Major China-based PV inverter manufacturer Sungrow Power Supply Co has reported preliminary unaudited revenue for 2017, which surpasses European rival, SMA Solar Technology’s revenue figures for the first time.
For several years, Sungrow and Huawei had outstripped once leading PV Inverter supplier SMA Solar on a gigawatt shipment level but as in the case of Sungrow had not exceeded its European rivals annual revenue figures.
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In reporting preliminary unaudited ‘express’ financial results for 2017, Sungrow reported revenue reached over RMB 8.8 billion (US$1.4 billion approx..), a 47.57% increase from 2016.
SMA Solar reported preliminary 2017 full-year revenue of €890 million (US$1.08 billion approx.)
Not surprisingly, Sungrow cited its hike in revenue generation was due to the record growth in PV installations in China, which hit a record 53GW in 2017. However, Sungrow also cited overseas market expansion that supported the 47.57% increase in revenue over the previous year.
Sungrow also reported net profit growth 76.73% higher than in 2016. Preliminary net profit was reported to be around RMB 1.18 billion (US$186.7 million approx.).