Chinese Solar Inverter Makers Expect 2022 Profit Surged on Strong Demand
Wei Zhongyuan
DATE:  Feb 07 2023
/ SOURCE:  Yicai
Chinese Solar Inverter Makers Expect 2022 Profit Surged on Strong Demand Chinese Solar Inverter Makers Expect 2022 Profit Surged on Strong Demand

(Yicai Global) Feb. 7 -- Chinese manufacturers of photovoltaic inverters predict that their profits soared last year thanks to robust global demand for the devices.

Yuneng Technology forecast the largest earnings leap of all Chinese PV inverter suppliers. The Shenzhen-based firm recently said its net profit likely rose 230 percent to 269 percent from the year before to between CNY340 million and CNY380 million (USD50.2 million and USD56.1 million).

Sungrow Power Supply, a leading new energy equipment maker, also said it expects net profit to have jumped 102 percent to 140 percent to between CNY3.2 billion and CNY3.8 billion (USD472.2 million and USD560.7 million) last year. Revenue likely rose 62 percent to 74 percent to the range of CNY39 billion and CNY42 billion (USD5.8 billion and USD6.2 billion).

Solar inverters, which change direct current generated by solar panels into alternating current, are one of the most important components in a PV power station. The rapid growth of installed solar power capacity around the world has been a huge opportunity for the companies that make them.

Six of the world’s top 10 suppliers of solar inverters were Chinese in 2021, with a market share of 66 percent, according to industry data. Insiders believe that the market share of Chinese PV inverter suppliers climbed even further last year.

Leading smart energy solutions provider GoodWe said the boom in distributed solar systems in Europe in the fourth quarter of 2022 drove its annual earnings higher. Fourth-quarter net profit probably skyrocketed about four to six times to CNY315 million to CNY432 million from a year earlier, with annual net profit up 112 percent to 153 percent to between CNY590 million and CNY707 million, it said.

Installed PV capacity will likely grow faster this year as silicon prices have begun to fall, a new energy analyst told Yicai Global, adding that this will strengthen the demand for PV inverters and support upgrades at existing power plants. Inverter shipments will likely increase this year as well, the person said.

Editors: Tang Shihua, Futura Costaglione

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Keywords:   Business Data,Annual Report,Supply and Demand,Solar Inverter,Industry Analysis