LONGi Green Energy Technology (601012) H2 2024 earnings summary

Executive summary

• 2024 marked the most challenging year since IPO, with a 36% revenue decline and a net loss of RMB 8.6 billion, driven by industry overcapacity, falling PV product prices, and internal missteps.

• Major inventory write-downs, asset impairments, and production line suspensions contributed to losses; a comprehensive transformation was launched focusing on product, cost, and capacity.

• Strategic shift to customer-driven product development, lean cost management, and global/localized production models, including successful ramp-up of a U.S. joint venture.

Financial highlights

• Operating revenue: RMB 82.58 billion, down 36.23% year-over-year.

• Net loss attributable to shareholders: RMB 8.62 billion, compared to a profit of RMB 10.75 billion in 2023.

• Gross margin fell sharply across all segments; basic EPS: -1.14 RMB/share.

• Net cash flow from operating activities: -RMB 4.72 billion.

• Total assets: RMB 152.84 billion; net assets: RMB 60.90 billion.

Outlook and guidance

• 2025 targets: wafer shipments of 120GW, module shipments of 80–90GW, with BC modules >25% of total.

• HPBC 2.0 cell and module capacity to reach 50GW by end-2025.

• Focus on product leadership, digital transformation, and expansion in strategic markets.