LONGi has released its financial report for Q3 2024, showing cumulative revenue of CNY 58.593 billion (770 mio. €)for the first three quarters of the year. The third quarter contributed CNY 20.064 billion (264 mio. €) in revenue, with a net loss attributable to shareholders of CNY -1.261 billion (170 mio. €) reflecting a gradual reduction in losses as the company progresses through a challenging industry cycle and enhances its operational efficiency.
Adapted market strategy and counter measures
In 2024, a supply-demand imbalance in the photovoltaic (PV) industry and intensified price competition have led to the industry’s first collective loss since 2016. In response, LONGi adapted its market strategy and adjusted shipments to manage risks associated with fluctuating supply and demand. For the first three quarters, LONGi shipped 82.80GW of silicon wafers (including 35.03GW for external sales), a decrease of 4.22% year-on-year, while module shipments reached 51.23GW (including 13.77GW of BC modules), a year-on-year increase of 17.70%.
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LONGi implemented cost-control measures, reducing management expenses by 34.70% year-on-year to CNY 2.422 billion. This strategic focus on cost efficiency would have bolstered the company’s resilience amid market challenges, LONGi announced.
Continiuous investment in R&D and back contact technology
LONGi has invested over CNY 23.5 billion in R&D over the past five years to enhance core competitiveness and advance its product portfolio. Following the strategic route announced in September 2023 towards BC (back contact) technology, LONGi has introduced several differentiated products to align with market demand.
Previously, BC technology production was limited to less than 1GW annually. In the first half of 2024 Chinese firms, including LONGi or AIKO, have expanded production to nearly 12GW, with BC modules now included in large-scale Chinese procurement bids.
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"For twenty years, LONGi has been focused on one thing, which is to make solar power cheaper, easier to use, and safer, so that it can benefit everyone. We always focus on improving photovoltaic conversion efficiency and the safety and reliability throughout the entire life cycle," said Baoshen Zhong, Chairman of LONGi.
LONGi’s HPBC 2.0 product line further supports this expansion, offering high efficiency and reliability across a range of photovoltaic applications. The adoption of BC technology and the associated laser-based production process reflects a strategic shift toward product differentiation and increased market penetration.
HPBC 2.0 against homogenized competition and industry pressure
In response to industry pressures and to avoid homogenized competition, LONGi launched its high-efficiency HPBC 2.0 technology. With a mass production power rating up to 670W, LONGi’s HPBC 2.0 modules claim to surpass TOPCon modules by over 30W, achieving a mass production efficiency of 24.8%, the highest globally for solar modules according to LONGi.
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HPBC 2.0 technology claims to deliver 6% higher power generation than comparable TOPCon products and enhances pre-tax profitability by 15%-20%, according to LONGi. LONGi’s recent releases, the Hi-MO 9 and Hi-MO X10 modules, would incorporate these technological advancements, according to the company.
LONGi sees sustained growth for the photovoltaic industry
LONGi anticipates improvements in the industry landscape as outdated capacity is phased out and some projects are postponed or terminated. The demand for efficient products continues to drive sector growth, with policies supporting further expansion. LONGi projects that the PV industry will achieve stable annual growth of 10%-15%, supported by efficiency gains and high-performing technologies. (hcn)
