LONGi consolidates position as only AAA-rated module supplier in PV-Tech's latest bankability report

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Dec 16, 2021, 20:32 ET

XI'AN, China, Dec. 16, 2021 /PRNewswire/ -- In the latest Q4 release of PV-Tech's ModuleTech bankability report, LONGi is once again the only manufacturer to achieve a 'AAA' rating, based on industry-leading metrics across almost all manufacturing and financial indicators.

LONGi is arguably the most important player in the PV industry today, being the largest technology company with the highest market value in China's A-share market. According to its own H1 2021 financial report, the company shipped 17.01GW of its monocrystalline modules, including 16.60GW in export sales, an increase of 152.40% year on year. The PV-Tech report indicates that there appears to be nothing currently to prevent the company from moving to a position of greater market share and achieving value-chain top-status in the c-Si world.

LONGi has consistently reported operating margins and R&D investment well above those seen from any other A-Grade competitor in the past. Coupled with investor confidence, the company's financial and manufacturing scores are also much higher than other module suppliers. Using its existing methodology and analysis, PV-Tech has once again measured the relative strengths and weaknesses of shortlisted companies. LONGi's strong metrics are clear to see in the analysis report, within the delta relative to all other companies in the sector today.

LONGi has continued to report steady revenue growth and control of its asset-liability structure. According to the company's H1 2021 financial report, in the first half of the year it achieved revenue of 35.098 billion yuan ($5.433 billion), a year-on-year increase of 74.26%, with total assets of 97.130 billion yuan ($15.035 billion), a year-on-year increase of 10.84%. The company's asset-liability ratio was 55.18%, down 4.20% from the end of 2020.

LONGi has also continued to reinforce its product leadership strategy, with advanced technological innovation and increased R&D investment creating highly reliable, high-quality and efficient products and services. In the first half of 2021, the company invested a total of 1.614 billion yuan ($0.249 billion) in R&D, accounting for 4.60% of operating revenue, and it currently holds 1,196 registered patents. LONGi has already set a high benchmark for efficiency of its PERC (24.06%), HJT (26.30%) and TOPCon (25.21%) cells, continually refreshing its own world records – indeed, in terms of HJT technology, the company has established new world records three times in the past six months.

Dennis She, LONGi's President of Global Sales & Marketing, commented: "LONGi has always attached great importance to its stable operations, financial health and sustainable R&D investment. With the recognition once more by PV-Tech of its AAA bankability ranking, LONGi will continue to focus on technological innovation and maintaining the company's financial stability, providing global customers and partners with long-term value through reliable products and services."

Notes: USD-Chinese Yuan exchange rate of 1:6.4601 is used in the 2021 H1 Report. The financial figures in the 2021 H1 report are denominated in Chinese Yuan (CNY). The converted USD amount is for reference only.

SOURCE LONGi