March 17 (Renewables Now) - Chinese monocrystalline solar products maker LONGi Green Energy Technology Co Ltd (SHA:601012) announced on Thursday that its net profit for 2016 has surged by 197.4% to CNY 1.55 billion (USD 224m/EUR 208m).
The company said in a statement that this jump in profitability was mainly the result of its successful effort to break free from its traditional business model of relying solely on solar wafer supply. It noted that its solar module sales, at CNY 5.7 billion, became the firm’s revenue “cash cow” by surpassing sales of silicon wafer of CNY 5.08 billion. Total revenue jumped by 93.9% to CNY 11.53 billion.
"By the end of last year, our monocrystalline module production capacity had reached 5 GW, and the target for the end of this year is 6.5 GW. LONGi anticipates to deliver 4.5 GW of solar cell and module this year,” said Li Wenxue, president of LONGi Solar, formerly Lerri Solar.
The company said that a few projects are currently under way, including a 500-MW solar cell and module factory in India, a vertically integrated ingot/wafer/cell/module facility in Kuching, Malaysia, and 2 GW cell and module production lines in Taizhou.
(CNY 1.0 = USD 0.145/EUR 0.134)