SHANGHAI OFFICE
HEADQUARTERSBlock B, Innovation Incubation Center, Xi'an Service Outsourcing Industrial Park No. 8989, Shangji Road, Xi'an Economic and Technological Development Zone
JAPAN / USA / EUROPE
THE WORLD‘S
MONOMODULEMANUFACTURER
THE WORLD‘S
MONOMODULEMANUFACTURER
facebook.com/LONGiSolar
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www.en.longi-solar.com
48%
4.53GW
About
LONGi Solar
A world leading mono-crystalline solar module manufacturer which achieves the better LCOE (levelized cost of electricity) solutions.
LONGi Solar is a world leading manufacturer of
high-efficiency mono-crystalline solar cells and
modules. LONGi Solar focused on MONO 18 years and is
the largest supplier of mono-crystalline silicon wafers in
the world, with total assets above $5.2 billion. (2017)
It also plans to have 45 GW of monocrystalline wafer
production capacity by the year 2020.
Armed and powered by advanced technology and long
standing experience in the field of mono-crystalline
silicon, LONGi Solar shipped approximately 6.5GW
products in 2017, with over 100% rate of growth in
three consecutive years. The Company has its
headquarters in Xi’an and branches in Japan, Europe,
North America, India, Malaysia, Australia and Africa.
With strong focus on R&D, production and sales &
marketing of mono-crystalline silicon products, LONGi
Solar is committed to providing the better LCOE
solutions as well as promoting the worldwide adoption
of mono-crystalline technology.
NEW CHINANIFTY 50Source: FactSet, Goldman Sachs Global Investment Research
TOPINVESTMENT IDEAS
FINANCIAL HEALTH
LISTED NO.1TWO CONSECUTIVE YEARSIN 1st QUARTILE Z-SCORES PV MANUFACTURINGSource: PHOTON Consulting, LLC.
Report date: October 15, 2017
TOPMODULE SUPPLIER
LONGi Silicon Materials became the newest member of “Silicon Module Super League ” in 2016
This exclusive industry grouping now consists of seven companies, each forecast to ship more than 4.5GW of modules during 2017
TIER 1LONGi Solar on Bloomberg (BNEF) PV Module Maker Tier 1 List !NO.5 in the world NO.2 in ChinaPV module brands used in most debt-financed projectsSource: Bloomberg New Energy Finance
01 02
In 2016, the output of mono wafer was 1.518 billion pieces, which accounted for a 48% market share. Calculation based on the 2016 global installed capacity of Bloomberg statisticsFebruary 17, 2017Source: Q1 2017 Global PV Market Outlook -Bloomberg New Energy Finance
In 2017，The output of mono module has doubled to 4.53GWMarch 28, 2018Source: LONGi 2017 Annual Report
April 18, 2017
Source: Morgan Stanley Research丨Prefer Cost and Technology
Leaders Amid Dark Times for Solar
56.58%Gross revenue in 2017 was $2.6 billion. Net profit was $566 million.
