Aiko Solar reports record Q3 revenue, nine-month growth in 2020 nearly 50% up on 2019 figures

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Higher sales and more stable ASPs were behind the net profit rebound, which set a new quarterly record for the company. Image: Aiko Solar

Record Q3 revenue has helped major merchant solar cell producer Aiko Solar report nine-month revenue growth of 49.45%, compared to the prior year period, exceeding the company's full-year 2019 revenue figure.

PV Tech had previously highlighted that Aiko Solar’s quarterly revenue between the fourth quarter of 2019 and the second quarter of 2020 had flatlined, reaching around RMB1.8 billion (US$270 million), despite increased solar cell shipments and capacity expansions.

However, record revenue of RMB 2.56 billion (US$382.9 million) in the third quarter of 2020 not only broke that trend, but helped the company report revenue for the 9-month period of RMB6.25 billion (US$935.28 million) exceeding its 2019 full-year revenue of US$860.25 million.

Major merchant solar cell producer Aiko Solar has reported 9-month revenue growth of 49.45%, compared to the prior year period, exceeding full-year 2019 revenue and reporting record third quarter revenue.

Aiko Solar had been impacted in the first half of the year by the business effects of COVID-19 and solar cell average price declines, which had triggered a fall in net profits of 68% year-on-year.

But In the third quarter of 2020, net profits increased significantly on higher sales, reaching RMB237.4 million (US$35.49 million), compared to the previous quarter net profit of only US$8.47 million.

Higher sales and more stable ASPs were behind the net profit rebound, which set a new quarterly record for the company.

In the third quarter of 2020, net profits increased significantly on higher sales, reaching RMB 237.4 million (US$35.49 million), compared to the previous quarter net profit of only US$8.47 million.

Manufacturing update

PV Tech had previously reported that Aiko Solar planned to reach 22GW of high-efficiency solar cell capacity by the end of 2020. The company said in its H1 2020 financial results that it had reached 15GW of nameplate capacity in the reporting period, up from 9.2GW at the end of 2019.

Aiko Solar noted that due to market demand, the company had increased its capital expenditure on its key solar cell production capacity projects.

The Yiwu Phase II Passivated Emitter Rear Cell (PERC) high-efficiency solar cell project was said to have been completed and put into volume production during the reporting period. The Yiwu Phase III PERC project was said to have received and installed production line equipment, keeping to plans to start volume production in second half of 2020. 

However, Yiwu Phase IV and Phase V projects had been accelerated with construction of plant infrastructure as well as the construction of the main cell manufacturing plant said to have passed the 50% construction mark. 

The company also noted that the Tianjin Phase II PERC solar cell project had been progressing smoothly with some equipment having been installed and commissioned. Around a further RMB 700 million (US$107 million) in capital expenditure had been allocated to the project to accelerate completion timelines. 

According to Aiko’s previously announced capacity expansion plans in January 2020, a total of 12.8GW of new capacity at plants in Tianjin and Yiwu would enter production in 2020. This would be followed by a further 10GW at both sites in 2021 and a further 13GW in 2022. 

According to Aiko’s previously announced capacity expansion plans in January 2020, a total of 12.8GW of new capacity at plants in Tianjin and Yiwu would enter production in 2020.

Read Next

September 15, 2021
Solar module manufacturer Seraphim has started construction on new phases of its 10GW module manufacturing facility in Jinzhai, China.
September 6, 2021
Radovan Kopecek and Joris Libal analyse recent efficiency announcements against the backdrop of new and emerging solar PV technologies, and plot the course for solar’s next steps.
September 3, 2021
The World Trade Organization (WTO) has rejected China’s challenges to US safeguard tariffs on certain crystalline silicon PV cells, ruling that the measures have not breached global trade rules.
September 1, 2021
Solar manufacturer Tongwei increased the prices of its cells for the second time in a month on Monday, with polysilicon pricing also edging upwards this week.
August 25, 2021
NextEra Energy has asked the US Department of Commerce (DOC) to force a new alliance of solar companies to either reveal its members or ditch its request for fresh tariffs on China-linked solar imports.
August 23, 2021
Trina Solar has achieved a new record efficiency of 23.56% for 210mm P-type monocrystalline silicon PERC cells, which are already in mass production.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021
BRISTOL, UK
Solar Media Events
December 1, 2021