According to LONGi's recently released 2017 annual financial report, total R&D expenditure in 2017 almost doubled to RMB 1.1 billion (US$175.7 million), up 96.67% from US$89.2 million in 2016.
LONGi reported total revenue of RMB 16.362 billion (US$2.59 billion) in 2017, up almost 42% from the previous year. Therefore, R&D spending accounted for 6.77% of revenue in 2017.
According to PV Tech's long-standing analysis of R&D spending [ https://www.pv-tech.org/editors-blog/10-years-of-rd-spending-analysis-of-12-key-pv-module-manufacturers ] of leading PV module manufacturers, only SunPower has come close to LONGi's level when, in 2015, R&D spending accounted for 6% of revenue and First Solar topped 5.1% in 2011.
However, one of the key metrics is that LONGi surpassed perennial top ranked R&D spenders, First Solar and SunPower, respectively, by a significant margin. Both companies cut R&D spending in 2017, the first time for SunPower in four years, while First Solar trimmed R&D spending for the third consecutive year.
In contrast, LONGi has increased R&D spending for six years in a row and has maintained a high-level of R&D investment over the last four years.
Initially, LONGi was a dedicated monocrystalline ingot and wafer producer, but in 2015, the company started producing monocrystalline solar cells and modules. Focused on high-efficiency PERC (Passivated Emitter Rear Cell) technology, R&D spending almost doubled each year after 2016.
However, in reporting R&D expenditure of US$175.7 million, LONGi also set a new annual solar industry spending record, according to PV Tech's analysis.
First Solar had previously held the record at US$143.9 million, set in 2014. First Solar remains the leader in R&D spending on a cumulative basis, reaching over US$1.11 billion between 2007 and 2017.
SunPower remains second ranked at over US$663 million in the same time period. However, LONGi has jumped ahead of several other PV manufacturers to take the third ranked position with over US$390 million in cumulative R&D spending since 2012.
Original PV Tech article can be found at: https://www.pv-tech.org/news/longi-sets-solar-industry-record-for-rd-spending
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