Major PV inverter supplier, Sungrow Power Supply reported steady revenue growth in the second quarter of 2014, while first half year sales increased 28.79%, compared to the prior year period.
Sungrow reported total group revenue in the second quarter of around US$80.5 million, up from around US$72.1 million in the first quarter of 2014.
First half revenue was reported at around US$152 million, compared to around US$118 million in the prior year period. Net profit was around US$15.5 million, compared to around US$8.7 million in the year ago period.
Soft market conditions in China in the first half of the year were said to have been compensated by a 76.44% increase in sales outside China.
The company noted fierce competition in the PV inverter market but expected significant growth in sales in the second half of the year, primarily from China and expected to meet revenue guidance for the year.
A key to growth in 2014 was said to be related to the adoption of its new central inverter, the SG500MX-M launched earlier this year, which is designed to improve PV generating capacity, reliability and operational safety of the system through intelligent systems.
Around 3GW of PV was installed in China in the first six months of the year, requiring a further 10GW to be installed before year-end to meet revised government targets of 13GW.