HEFEI, China, Aug. 29, 2024 /PRNewswire/ — Sungrow, the globally renowned renewable energy company, recently unveiled its financial results for the first half of 2024.
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.
In the reporting period, the company sustained its leadership in the production and distribution of premium renewable energy products and solutions such as PV inverters, energy storage systems, wind converters, floating PV systems, new energy vehicle (NEV) driving solutions, electric vehicle (EV) charging solutions, and renewable hydrogen production systems on the global market.
While the market conditions fluctuated, the company maintained its strategic alignment for growth.
Financial Highlights
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[1], 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 staggering 44.88% increase compared to the same period last year.
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.
Business Highlights
After 27 years of relentless innovation, Sungrow has emerged as a global leader in the renewable energy sector, with a robust portfolio of new energy equipment encompassing “solar, wind, storage, electric vehicle and hydrogen” technologies. The company’s PV inverters have achieved a remarkable feat by being exported to over 170 countries and regions worldwide. In a testament to its global standing, 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 an impressive 10.5 GWh in 2023.
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 has affirmed its dedication to achieving carbon neutrality and net-zero goals in its ESG development. The company 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[2].
Furthermore, the company actively contributes 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, actively fulfilling its corporate social responsibilities. The cumulative expenditure on public welfare activities in the first half of the year surpassed US$0.9 million.
[1] The data on the US dollar presented in this article have been converted using the monthly average exchange rate.
[2] The emission factor used in the calculation is selected from the 2022 national grid average emission factor of 0.5703t CO2/MWh released by the Ministry of Ecology and Environment.
About Sungrow
Sungrow, a global leader in renewable energy technology, has pioneered sustainable power solutions for over 27 years. As of June 2024, Sungrow has installed 605 GW of power electronic converters worldwide. The Company is recognized as the world’s No. 1 on PV inverter shipments (S&P Global Commodity Insights) and the most bankable Asian energy storage company (BloombergNEF). Its innovations power clean energy projects in over 170 countries, supported by a network of 490 service outlets guaranteeing excellent customer experience. At Sungrow, we’re committed to bridging to a sustainable future through cutting-edge technology and unparalleled service. For more information, please visit www.sungrowpower.com.
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SOURCE Sungrow Power Supply Co., Ltd.
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