The past few years have seen GoodWe gain significant market share across the various industry segments in which it is engaged, signing a number of global distribution agreements with some of the world’s largest PV distributors, giving it a reach now spanning six continents and all inverter product categories. Indeed, in the last three quarters of 2021, GoodWe achieved revenue of US$ 269 million — a year-on-year increase of 65.12%.
The company’s strong market and financial performance has resulted in it being given the highest Altman-Z score among PV manufacturers in BloombergNEF’s latest annual report, underlining its strong financial health and bankability. Altman-Z is a measure used to determine the financial stability of companies, particularly within the manufacturing space, taking into account profitability, liquidity, leverage and solvency, as well as activity ratios.
GoodWe’s operational strategy is to advance the digitalization and smart transformation of all power plants, and new energy at large. To achieve this, it is working to provide complete, integrated solutions by creating software and hardware products which allow for smarter and more efficient energy systems.
Figures from the company’s half yearly report show that it shipped a total of 330,000 units of its grid-connected PV inverters worldwide in 2020. The report also shows that GoodWe shipped some 156,500 inverter units to overseas markets in the first half of the year — accounting for 65.62% of its total shipments.
The company reported shipments of 21,000 units in the fast-emerging segment of energy storage Power Conversion Systems (PCS) during the same period, almost equalling total shipments for the whole of the previous year (22,300 units).