At this point, LONGi Green Energy has achieved a rapid growth of more than 30% in revenue for ten consecutive years (2013-2022), and has maintained positive growth for 20 consecutive quarters (2017 third quarter-2022 second quarter). Demonstrate extraordinary sustained growth. In terms of profitability, LONGi Green Energy has remained profitable for ten consecutive years (2013-2022) and has remained profitable for 36 consecutive quarters.
The achievement of these achievements is inseparable from the rapid growth of global photovoltaic demand. It is also closely related to the fact that LONGi Green Energy has always maintained certain core competitive advantages in strategy formulation and execution, technology research and development, product quality, brand channels, and financial stability. .
Breaking the world record for photovoltaic cell conversion efficiency three times in the first half of the year
Technological progress is the core competitiveness of the photovoltaic industry, and technological leadership is the gene of LONGi Green Energy.
LONGi Green Energy founder and president Li Zhenguo said that for many years, LONGi Green Energy has been taking "making good use of the sun's rays to create a green energy world" as its mission, adhering to the brand positioning of "stable and reliable, technology-led" and focusing on technological innovation. It continues to lead the technological progress of the photovoltaic industry and has contributed to the significant reduction of photovoltaic costs in the past decade.
Longi Green Energy has always maintained high-intensity R&D investment, investing 3.67 billion yuan in the first half of this year, accounting for 7.28% of operating income. As of June 30, 2022, LONGi Green Energy has obtained a total of 1,808 authorized patents of various types.
Among them, in terms of crystal slicing, for the performance requirements of silicon wafers required for new battery technology, Longi Green Energy has achieved compatible production from raw materials, equipment, auxiliary materials, etc., to supply new battery technology Silicon wafers have sufficient technical reserves and mass production guarantees. In terms of battery components, LONGi Green Energy has creatively developed HPBC structural batteries, continuously promotes the mass production and transformation of new high-efficiency batteries and components in terms of high cost performance and commercialization, and is poised to create differentiated products and build long-term competitive advantages.
Driven by technology leadership, LONGi Green Energy has broken the world record for photovoltaic cell conversion efficiency three times since this year. In March, a silicon heterojunction cell prepared using gallium-doped p-type silicon wafers on M6 full-size monocrystalline silicon wafers set a world record for cell conversion efficiency of 25.47%; in March, on M6 full-size monocrystalline silicon wafers, It set a world record for indium-free HJT cell conversion efficiency of 25.40%; in June, it achieved a cell photoelectric conversion efficiency of 26.50% on M6 full-size monocrystalline silicon wafer, once again setting a new world record for HJT cell efficiency.
"Overseas" has become an important sales market
In the first half of 2022, affected by the price increase of raw materials such as polysilicon materials and the fluctuation of downstream demand, LONGi Green Energy coordinated and guaranteed project supply chain resources to the maximum extent, while ensuring the delivery of customer orders. Under the premise, we will appropriately adjust the production capacity operating rate and production expansion progress, while accelerating production capacity upgrades and intelligent manufacturing, continuously improving production efficiency and intelligent manufacturing levels, and reducing operating costs.
Among them, LONGi Green Energy takes customer value as its core, adheres to the concept of stability and reliability, improves delivery and performance capabilities, and adopts active and flexible business strategies. Actively promote efficient and high-reliability products to customers, allowing customers to benefit from technological progress, and lock in long-term orders with strategic customers while actively shouldering upstream cost pressures to ensure customer benefits and value; persist in promoting business innovation, and accelerate the advancement of BIPV and hydrogen energy and system solution services; launch the industry's first one-stop household photovoltaic solution "LONGi Sunflower", allowing users to enjoy lower credit costs and obtain high reliability, high quality and long life cycle photovoltaic power generation income, thereby setting the industry compliance benchmark.
In overseas markets, in the past three years (2019-2021), LONGi Green Energy’s overseas revenue accounted for 38.38%, 39.32% and 46.89% respectively. Overseas markets have become an important sales market for LONGi Green Energy.
Among them, in the first half of this year, affected by WRO, anti-circumvention investigations and UFLPA, LONGi Green Energy’s business orders and expansion in the US market were affected to a certain extent. However, LONGi Green Energy adjusted its business strategy in a timely manner and shifted its sales focus to other important markets such as Europe. With long-term accumulation in product services, brand awareness and channel layout, it has maintained good competitiveness and its overseas business fundamentals are stable. .
Thanks to these efforts and benefiting from the rapid development of the photovoltaic industry, LONGi Green Energy achieved monocrystalline silicon wafer shipments of 39.62GW and monocrystalline module shipments of 18.02GW in the first half of 2022.
With the expansion of market scale, rising performance and notes payable settlement volume, the net cash flow generated by LONGi Green Energy’s operating activities was 10.698 billion yuan, a year-on-year increase of 1162.43%. At the same time, LONGi Green Energy’s asset-liability ratio is 57.91%. Since data are available (2007), LONGi Green Energy's asset-liability ratio has never exceeded 60%. It has industry-leading repayment capabilities and debt repayment capabilities, effectively supporting LONGi Green Energy's ability to finance production expansion and resist cyclical risks.
Prospectively create innovative products and solutions
In the first half of 2022, global photovoltaic demand has grown rapidly. Statistics from the China Photovoltaic Industry Association show that in the first half of 2022, China's installed photovoltaic power generation capacity was 30.88GW, a year-on-year increase of 137.4%; the year-on-year growth of polysilicon, silicon wafers, cells, and components all increased by more than 45%; overseas photovoltaic market demand continues to be strong , achieving both volume and price increases, with total exports reaching approximately US$25.9 billion, a year-on-year increase of 113%.
However, to this day, "opportunities" and "risks" are still two keywords for the development of the photovoltaic industry.
Looking back at the development history of LONGi Green Energy, no matter whether the times are good or bad, its decision-makers have always maintained a sufficient sense of crisis. This has almost become a "habit" and has become an important part of LONGi Green Energy's "stable and reliable" gene.
In the first half of this year, facing the complex internal and external operating environment, LONGi Green Energy required employees at all levels to maintain a sense of crisis and worry, and to continuously improve operational efficiency and organizational capabilities around annual operating goals; guided by high goals and oriented by problems, Focus on operating results, actively promote and optimize management improvements; optimize the forecasting system , scientifically manage and control deviations and problems; build professional EHS management capabilities and scientific management systems to prevent mistakes and eliminate empiricism; continue to strengthen confidentiality management, focus on customer needs, continue to promote business innovation, and proactively create innovative products and solutions. Increase the reserve of knowledgeable talents and incubate new growth engines for the sustainable development of enterprises.
Wang Shijiang, secretary-general of the China Photovoltaic Industry Association, once said that photovoltaic installed capacity will continue to grow significantly in the future. However, an enterprise’s investment layout and supply chain selection must be prepared to penetrate cycles and have the ability to win in fierce competition.
Therefore, in the future, LONGi Green Energy will continue to adhere to the brand positioning of "stable and reliable, technology-led", drive the road to sustainable development with technological innovation, and use more products and solutions with customer value to contribute to the global energy transformation. . (Lu Rongjie)
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