LONGi publishes its annual report for 2022 and 2023 Q1

- 2022 revenue reached 128.998 bln yuan, first time surpassing 100 bln yuan
- Net profit in 2022 stands at 14.812 bln yuan, up 63.02% y-o-y
- LONGi says its 2023 revenue expected to surpass 160 bln yuan

XI'AN, China, May 5, 2023 /PRNewswire/ -- LONGi Green Energy Technology, a global leading renewable energy company, released its annual report for 2022 and 2023 Q1. According to the financial report, the company achieved a revenue of 128.998 billion yuan in 2022, a year-on-year increase of 60.03%. This is the first time that LONGi's yearly revenue stands above the 100 billion yuan level.

For the first quarter of 2023, LONGi's revenue reached 28.319 billion yuan, up 52.35% from last year. In the report, LONGi announced that its 2023 revenue is expected to surpass 160 bln yuan.

LONGi's 2022 net profit attributable to shareholders of the listed company was 14.812 billion yuan, a y-o-y increase of 63.02%. Its net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was 14.414 billion yuan, a y-o-y increase of 63.31%.

The report shows that in 2022 LONGi has produced a total of 85.06GW of monocrystalline silicon wafers, including 42.52GW for external sales and 42.54GW for internal use, steadily ranking 1st in global shipments of monocrystalline silicon wafers for 9 consecutive years. In 2022, LONGi produced 46.76GW of monocrystalline silicon modules, including 46.08GW for external sales and 0.68GW for internal use, steadily ranking 1st in global shipments of modules and market share for 3 consecutive years.

During the reporting period, LONGi's net cash flow from operating activities was 24.37 billion yuan, an increase of 97.77% y-o-y. The company's monetary funds was 54.372 billion yuan, accounting for 38.96% of total assets, with a y-o-y increase of 86.38%.

From 2020 to 2022, LONGi's asset-liability ratio was 59.38%, 51.31% and 55.39% respectively. The company adheres to a prudent business philosophy and maintains a reasonable asset liability ratio. And the company's weighted average net return on assets is 27.23%, 21.45% and 26.95% respectively.

Since its IPO in 2012 to September 2022, LONGi has invested over 18 billion yuan on R&D. By the end of 2022, the company has obtained 2,132 patents. LONGi now has a team of 4,036 employees for R&D and technological innovation, accounting for 6.66% of its entire global staff.

During the reporting period, LONGi has set a new world record of p-type HJT silicon solar cell efficiency at 26.81%, certified by the Institut für Solarenergieforschung in Hameln (ISFH). And the maximum mass production efficiency of its innovative module product Hi-MO 6 exceeds 23.2%. LONGi has made continuous breakthroughs in the industrialization of new high-efficiency solar cells, the R&D of original module technologies, and the transformation of industrial achievements.

By the end of 2022, LONGi's production capacity for monocrystalline silicon wafers, cells, and modules have respectively reached 133GW, 50GW, and 85GW.

The report also shows that LONGi has accelerated digital transformation and smart manufacturing development. With the transformation and upgrade of its manufacturing units and production lines, the company has reduced costs and improved efficiency.

The company has also announced its goals for 2023, with the company's production capacity for monocrystalline silicon wafers expected to expand to 190GW, monocrystalline silicon cells expected to expand to 110GW, and monocrystalline silicon modules expected to expand to 130GW.

For product shipments, LONGi is expected to achieve 130GW of monocrystalline silicon wafers (internal use included) and 85GW of monocrystalline silicon modules (internal use included).

LONGi said the company had achieved sustained and stable growth by ensuring product delivery, and the company had proactively undertaken the pressure of higher costs of raw materials. With the expansion of production capacity and the increased output of silicon materials, silicon materials prices of the industrial chain have returned to normal levels. The company is expected to achieve good performance in 2023.

For international markets, LONGi said the company has increased investment and accelerated the construction and upgrade of high-efficiency production lines in China to satisfy the increasingly diversified needs of the clients. The company has also optimized its investment internationally, including increasing investment in its production base in Kuching in Malaysia and completing the upgrade of its production base in Vietnam. The company is working to improve its production and operation capabilities internationally to satisfy the growing market demand outside of China.

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