Xi’an, China, 29th August, 2024 — The world-leading solar technology company, LONGi Green Energy Technology Co., Ltd. (hereafter as "LONGi"), officially unveiled its performance report for the first half of 2024. During the reporting period, the company achieved a revenue of 38.529 billion yuan, with a silicon wafer shipment of 44.44GW (21.96GW sold externally); cell sales of 2.66GW externally; and a module shipment of 31.34GW. Faced with a complex and volatile market environment, the company has shown strong resilience and market adaptability.
The global PV market continues to grow, with emerging markets becoming a new engine.
In the first half of 2024, the global PV market continued to maintain a strong growth momentum. According to data from the National Energy Administration, in the first half of the year, China's new PV installations reached 102.48GW, a year-on-year increase of 30.68%, accounting for 67% of China's new power installations, highlighting the important position of solar power supply and reflecting the accelerated progress of global energy transformation.
Looking at export data, in the first half of the year, China's module exports grew by nearly 20% year-on-year, with Europe remaining the largest export market for China's modules. Pakistan, India, and Saudi Arabia have respectively risen to become the second, fourth, and fifth largest export markets for China's modules. Faced with the continuous market changes in the photovoltaic industry, LONGi achieved a significant year-on-year increase of over 140% in sales volume in the Asia-Pacific region in the first half of the year.
In addition, LONGi's module products have won the RETC "Highest Achievement" award for six consecutive years due to their outstanding performance and have been recognized as the "Best Performance" in the PVEL reliability tests for the seventh consecutive time. These awards not only highlight the industry's deep recognition of LONGi's technological excellence and product quality but also reflect the company's profound foundation in the PV field. LONGi has also successfully maintained the highest AAA rating in PV-Tech's module bankability assessment for the 18th consecutive time, further solidifying its leading position in the global PV financing market.
LONGi's Chairman, Zhong Baoshen, previously stated: "LONGi had a clear direction at the beginning of 2023 and carried out a series of planning. By 2025, our company will be the first to return to a growth track and will enter a recovery state ahead of the PV industry.”
Innovation drives the consolidation of the leading position, and HBPC 2.0 series products are favored.
The latest updates reveal that China Huaneng Group has announced the details of the second batch of photovoltaic module framework agreement procurement for 2024. Notably, the third bidding section is set to purchase 1GW of BC modules. This is significant as it marks the first time a state-owned energy group has established a dedicated procurement section for BC modules. It also signals a new development opportunity for BC technology in utility power stations, which is highly anticipated by the industry.
In the first half of the year, LONGi launched the Hi-MO 9 bifacial module product based on the high-efficiency HPBC 2.0 cell technology, with a mass production power of 660W, more than 30W higher than the industry-leading TOPCon modules, showing an excellent energy efficiency improvement. Its conversion efficiency has been significantly increased to 24.43%, which means that under the same lighting conditions, Hi-MO 9 can capture more light energy and increase power generation. Compared to traditional products, the Hi-MO 9's anti-crack capability has improved by 80%. By integrating advanced composite passivation technology and high-reliability back-contact interconnection technology, and leveraging the advantages of high-quality TaiRay silicon wafers, the Hi-MO 9 has achieved a significant technological leap. This advancement has also enhanced LONGi's opportunities and market share in the global competition.
LONGi has always focused on the coordinated advancement of technological innovation and cost control, continuously reducing production costs and rapidly realizing the industrialization of scientific and technological achievements by optimizing production processes and improving equipment investment efficiency, thus enhancing market competitiveness. Zhong Baoshen once stated that distributed series products equipped with cutting-edge HPBC 2.0 cell technology would also be launched. This announcement was reaffirmed in the semi-annual report released this time.
According to the company, in the next three years, LONGi's mono-crystalline silicon wafer annual production capacity will reach 200GW, with "TaiRay" silicon wafer capacity accounting for more than 80%; BC cell annual production capacity will reach 100GW; mono-crystalline module annual production capacity will reach 150GW. In particular, the HPBC 2.0 product will achieve a capacity of about 50GW by 2025, providing a solid support for the company to recover ahead of the industry.
About LONGi
Founded in 2000, LONGi is committed to being the world’s leading solar technology company, focusing on customer-driven value creation for full scenario energy transformation.
Under its mission of 'making the best of solar energy to build a green world', LONGi has dedicated itself to technology innovation and established five business sectors, covering mono silicon wafers cells and modules, commercial & industrial distributed solar solutions, green energy solutions and hydrogen equipment. The company has honed its capabilities to provide green energy and has more recently, also embraced green hydrogen products and solutions to support global zero carbon development. www.longi.com