Shunfeng posts 275.6% revenue increase on higher solar module shipments

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Tier-1 PV manufacturer and clean energy developer Shunfeng International Clean Energy (SFCE) reported a major turnaround in its business operations in 2014, after integrating Wuxi Suntech. 

SFCE reported full year 2014 revenue of RMB5,745.9 million (US$924.7 million), compared to (US$246.1 million in 2013, an increase of 275.6%. 

The company returned to profitability with a net profit of RMB1,304 million (US$209.9 million), compared to a net loss of US$292.6 million in 2013. 

Gross profit margin was 22.1% in 2014, compared to 9.9% in 2013.

Product sales

Key to the turnaround was revenue generated from the integration of the PV manufacturing operations of Wuxi Suntech in April 2014. 

SFCE reported ‘Solar Product’ segment sales, which primarily includes, wafers, cells and modules increase 159.7% to 3,238.5MW, of which 1,094.7MW was related to inter-group solar product sales. 

The sales volume of solar cells and solar modules under its manufacturing business amounted to 1,525.5MW, an increase of 217.5% from 480.5MW in 2013. 

SFCE reported wafer sales of 66.9MW, compared to zero in 2013, generating around US$123.7 million in revenue. 

The company sold 143.7MW of monocrystalline solar cells in 2014, generating approximately US$56.44 million in revenue. The company sold 669.8MW of multicrystalline solar cells in 2014, generating around US$219.5 million in revenue.

SFCE reported PV modules sales in 2014 of 645.1MW, generating US$391.5 million in revenue. 

Combined wafer, cell and module sales reached around US$791.1 million (RMB 4,920.4 million) in 2014. 

On a regional basis, product sales in China accounted for approximately 73.9% of total revenue, compared to approximately 84.8% in 2013. Overseas sales accounted for approximately 26.1% of revenue in 2014, compared to approximately 15.2% in
2013.

Power generation 

SFCE reported that its solar power plants generated an aggregate of approximately 607,793 MWh, of which approximately 69.3% was generated by the solar generation plants located in the Xinjiang Region.

Revenue from power generation was US$80.99 million in 2014, with O&M service revenue of US$2.1 million. 

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