Chinese solar panel maker LONGi expects a net loss of 8.2 billion yuan ($1.12 billion) to 8.8 billion yuan in 2024.

LONGi is expected to realize a net loss attributable to equity holders of 8.2 billion yuan to 8.8 billion yuan in 2024, the company said in an announcement on Thursday.

Meanwhile, LONGi expects to realize a net loss attributable to equity holders after extraordinary gains and losses of 8.3 billion yuan to 8.9 billion yuan in 2024.

LONGi pointed out that during the reporting period, due to the intensified competition in the industry, the output if the company's second-generation BC products accounted for a very low proportion, the prices and gross margins of PERC and TOPCon products continued to decline, the capacity start-up rate was limited, the technology iteration led to an increase in asset impairment provisions, and the investment income from holding shares in silicon material companies has incurred losses, which led to the phased loss in the operating results.