On April 22, 2024, Sungrow Power released its 2023 annual report, revealing an annual revenue of 72.251 billion yuan (a year-on-year increase of 79.5%) and a net profit attributable to shareholders of 9.44 billion yuan (a year-on-year surge of 162.7%).
Simultaneously, Sungrow released its first-quarter report for 2024. In Q1 2024, the company recorded an operating revenue of 12.614 billion yuan (up 0.3% year-on-year) and a net profit attributable to shareholders of 2.096 billion yuan (a year-on-year increase of 39.05%). Surpassing market expectations, these figures highlight Sungrow’s strong profitability and optimized cost controls.
Core Business Expansion Drives Explosive 2023 Growth
Throughout 2023, the global new energy supply chain experienced rapid shifts. Upstream raw material costs—specifically for solar components and lithium carbonate—declined sharply, significantly improving project economics across international markets.
Global solar installations (AC side) grew from 230 GW in 2022 to 390 GW in 2023 (up 69% year-on-year), while global energy storage deployments rose from 46 GWh to 98 GWh (up 113% year-on-year). Domestic grid-connected wind capacity also doubled from 38 GW to 76 GW, demonstrating broad-based momentum across the clean energy landscape.
Against this backdrop, Sungrow expanded its core market positions in PV inverters, energy storage integration, and new energy project development:
- Operating Revenue: 72.25 billion yuan (+79.5% YoY)
- Net Profit (Attributable to Shareholders): 9.44 billion yuan (+162.7% YoY)
- Gross Profit Margin: Increased from 24.5% in 2022 to 30.4% in 2023
- Net Profit Margin: Rose from 9.2% to 13.3%
- Return on Equity (ROE): Surged from 21% in 2022 to 41% in 2023
- Earnings Per Share (EPS): Increased from 2.4 yuan to 6.4 yuan
PV Inverter Division
In 2023, Sungrow’s inverter division generated 27.65 billion yuan in revenue (+61% YoY) with a gross margin of 37.93% (+5.51 percentage points). Total annual inverter shipments reached 130 GW (+68.8% YoY). Notably, Sungrow’s flagship “1+X” modular inverter gained widespread utility adoption, exceeding 30 GW in cumulative shipments and 45 GW in total orders.
Energy Storage Systems & Global Market Penetration
Sungrow’s energy storage division experienced robust expansion in 2023:
- Storage Revenue: 17.8 billion yuan (+75.8% YoY)
- Gross Margin: 37.47% (+14.23 percentage points)
- Shipment Volume: 10.5 GWh (+35% YoY)
Sungrow’s containerized and commercial energy storage solutions are widely deployed across mature utility markets, including the United States, the United Kingdom, and Germany. The company noted that deep cultivation of key international markets, strong brand equity, and a flawless safety track record across deployed projects continue to drive overseas market share.
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