PV inverter manufacturer Ginlong Solis has set new quarterly and half-year revenue figures as the company continues to expand its global footprint and string inverter product portfolio.
Ginlong Solis reported operating income (revenue) of RMB 727.49 million (US$106.3 million) for the first half of 2020, a new record and a year-on-year increase of 76.63%.
Although COVID-19 had impacted first quarter operations and revenue, the company highlighted that both domestic and overseas sales continued to grow through the first half of the year compared to the prior year period.
The company also noted that due to its expansion into further overseas markets, the impact from COVID-19 was limited in the first quarter of 2020 and enabled focus on markets less impacted by the pandemic in the second quarter to boost sales.
Increased sales and manufacturing capacity expansions, easing capacity constraints and improving economies of scale as string inverter popularity continued to gain market share. Ginlong Solis noted that the China Photovoltaic Industry Association had reported that the market share of string inverters in China PV deployments had reached 59.04%.
These factors supported a significant increase in net profit, which increased 281.87% in the reporting period to RMB 118.32 million (US$17.29 million), compared to the prior year period.
With the introduction of high-power string inverter models above 200kW, and the technological breakthrough of 1500V string inverters, means further market gains are expected, according to the company.