafer and module manufacturer LONGi Green Energy Technology Co., Ltd.'s (Xi'an, China) published its 2016 earnings report last week.

The financial results show that the company posted RMB11.531 billion (USD1.67 billion) in revenue, an increase of 93.89% from 2015, and net profit of RMB1.547 billion (USD 224 million), a significant increase of 197.36% from the year before.

Earnings per share stood at RMB 0.86 (USD 0.12), an increase of 177.42%. The weighted average return on net assets after deductions (WARA) was 21.15%, an increase of 9.18 percentage points, and the consolidated gross profit margin was 27.48%, an increase of 7.11 percentage points from the previous year.

“LONGi's noticeable improvement in performance is due to the company's successful effort in breaking free from traditional business model of relying solely on solar wafer, and adding module business to drive revenue growth”, the company notes.

Capacity expansion for solar cell and module business

Last year, solar module sales reached RMB5.7 billion (USD826 million). The module business gross margin of 27.2% is far higher than that of the solar cell and polycrystalline silicon businesses, and is closing in on the 28.16% margin for wafer business.

LONGi continues capacity expansions for the solar cell and module business. A few projects are already under way: a 500MW solar cell and module fab in India, a vertically integrated ingot/wafer/cell/module facility in Kuching, Malaysia, including 500MW cell and module, and 2GW cell and module manufacturing lines in Taizhou. In February 2017, Bloomberg New Energy Finance included LONGi Solar (formerly Lerri Solar) in its Tier 1 module supplier list.

LONGi anticipates to deliver 4.5GW of solar cells and modules this year

LONGi Solar president Li Wenxue commented, "By the end of last year, our monocrystalline module production capacity had reached 5GW, and the target for the end of this year is 6.5GW. LONGi anticipates to deliver 4.5GW of solar cell and module this year. While we will continue to expand our customer base and increase revenue, LONGi strives to maintain reasonable profit margin that will enable us to grow healthy and consistently. We are committed to the continuous improvement of our products and the enhancement of our technology, as we rely on product performance and quality to attract new customers and add value to our business." 

source: http://www.solarserver.com