L R AS Published on Saturday 2 May 2020 - n° 320 - Categories:company results
Sungrow expanded exports in 2019
The world's second largest manufacturer of photovoltaic inverters, Sungrow Power Supply, exported 9 GW of photovoltaic inverters to foreign markets in 2019, an 87% year-on-year increase. These overseas sales offset the
significant drop (from 32% to 8.1 GW) in solar installations in China caused by the change in policy in May 2018. The company's total shipments in 2019 reached 17.1 GW, up just 2% year-on-year.
Sungrow reported sales of $1.8 billion (+25% over 2018). This breaks down into $556m for inverters (up 7%), representing 30% of total revenues (up 35% in 2018), and $1.1bn (up 35% in 2018) for systems integration (EPC and O&M), which represents 61% of consolidated revenues (57% in 2018). The third division, storage, accounted for only $77 million.
Net profit will reach $350 million in 2019, a 10% increase over the previous year.
PV Tech of April 27
