LongiTech posts $7 million profit in H1

Revenue fell 4.6% on the year to CNY 286.1 million in the six months of the end of June, according to an interim report filed to the Hong Kong stock exchange. However, LongiTech’s main solar and smart energy business accounted for CNY 178.1 million of total revenue, up sharply from CNY 11.8 million in the first half of 2016.

The Chinese company — based in Gaobeidian, Hebei province — provides cloud-based smart energy management solutions for industrial, commercial and residential electricity users. It also develops distributed-generation PV projects. By the end of June, it claims its monitoring unit was servicing 2,550 corporate customers, in addition to roughly 230 real-time users via its cloud platform. In addition to using big data analysis to support services such as load predictions and auction analysis, the company also offers O&M services.

Its downstream unit is mainly focused on developing distributed-generation solar projects, largely in the commercial and industrial (C&I) segment. In June, it acquired an undisclosed amount of operational PV capacity from an unspecified seller across seven C&I sites. It now owns 53.7 MW of grid-connected solar capacity in China’s Hebei, Shandong, Jiangsu and Guangdong provinces. Its 10 solar operational projects generated 36.8 GWh of electricity throughout the first six months of this year.

LongiTech expanded into China’s residential PV market in the first half of 2017, with a core focus on Zhejiang, Shaanxi, Shandong, Hunan, Henan, Liaoning and Heilongjiang provinces. It shipped 31 MW of residential solar capacity in the January-June period. All of the systems that it has sold are connected to its cloud monitoring platform.

In April, Long Ji Tai He Investment Holding — an indirect wholly owned unit of LongiTech — bought Guangshuo New Energy for roughly $16.7 million. Guangshuo New Energy owns and operates about 23.51 MW of distributed-generation solar capacity in China.