A Healthy H1/2023 For Chinese Solar Inverter Maker

Ginlong Technologies Sold 387,700 New Inverters As Operating Income Increased 33.16% YoY

A Healthy H1/2023 For Chinese Solar Inverter Maker

Ginlong’s operating income in H1/2023 increased by 33.16% YoY. (Photo Credit: TaiyangNews)

  • Ginlong’s solar inverter business accounted for 68.56% of the group’s total operating income in H1/2023  
  • Household PV power generation system and energy storage inverter revenue represented 17.09% and 9.59% share, respectively  
  • It has 950,000 units/year of inverter production capacity under construction 

Chinese solar PV inverter company Ginlong Technologies exited H1/2023 with 387,700 inverter units sold, bringing in RMB 2.23 billion ($305.7 million) to the group’s total operating income of RMB 3.25 billion ($446 million) for the period. The latter represented an annual growth of 33.16%.   

Recognized mostly as the Solis brand, Ginlong’s inverter business accounted for 68.56% of the group’s operating income, while its gross margin was 29.52%.  

Household PV power generation system revenue accounted for 17.09% with RMB 555.6 million ($76.23 million), and energy storage inverter revenue represented 9.59% share of the operating income at RMB 312 million ($42.1 million).    

The group’s total net profit during the period went up by 57.51% YoY to RMB 627 million ($86 million).   

At the end of June 2023, Ginlong’s cumulative annual inverter production capacity stood at 770,000 units with an output of 448,100 units. It has another 950,000 units/year of capacity under construction. Once online, its total inverter capacity will increase to 1.72 million units/year.   

In May 2023, Ginlong said it aims to achieve RMB 8 billion ($1.1 billion) in revenues and RMB 1.2 billion ($164.6 million) in profits in 2023. For the year 2024, the revenue and profit targets are RMB 10 billion ($1.37 billion) and RMB 1.4 billion ($192 million) respectively.  

The group further targets RMB 12 billion ($1.65 billion) in revenues and RMB 1.6 billion ($219.5 million) in profit in 2025 (see China Solar PV News Snippets).  

About The Author

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews. Anu is our solar news whirlwind. At TaiyangNews she covers everything that is of importance in the world of solar power. --Email: [email protected]

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