Longi Green Energy has recorded $17.9 billion of operating revenue for 2023, up 0.39% year on year. Its net profit attributable to shareholders fell by 27.41% year on year to $1.49 billion.
Longi addressed the impact of falling product prices and technological advancements by allocating $935 million for provisions in 2023. This includes $715 million for inventory decline and $216 million for fixed asset impairment throughout the year.
Longi said it expects 125.4 GW of silicon wafer shipments in 2023, up 47.45% year on year. It said solar cell sales are projected to reach 5.9 GW, while module shipments are expected to hit 67.5 GW. For 2024, Longi said it aims to ship 135 GW of silicon wafers and 90 GW to 100 GW of solar cells and modules.
The company allocated $1.68 billion for R&D activities in 2023, representing 5.96% of its operating income. Its R&D efforts are mainly focused on improving back-contact (BC) products and exploring next-generation cell technologies. It said it remains committed to monitoring and investing in various technology pathways such as tunnel oxide passivated contact (TOPCon) and heterojunction (HJT) cells.
In the first quarter of 2024, the company was set to introduce bifacial, double-glass, anti-humidity and heat-resistant PV module products to cater to the needs of the distributed PV market. It said it also plans to launch mass production of a new generation of Tera wafer products in the second quarter, to improve the efficiency of cell technology across all major technology routes.
Longi noted the ongoing expansion of its overseas production capacity in 2023. Projects such as a 2.8 GW module facility in Malaysia and a 3.35 GW cell plant in Vietnam were launched on schedule. It said the construction of a 6.6 GW silicon rod project in Malaysia is also moving forward, while another 5 GW module plant in the US state of Ohio set to start production this year. It said these developments will support its global product supply capabilities.
Longi said it expects to achieve a monocrystalline silicon wafer production capacity of 200 GW per year by the end of 2026, with TaiRay wafer production capacity to account for 80% of the total. The company said it also plans to reach an annual BC cell production capacity of 100 GW and an annual PV module production capacity of 150 GW by the start of 2027.
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