LONGi Green Energy Technology Co. (hereinafter referred to as "LONGi") released its performance report for the first half of 2024. During the reporting period, the company generated revenues equivalent to 5.03 billion euros* (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. In a complex and volatile market environment, the company has demonstrated 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 its strong growth momentum. According to the National Energy Administration (NEA), China's new PV installations reached 102.48 GW in the first half of the year, up 30.68% year on year. This accounts for 67% of China's new power installations, highlighting the importance of solar power and reflecting the accelerated progress of the global energy transition. The NEA is a state administration in China, operating under the National Development and Reform Commission (NDRC).
Looking at export data, China's module exports grew by nearly 20% year-on-year in the first half, with Europe remaining the largest export market for Chinese modules. Pakistan, India, and Saudi Arabia have become the second, fourth, and fifth largest export markets for Chinese modules, respectively. In the face of continuous market changes in the photovoltaic industry, LONGi achieved a significant year-on-year increase in sales volume of over 140% in the Asia-Pacific region in the first half of the year.
Innovation strengthens leadership position; new HBPC 2.0 back contact product line already in high demand
Recently, China Huaneng Group, one of the five largest state-owned power generation enterprises in China, announced the details of the second batch of photovoltaic module procurement framework agreement for 2024. Of note, the third batch of bids will purchase 1GW of back contact modules. This is significant as it is the first time a state-owned energy group has established a dedicated procurement unit for BC modules. It is also a signal of a new development opportunity for BC technology in utility-scale power plants, which is highly anticipated by the industry.
In the first half of the year, LONGi launched the Hi-MO 9 bifacial module based on the high-efficiency HPBC 2.0 back-contact cell technology. It outperforms the industry-leading TOPCon modules by more than 30W with 660W of mass production power. With a significant increase in conversion efficiency to 24.43%, the series demonstrates an excellent improvement in energy efficiency. This is a result of the module's ability to capture more light under the same lighting conditions, leading to increased power generation.
Compared to conventional products, Hi-MO 9 has an 80% improvement in crack resistance. In addition, the module represents a significant technological leap forward by taking advantage of LONGi’s new high-quality TaiRay silicon wafers. This progress has also enhanced LONGi's opportunities and market share in the global competition.
Baoshen Zhong once stated that LONGi plans to introduce the advanced HPBC 2.0 cell technology to the distributed generation market. The Half Year Report published today reiterates this announcement.
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%. The annual production capacity of back-contact (BC) cells will reach 100GW, the production capacity of monocrystalline modules 150GW.
In particular, the next-generation HPBC 2.0 back-contact technology and related product series will reach a capacity of approximately 50GW by 2025, providing solid support for the company to recover ahead of the industry.
RETC and PVEL continued to recognize the performance of LONGi modules
In the first half of the year, LONGi's module products won the RETC "Highest Achievement" award for six consecutive years due to their outstanding performance and were recognized as "Best Performance" in PVEL reliability tests for the seventh consecutive year.
These awards are an important recognition of LONGi's technological excellence and product quality. They also demonstrate the company's deep-rooted commitment to solar innovation to accelerate the global energy transition.
LONGi also successfully maintained the highest AAA rating in PV-Tech's module bankability assessment for the 18th consecutive year, further solidifying its leading position in the global PV financing market.
LONGi's Chairman, Baoshen Zhong, 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.”
(*Exchange rate bases on the central parity rate published by the People's Bank of China on June 28, which was at 7.6617 RMB)
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