Sungrow has released its half yearly report for 2021, showing that, in the first half of the year, net income attributable to the parent company was 757 million yuan (c. 116.42 million US dollars), a year-on-year increase of 69.68%, with revenue of 8.21 billion yuan (1.26 billion US dollars), a year-on-year increase of 18.27%.
Highlights at a Glance
- PV inverter division maintains leading role worldwide
In the first half of 2021, revenue attributable to the company’s inverters and other related equipment increased by 54.51% year-on-year, with gross profit accounting for 38.15% of the total.
During this period, Sungrow saw a significant increase in market share for distributed inverters both in China and internationally, gaining new key overseas accounts and signing several GW-level inverter orders worldwide, consolidating its leading role in the global PV market. The company ranked top in market share in India, Australia, South Korea, the Middle East and North and Southern Africa, also displaying an impressive performance either in market share or shipments in the Japanese market, European distributed market and China’s domestic distributed market.
- Energy Storage System emerges stronger
In the first half of 2021, energy storage system revenue increased by 267.38% year-on-year, gross profit accounting for 21.23% of the total.
The energy storage business continued to demonstrate outstanding growth. In China, Sungrowhas nowranked first in energy storage installations for five consecutive years whereas, globally, its comprehensive 1500V energy storage system has proven efficient in both cost reduction and performance enhancement, with the company providing overall solutions for a 100MW/100MWh energy storage project in Mendy, UK, and the first utility-scale solar-plus-storage project in the Republic of Malawi, as well as several breakthrough projects throughout China.
- R&D maintains dominance in long-term strategy, continuing to enhance innovation capacity
During the reporting period, Sungrow R&D personnel accounted for about 40% of total employees, while R&D investment was 508 million yuan (78.15 million US dollars), an increase of68.54% over the same period last year. In addition, Sungrow opened a new R&D Center in Nanjing, focusing on smart technologies, big data and software integration, which is expected to become the company’s second largest research institute over the next three to five years.
- Foresight: Build upon energy conversion technologies and strengthen collective synergies across multiple businesses
Sungrow will leverage its capabilities to further innovate and actively deploy multiple business sectors in PV inverters, energy storage systems, wind power converters, hydrogen energy and PV power plant investment and development. The company is committed to the safe, efficient and stable operation of the three elements of new energy, energy storage and the grid and will continue working towards the achievement of global carbon neutrality.