The Debt Asset ratio was 56.58%. March 28, 2018Source: LONGi 2017 Annual Report
7%Research and development investment accounted for 7% of revenue.March 28, 2018Source: LONGi 2017 Annual Report
23.60%WORLD RECORD HOLDER
Mono PERC cell efficiency of 23.60%February 28, 2018Source: National Center of Supervision and Inspection on Solar Photovoltaic Product Quality (CPVT) Report
20.41%WORLD RECORD HOLDER
Mono PERC module efficiency of 20.41%January 18, 2018Source: TÜV-SÜD
STRENGTHCAPACITY & NETWORK
XI’AN, CHINAINDIA (Under Construction)
MALAYSIA TAIZHOU, CHINAHEFEI, CHINAQUZHOU, CHINA CHUZHOU, CHINAYINCHUAN, CHINA
OVERSEAS FACTORY
FACTORY
SALES NETWORK
KOREATAIWAN, CHINA SHANGHAI, CHINA
THE MIDDLE EAST INDIA SINGAPORE MALAYSIA
AUSTRALIA
AFRICA
JAPAN
AMERICA GERMANY
03 04
Total assets (Million USD)
2014 2015 2016
9921,623
3,047
2017
5,220
+71.5%Net Profit (Million USD)
Gross Profit (Million USD)
2014 2015 2016
4696 80
186224
459
2017
567
840
+130%Revenue (Million USD)
2014 2015 2016
566
945
1,833
2017
2,602
+41.9%Debt Ratio
50%
44.6%47.35%
2014 2015 2016
56.68%
2017
56.68%
INDUSTRY CHAIN
System
The Photon Financial Health Index of LONGi Solar rank first in PV industry
Source: LONGi 2017 Annual Report. March 28, 2018
STRENGTHFINANCIAL
Mono-crystalline Silicon Mono Cell Mono Module
MODULECELL SILICON WAFER
CAPACITY PLAN ( GW )
8
12
5.5 6.5
35
2016 2017 2018
28
15
7.5
2016 2017 2018
36
2019
45
2020
MONO PERC
BIFACIAL MONO PERC
Higher efficiency under low irradiation
Higher efficiency in the infrared wave length
PERFORMANCEDislocation density and Fe impurity affect minority carrier lifetime which is concerned with performance.
Low O impurity determines a good LID performance.
Multi silicon structure
Mono silicon structure
Mono-C-Si modules generate less heat than multi-c-Si modules.
Therefore, the nominal operating cell temperature (NOCT) for a mono cell is lower than for a multi-cell. By operating at a lower temperature, mono cells and modules generate more energy.
Lower initial light induced degradation (LID), means higher reliability and more energy generated than standard mono or multi -crystalline modules.
LOWER NOCT
LOWER LID
Multi DiffereneMono
-5
0
5
07:00 08:00 09:00 10:00 11:00 12:00 13:00 14:00 15:00 16:00 17:00 18:00 19:00
10
15
20
25
30�
80%2M 6M 1Y 25Y
82%
84%
86%
88%
90%
92%
94%
96%
98%
100%
LONGi Solar Low LID Mono Module
Multi Module
81 μs 435 μs
MINORITY CARRIER LIFETIME
Mono silicon
0 μs 40 μs
Multi silicon
For minority carrier lifetime, mono silicon is an order of magnitude higher than multi silicon.
Front Electrode
SiNx ARC
N+ Emitter
Rear Passivation
Al BSF
Al Fingers
P-Type Si Wafer
MONO PERCAl2O3/SiNx improves backside passivation and enhances long wavelength reflection, enabling higher cell/module efficiency. Mono wafers with higher bulk lifetime see larger efficiency improve-ment adopting PERC cell structure.
Additional energy yield from backside light absorption
≥75%Bifaciality
LOWER TEMPERATURE COEFFICIENTHigh Efficiency → Low thermal loss
Higher Voc → Lower TempCo
Lower Power loss under high temperature environment
Relative conversion efficiency
under low irradiance
Dawn
W
Dusk
MONO PERC MONO
MULTY
�
MONO PERC MONO
MULTY
BETTER LOW IRRADIANCE PERFORMANCE
450+
260+
7%
R & D TeamMore than 450 of the 1,700 technical professionals force devoted to the R & D of ingot, wafer, cell and module
