LONGi Reports 44% Increase in Revenue in H1 2022

In the first half of 2022, LONGi's operating performance steadily increased, reaching consolidated operating income of 50.417 billion yuan, an increase of 43.64% over the previous last year. 

Net profit attributable to shareholders of the listed company was 6.481 billion yuan, an increase of 29.79% over the previous year, among which the net profit attributable to shareholders of the listed company, excluding non-recurring gains and losses, was of 6.405 billion yuan, an increase of 30.58% over the previous year, and basic earnings per share stood at 0.86 yuan , an increase of 30.3% over the previous year.

In the first half of 2022, LONGi shipped 39.62GW of monocrystalline silicon wafer, of which 20.15GW was sold externally and 19.47GW for internal use. Shipments of monocrystalline modules reached 18.02GW, of which 17.70GW were sold externally (including 87.35MW of BIPV modules) and 0.32GW for internal use. 

Although the US market is impacted by the WRO (Withhold and Release Order) and the increase in storage costs, the company has timely adjusted its operational strategy by shifting its sales focus to other key markets such as Europe. 

With a high quality product, brand recognition and long-term channel development, LONGi has maintained good competitiveness and its overseas business has also developed rapidly.

The data show that in the last three years (2019-2021), LONGi's revenue growth abroad was 38.38%, 39.32% and 46.89% respectively, and the foreign market has become an important field of sales for the company. 

This year, the European Commission formally launched the 'RE Power EU' plan, which aims to increase the share of renewable energy in the energy structure from 40% to 45% by 2030, double installed solar PV capacity to over 320GW by 2025 and close of 600GW by 2030.

Meanwhile, the Indian market imported almost as many modules in the first quarter alone as during the whole of 2021.