Longi has issued a profit warning for 2024, forecasting a net loss of up to $1.11 billion – a sharp decline from last year’s profit of $1.42 billion.

Longi has issued a profit warning for 2024, forecasting a net loss of between CNY 8.2 billion ($1.11 billion) and CNY 8.8 billion, compared to a profit of CNY 10.75 billion in the previous year. The company attributed the loss to intensified competition in the PV sector, which has led to a continuous decline in the prices and profit margins of passivated emitter rear cell (PERC) and tunnel oxide passivated contact (TOPCon) products. Low utilization of production capacity and weak output of second-generation back contact (BC) products also drove the downturn.

Eging PV has projected a net loss of between CNY 1.9 billion and CNY 2.3 billion for 2024, down sharply from the previous year. The company attributed the loss to the ongoing drop in prices of PV products, which has severely affected overall gross profit and profitability. Eging PV said it also took provisions for inventory impairment and made necessary writedowns for long-term assets, further influencing its financial performance during the period.

JA Solar said it has signed a 1.25 GW module procurement deal with China Energy Engineering Corp. to supply n-type modules for Africa’s Abydos solar-storage project. The project, developed by AMEA Power, will be the continent’s largest solar farm and battery storage system, providing 3,000 GWh annually to power 500,000 homes.