R & D Investment7% of total revenue is invested in R & D
R & D Investment +97%R & D investment is up to USD 176 Million, +97% YOY
PatentsHas developed 260+ patents on ingot, wafer, cell and module technology
STRENGTHR & D
05 06
97%
07 08
≥300W60pc
≥360W72pc
≥21.5%Cell
≥18.34%Module
Pucheng, Shaanxi, ChinaPower generation by bifacial module + fixed tilt is >12.4% higher than Multi Module
Kubuchi, Inner Mongolia, ChinaPower generation by bifacial module + tracker + sand is >17.3% higher than Multi Module
Taizhou, Jiangsu, ChinaPower generation by Hi-MO2 + fixed tilt is 11.5% higher than Hi-MO1;
Hi-MO2 +1-axis tracker is 21.67% higher;
Hi-MO2 +2-axis tracker is 26.20% higer
HIGHER POWER
HIGHER ENERGY YIELD
300W/60pc 360W/72pc
315W 378W
330W 396W
345W 414W
Backside Power Gain
+5%
+10%
+15%
+25% 375W 450W
HIGHER SIMULATED POWER GENERATION
CASE
PAN files generated by TUV Rheinland with randomly selected modules samples from production shipment
Simulated energy yield in five different cities globally
Mono PERC Module of LONGi Solar won first place in mono group and among all modules
Simulated Power Generation (kWh/kWp/year)
989
1535
1924
1617
1752
971
1513
1888
1583
1724
800
1100
1400
1700
Datong, China Chennai, India Los Angeles, US
Hi-MO1 Winner in Multi Grp
Cologne, Germany Riyadh, Saudi Arabia
EFFICIENCY
POWER
GAIN
March 15, 2018
Source: TÜVRheinland
09 10
30-YearPower Warranty
-0.45%Linear Power Degradation
<2%First Year Linear Power
Degradation
WARRANTY
30YPG30Y84.95%POWER-OUTPUT10Y MATERIAL &
CRAFTWORK
HIGHER RELIABILITY
BIFACIAL TECHNOLOGY Will enable PV LCOE to drop below $0.05/kWh for
most regions sooner
0.077
0.0730.065
0.063 0.0590.0540.051 0.049
0.043 0.0420.039 0.036
0.039 0.0370.033 0.032 0.03
0.027
970911.8
814.8785.7
746.9679
0
200
400
600
800
1000
1200
0
0.02
0.04
0.06
0.08
0.10
0.12
2016 2017 2019 2021 2024 2027
1000 kWh/kWp 1500 kWh/kWp 2000 kWh/kWp assumed system price
LCO
E [U
SD/k
Wh
]
Ass
umed
sys
tem
pric
e [U
SD/k
Wp
]
Loan 80%Interest rate 5%
Discount rate 2%
98%97%
100%
84.95%84.80%
87.20%
80%
98%97%
87.20%
100%
84.95%84.80%
80%
01
510
1520
25
0 1 5 10 15 20 3025
LONGi Solar MonoPERC module linear power Warranty
LONGi Solar bifacial PERC module linear power Warranty
Standard Module linear power Warranty
+4.95%+7.20%
+4.80%
98%
84.95%
97%
Source: ITRPV 2017
ΣSystem costsCapital costsO&M costs, etc.
11 12
LCOE = Total System Cost
Total Generation($/MWh)
BIFACIAL PERC MODULE IS THE SOLUTION
kWh Generated
LOWER BOS LOWER EPC COSTS
LOWER MODULE COSTS
LOWER INVESTMENT COSTS
HIGH RELIABILITY
(STABLE HARVEST)
HIGH ENERGY YIELD PRODUCTION
HIGH EFFICIENCY
PRODUCT WARRANTY
13 14
BETTER LCOE
Multi Mono PERC Bifacial PERC
Module Pmax (W) 320 340 360 360
Annual degradation 0.70% 0.55% 0.55% 0.45%
Average peak sun hour per day (Hr) 6.5 6.6 6.7 7.2
41. 2 40.1 39.6 32.7
System lifetime (yr) 25 25 25 30
System cost (cent / W) 100 99 99 103
Module cost (cent / W) X X+1 X+3 X+7
BOS cost (cent / W) Y Y - 2 Y - 4 Y - 4
40
37.5
35.0
32.5
LCOE($/MWh)
PARTNERLONGi Solar has established strong strategic partnerships with equipment and material suppliers, leading research institutes and universities, as well as customers, to advance the development of ingot, wafer, cell and module technology.
1st-class Partners
MODULE TECHNOLOGY MULTI MONO PERC BIFACIAL PERC
For reference only
Calculated based on California, USA
