Under the global imperative of low-carbon emissions, the renewable energy industry continues to grow, propelled by a confluence of factors including policy directives, economic advancements, and technological advancements.
While the market conditions fluctuated, Sungrow maintained its strategic alignment for growth.
PV power generation sector with fastest revenue growth rate
Sungrow experienced a twofold increase in both revenue and net profit during the first half of the year. In this six-month period, the company’s operating income reached US$4.4 billion, marking an 8.38% rise from the previous year’s figures. Additionally, net profit attributable to shareholders of listed companies surged 13.89% year-over-year, totaling US$0.7 billion.
Regarding product performance, PV inverters and other power electronic converters generated revenues of US$1.8 billion in the period, marking a 12.63% increase compared to the previous year. Additionally, renewable energy investment and development businesses brought in revenues of US$1.3 billion, an 18.45% year-over-year growth. Notably, the photovoltaic power generation sector experienced the fastest revenue growth rate, with a 44.88% increase compared to the same period last year.
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Simultaneously, the company’s PV inverters and other power electronic converters achieved a gross profit margin of 37.62%, energy storage systems reached 40.08%, and the renewable energy investment and development sector reported a margin of 16.88%. Each of these sectors experienced a year-over-year increase.
Technical prowess constitutes the bedrock of corporate advancement. Throughout the half year, Sungrow allocated a total of US$0.2 billion towards research and development expenditures, marking a 41.65% increase compared to the previous year.
Goal of carbon neutrality at the operational level by 2028
Sungrow has been ranked as the global No.1 position in PV inverter shipments for 2023 according to S&P Global Commodity Insights. Leveraging its world-class power electronics, electrochemistry, and grid support integrated technology, Sungrow has crafted professional energy storage systems that have seen global shipments reach 10.5 GWh in 2023.
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In the realm of wind energy, Sungrow’s wind converters have secured the distinction of being the world’s top shipped volume (source: Brinckmann), while its floating PV system has consistently held the top spot in global market share for seven consecutive years (source: S&P Global Commodity Insights).
Sungrow would have affirmed its dedication to achieving carbon neutrality and net-zero goals in its ESG development, the company announced. The manufacturer aspires to achieve carbon neutrality at the operational level by 2028, extend this to its entire supply chain by 2038, and aim for net-zero emissions across the supply chain by 2048. During the reporting period, at the operational level, Sungrow utilized a total of 75,980 MWh of green electricity, sourced from both direct purchases and rooftop photovoltaic systems. This resulted in a direct reduction of greenhouse gas emissions by 43,331 metric tons of CO2.
Furthermore the company aims to contribute actively to society, placing a strong emphasis on ecological conservation, supporting technological innovation, education, talent development, community and rural revitalization, emergency relief, and various other sectors. It undertakes a series of philanthropic and volunteer service initiatives globally.The cumulative expenditure on public welfare activities in the first half of the year surpassed US$0.9 million. (hcn)
