Chinese module manufacturer GCL System Integration (GCL SI) has released preliminary results for its fiscal year ended in 2023 with revenue increasing between 85.6%-109% year-on-year as it continues ramping up its n-type module and solar cell capacity.
During the reporting period, the company continued to expand its production of n-type solar cells and modules, with the first phase of its module assembly plant in Hefei reaching full capacity and with 15GW of annual capacity. Once all phases are completed, the Hefei plant will have a 60GW nameplate of annual capacity, while the Funing module assembly plant reached its targeted annual capacity of 12GW high-efficiency modules.
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GCL SI is also expanding its cell capacity with the first phase of the 20GW Wuhu cell plant becoming operational in October 2023 and with 10GW of n-type cell annual capacity, for which the company expects to raise up to RMB4.8 billion (US$672 million) to fund the plant.
Furthermore, during the 2023 financial year, the Chinese module manufacturer managed to reduce both cell and module production costs, while increasing its efficiency.
Forecasts for the full 2023 financial year are in line with preliminary results the company released last July for the first half-year results, with net profits jumping by up to 220%. At the time the company expected to reach a 30GW nameplate of annual capacity for its modules between all its plants.
Net profit for 2023 is projected to be between US$20.85-30.58 million, a 153%-271% increase from the previous financial year, while revenue is expected to be between US$2.15-2.36 billion in 2023.
Moreover, the company started 2024 by securing several module procurements by winning a bid from state-owned China Resources New Energy Group to supply 1.56GW of n-type modules to a facility in the western prefecture of Hotan, China. GCL SI secured another gigawatt-scale supply (1.1GW), this time in India with state-owned utility NTPC Renewable Energy earlier in the year.