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).