Module manufacturer China Sunergy (CSUN) has reported its 2014 annual results after failing to report any figures since Q2 2014.
The company reported total shipments in 2014 of 767.8MW, up 33% on 577.4MW in the previous year. Full year revenue was US$341.1 million, up 7.9% from US$316.2 million in the previous year.
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Total shipments guidance for 2015 is 900-1000MW, which would be a 17-30% improvement on 2014.
The company’s cash position has not improved: US$42.1 million of cash and cash equivalents compared to US$54.3 million at the end of 2013. Liabilities grew modestly to US$821.4 million.
CSUN CEO Tingxiu Lu was upbeat on the company’s future citing the increasing utilisation of its factory in Turkey.
“I am delighted that our manufacturing plant in Turkey has grown stably since inception, as total revenue generated from Turkey grew to US$110.1 million in 2014 at a gross margin of 6.2%. We will continue to ramp up capacity utilisation at our Turkey plant to serve the European market. We will also seek to duplicate our success in Turkey and migrate some of our existing capacities to other strategic geographies outside of China,” he added.
Lu added that the company planned to increase its sales in the Chinese market as well as developing small- to mid-sized projects in China.
Asia represented 64.6% of 2014 revenue compared to 49.7% in 2013, largely driven by robust demand from China and Japan.
CSUN signed an OEM agreement with Luxra earlier this month to produce modules for it at its Turkish facility.
