Long has issued a profit warning for 2024, predicting a net loss of between CNY8.2 billion ($1.11 billion) and CNY8.8 billion, compared with a profit of CNY10.75 billion in the previous year. The company attributed the loss to increased competition in the PV sector, which has led to a continued decline in prices and profit margins of passivated emitter back cell (PERC) and tunnel oxide passivated contact (TOPCon) products. Low production capacity utilization and weak production of second-generation Back Contact (BC) products also contributed to the downturn.
Eging PV has forecast a net loss of between CNY 1.9 billion and CNY 2.3 billion for 2024, a sharp decline from the previous year. The company attributed the loss to the continued decline in the price of PV products, which has seriously affected its overall gross profit and profitability. Eging PV said it also made provision for depreciation of inventories and made necessary write-downs on long-term assets, which further affected its financial performance during the period.
YES solar energy said it has signed a 1.25 GW module purchase agreement with China Energy Engineering Corp. for the supply of n-type modules for the African Abydos solar storage project. The project, developed by AMEA Power, will be the continent’s largest solar farm and battery storage system, delivering 3,000 GWh annually to power 500,000 homes.
Pacific quartz said it expects 2024 net profit of CNY280 million to CNY340 million, down from 93.25% to 94.44% year-on-year, due to volatility in the PV market. The company blamed capacity cuts across the industry, inventory reductions and weaker demand for quartz materials used in solar energy production.
Narada power said it has signed a 104 MW/240 MWh contract to supply lithium battery storage systems for a wind project in Queensland, Australia. The deal includes the Center L Plus liquid cooling system, which is designed to improve battery temperature consistency and system efficiency.
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