On 29 April 2024, LONGi, the global leader in photovoltaic technology, has released its annual results for the 2023 fiscal year.

This PV giant achieved an income of 129.498 billion yuan, once again exceeding 120 billion yuan. Its net profit attributable to the parent company was 10.834 billion yuan, with a gross margin of 18.26%. Its gearing ratio was 56.87%. LONGi invested a total of $7,721 million in research and development in 2023, equivalent to 5.96% of its operating revenue. Furthermore, the company achieved an operating income of 17.674 billion yuan in the first quarter of 2024.

Due to module prices falling below 1 yuan per watt in Q4 2023, which was a result of the sharp drop in prices of photovoltaic products in 2023, LONGi conducted an impairment test on assets with signs of impairment and proposed to make an impairment provision of 7 billion yuan. This included 5.2 billion yuan of provision for decline in inventory and 1.6 billion yuan of provision for impairment of fixed assets.

In 2023, LONGi delivered 125.42GW of monocrystalline silicon wafers, of which 53.79GW was sold externally. 5.90GW of monocrystalline cells were sold externally, and 67.52GW of monocrystalline modules were shipped, of which 66.44GW was sold externally.

In the first quarter of 2024, the company shipped 26.74GW of monocrystalline silicon wafers (12.43GW externally sold), representing a year-on-year increase of 12.26%. It also shipped 12.89GW of monocrystalline modules (external sales of 12.84GW), representing a year-on-year increase of 16.55%.

LONGi anticipates shipping 135GW of silicon wafers and 90-100GW of cells and modules in 2024. Over the next three years, its annual production capacity of monocrystalline silicon wafers is planned to reach 200GW, with TaiRay wafers accounting for over 80% of this capacity. Furthermore, the annual production capacity of BC cells will reach 100GW, while that of monocrystalline modules will reach 150GW.