Tongwei expects 2021 profit to more than double as manufacturer benefits from pricing trends

January 10, 2022
Facebook
Twitter
LinkedIn
Reddit
Email
Solar cell production at a Tongwei facility. Image: Tongwei.

Upstream solar major Tongwei has forecasted for profits to more-than-double in its 2021 financial year on the back of increased material and cell prices experienced last year.

In a statement issued to the Shanghai Stock Exchange on Friday (7 January 2022), Tongwei said it was forecasting for profit for 2021 to fall in the region of RMB8-8.5 billion (US$1.25-1.33 billion), an increase of between 122% and 136% compared to figures recorded in 2020.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

Tongwei also said it expected net revenues to increase at a similar rate – 122-136% – to between RMB43.92-48.92 billion (US$6.88-7.67 billion).

It attributed the dramatic increase in performance to last year’s trend for increase material and component prices, driven largely by a surging polysilicon price. Tongwei said its high-purity polysilicon production facilities operated at full capacity while production and sales volume increased year-on-year.

The forecast follows Tongwei’s report of its H1 2021 results in August last year, where it noted that operating revenue for the half was up nearly 42% year-on-year while net profit nearly trebled to RMB3 billion on the back of a gross margin of nearly 70%.

10 March 2026
Frankfurt, Germany
The conference will gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing out to 2030 and beyond.

Read Next

October 27, 2025
Chinese polysilicon producer Daqo New Energy saw an increase in sales and profits in Q3 2025, as the sector looks to address ongoing oversupply and financial losses.
Sponsored
October 23, 2025
Tongwei's rooftop-focused TNC 2.0 G12R-48 module will be among the products on show at All Energy Australia next week.
October 23, 2025
Solar PV technology has maintained its leading position as the most cost-competitive power generation source in 2025, according to analyst Wood Mackenzie.
Sponsored
October 22, 2025
LONGi vice president Dennis She discusses the value logic behind the company's strategic focus on back contact technology.
Premium
October 21, 2025
PV Tech Premium spoke with academic and industry experts about the rising tide of cybersecurity concerns in Europe's solar energy sector.
October 20, 2025
Details of tariffs on US imports of polysilicon products may be announced as early as the end of this month, according to a note from investment bank Roth Capital.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK
Solar Media Events
March 10, 2026
Frankfurt, Germany
Solar Media Events
March 24, 2026
Lisbon, Portugal