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Source: Changjiang Business News
Goodway (688390.sh) once again maintained a double increase in full-year net revenue.
On the evening of February 23, Goodway released a performance bulletin. The company's 2023 revenue was 7.352 billion yuan, an increase of 56.09 percent year-on-year; net profit was 0.868 billion yuan, an increase of 33.65 percent year-on-year.
Goodway said that during the reporting period, the global photovoltaic market continued to show a rapid growth trend, but due to the impact of market supply and demand, overseas dealers' inventories were high and industry competition intensified. In this context, the company continued to focus on the main track, promote product change and technological innovation, to research and development and market depth, photovoltaic inverter and household system business to achieve rapid growth, operating performance further improved.
Changjiang Business Daily reporter noted that Goodway is one of the earliest domestic inverter companies to enter the international market, with the outbreak of the photovoltaic market, Goodway's performance since 2019 excellent performance, five consecutive years of revenue and net profit double increase.
according to the "Final Global solar PV inverter market shares" series of research reports released by Wood Mackenzie, the company will rank 11th in the global photovoltaic inverter market in 2019, with a market share of 3%, of which the market share of energy storage inverter will exceed 15%, ranking first in the world. In 2020, the company's shipments in the global photovoltaic inverter market will rise to ninth place with a market share of 4%; in 2021, the company's global PV inverter market shipment ranking further rose to fourth place, with a market share of 6%.
In 2022, global PV inverter shipments will increase to more than 330 GWac. According to the latest report of Wood Mackenzie, Goodway ranks fifth.
Overseas revenue accounted for nearly 80%
On the evening of February 23, Goodway released a performance bulletin. The company's 2023 revenue was 7.352 billion yuan, an increase of 56.09 percent year-on-year; net profit was 0.868 billion yuan, an increase of 33.65 percent year-on-year.
Goodway said that during the reporting period, the global photovoltaic market continued to show a rapid growth trend, but due to the impact of market supply and demand, overseas dealers' inventories were high and industry competition intensified. In this context, the company continued to focus on the main track, promote product change and technological innovation, to research and development and market depth, photovoltaic inverter and household system business to achieve rapid growth, operating performance further improved.
Although the overall performance was bright, the company performed poorly in the fourth quarter based on this calculation. In the fourth quarter of 2023, Goodway achieved revenue of 1.702 billion yuan, down 5.18 percent year-on-year. Net profit loss of 25 million yuan, deduction of non-net profit is a loss of 56 million yuan.
Changjiang Business Daily reporter noted that the fourth quarter loss, or because of overseas inventory pressure.
Data shows that with the explosion of the photovoltaic market, Goodway's performance has performed well since 2019. From 2019 to 2022, it achieved revenue of 0.945 billion yuan, 1.589 billion yuan, 2.678 billion yuan, and 4.71 billion yuan respectively, an increase of 13.15, 68.09, 68.53, and 75.88 year-on-year; net profit was 0.103 billion yuan, 0.26 billion yuan, and 0.28 billion yuan, respectively., 0.649 billion yuan, an increase of 83.47, 153.16, 7.4, and 132.27 year-on-year, respectively.
The outstanding performance is mainly because Goodway is one of the earliest domestic inverter companies to enter the international market. As a domestic new energy power supply equipment and smart energy overall solution provider, the company's products have been sold in batches It is sold to Germany, Italy, Australia, Czech Republic, South Korea, the Netherlands, India, Belgium, Turkey, Mexico, Brazil, Poland, South Africa and other countries and regions around the world.
Data show that from 2019 to 2022, Goodway's overseas revenue was 0.626 billion yuan, 1.083 billion yuan, 1.7 billion yuan and 3.742 billion yuan respectively, with the amount increasing year by year, accounting for 66.18 percent, 68.14 percent, 63.5 percent and 79.43 percent of revenue respectively.
However, Huang Min, chairman and general manager of Goodway, said at the previous three-quarter performance briefing that the company's main overseas customers were downstream distributors, and the speed of picking up goods from the company slowed down when the dealer inventory was high. The company will continue to maintain close communication and good cooperation with overseas downstream distributors to help them accelerate destocking.
it also said that the industry is expected to inventory will end in the first quarter of next year. The company will pay close attention to industry dynamics and actively respond to various changes.
Have 333 authorized intellectual property
It is understood that Goodway's main business products are photovoltaic grid-connected inverters, energy storage products and household systems. The company has relevant core technologies in the fields of power electronics, new energy control, energy management, energy storage transformation, mass data (rights protection) collection, storage and application. The company's product range is complete, covering the power range of 0.7kW to 350kW, which can fully meet the needs of different scenarios such as household, industrial and commercial, and large power stations.
according to the "Final Global solar PV inverter market shares" series of research reports released by Wood Mackenzie, the company will rank 11th in the global photovoltaic inverter market in 2019, with a market share of 3%, of which the market share of energy storage inverter will exceed 15%, ranking first in the world. In 2020, the company's shipments in the global photovoltaic inverter market will rise to ninth place with a market share of 4%; in 2021, the company's global PV inverter market shipment ranking further rose to fourth place, with a market share of 6%.
In 2022, global PV inverter shipments will increase to more than 330 GWac. According to the latest report from Wood Mackenzie, Goodway ranked fifth.
On March 27, 2023, the Energy Storage Leader Alliance (EESA) released the 2022 energy storage industry chain data ranking. The results show that in 2022, China's global energy storage small power PCS (below 30kW) shipments ranking, Goodway ranked first, ranking first in the world.
Over the years, Goodway has continued to invest in research and development. The company has related core technologies in the fields of power electronics, new energy control, energy management, energy storage conversion, etc., closely focusing on the market demand of new energy users, through continuous technological innovation, to provide customers with new energy power supply equipment.
In the first three quarters of 2021-2023, the company invested 0.189 billion yuan, 0.348 billion yuan and 0.341 billion yuan in research and development expenses respectively, up 104.85 percent, 84.56 percent and 36.7 percent year-on-year respectively.
As of the end of the reporting period, the company had 333 authorized intellectual property rights, including 64 invention patents, 183 utility model patents, 47 design patents, 31 software copyrights, and 8 other types of intellectual property rights. During the reporting period, the company added 80 authorized intellectual property rights, including 7 invention patents, 59 utility model patents, 13 design patents, and 1 software copyright.
In terms of R & D personnel, as of June 30, 2023, Goodway had 1069 R & D personnel, an increase of 46.84 percent, or 28.51 percent, over the same period last year.
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