LONGi retains status as only AAA-Rated solar module supplier
XI'AN, China, May 11, 2020 /PRNewswire/ -- LONGi has been confirmed again as the only AAA-Rated solar photovoltaic (PV) module supplier globally, according to the Q2 2020 release of the PV ModuleTech Bankability Ratings, compiled by the third-party research division at PV-Tech.org.
The PV ModuleTech Bankability Ratings system was developed by the PV-Tech research team in 2019, and is considered the most accurate tool to assess the relative strengths and weaknesses of module suppliers in the PV industry.
According to the Q2 2020 report by PV-Tech, "Until the end of 2019, and through preliminary Q1 20 results, LONGi continues to make huge margins on wafer sales while adding more multi-GW of capacity each year. This has created a strong financial position that now differentiates the company from all other module suppliers globally."
LONGi recently reported Q1 2020 and full-year 2019 company results, highlighting strong revenue growth coupled with an expansion of global business activities. These new reports provide a strong and clear statement of LONGi's ability to maintain sustainable business development and reliable operational performance.
"LONGi has demonstrated an ability to manage risk and cope with market changes, prioritizing its financial health and operational strengths at all times", according to Dennis She, Senior Vice President of LONGi Solar. "During previous market cycles, LONGi's asset-liability ratio has remained at low levels, compared to other global PV manufacturers. This strong financial health, as confirmed within the company's latest Annual Report, translates directly to strong bankability, and is a key factor in LONGi obtaining AAA-Rated status by PV-Tech for a second consecutive quarter."
In recent years, LONGi has successfully enhanced its overseas presence and global brand value, routinely achieving significant breakthroughs. In 2019, shipments of solar cells and modules reached 9.1 gigawatts (GW), an increase of 28% compared to 2018. Shipment volumes outside China reached 5.0 GW in 2019, accounting for 67% of total sales, an increase of 155% compared to 2018.
LONGi's attention and focus on the importance of strong R&D investments is illustrated by the company having over 600 R&D personnel, while accumulating more than 700 patents. During 2019, LONGi invested 1.7 billion yuan into R&D, accounting for 5.1% of revenue from operations. These sustained R&D investment levels have been pivotal to the company driving key technology changes each year within the industry, in particular through module power increases and lower manufacturing costs.
SOURCE LONGi Solar