Risen expects FY2023 net profits to grow ~80%; Seraphim receives equipment for its Yingshang TOPCon cell fab; Soltrend commissions HJT tandem cell & module fab; HIUV forecasts a net loss for FY2023; China's cumulative grid-connected solar power generation to hit 780 GW in 2024.
Risen Energy projects 2023 net profit to grow up to 79.95%: Solar panel manufacturer Risen Energy has released its performance forecast for FY2023. It expects net profit attributable to shareholders in the range of RMB 1.32 billion ($184 million) to RMB 1.70 billion ($236.95 million). This reflects a year-on-year growth of 39.73% to 79.95%. The company attributes this performance to the general global uptrend in the photovoltaic (PV) industry, increased profitability in its PV module sector due to large-scale shipments in the North American module market and enhanced performance from new production capacities, among others.
In October 2023, Risen reported a 33.27% increase in its operating income for 9M 2023 (see China Solar PV News Snippets).
1st batch of equipment arrives at Seraphim's Yingshang TOPCon cell fab: The 1st batch of equipment has been delivered to Seraphim's TOPCon cell fab in Yingshang, Anhui, the company has announced. The facility, once complete, will have an annual capacity of 7.5 GW TOPCon cells.
Recently, Seraphim announced the commencement of production at its Jinzhai Phase II high-efficiency TOPCon module fab (see China Solar PV News Snippets).
Soltrend's 3.6 GW HJT tandem cell & module fab 1st phase online: Soltrend has commissioned the Phase I heterojunction (HJT) tandem cell and module fab in Helu Industrial New City. The 1st phase started construction in June 2023 with a designed capacity of 3.6 GW. To be built in 2 phases, when complete, the facility will consist of 6 HJT cell production lines with a total capacity of 10.8 GW. At that time, it is expected to generate about RMB 16.5 billion ($2.3 billion) in revenues for the company.
HIUV New Materials forecasts net loss for FY2023: Solar module encapsulation supplier HIUV New Materials forecasts a net loss for fiscal year 2023, in the range of RMB -240 million (-$33.4 million) to RMB -220 million (-$30.6 million). The company expects its operating income to range from RMB 4.8 billion ($668.6 million) to RMB 5 billion ($696.5 million) in 2023.
As for the reasons behind the net loss, the company cites demand and price fluctuation, a difficult macroeconomic and industrial environment, lower prices of EVA, lower gross profit margin, etc.
China's cumulative grid-connected solar power to hit 780 GW by 2024: According to data released by the China Electricity Council, the cumulative grid-connected solar power capacity in China will reach 780 GW by 2024. The report estimates a total national electricity consumption of approximately 9.8 trillion kWh for the year 2024, reflecting a growth of around 6% compared to 2023. In terms of power supply in 2024, the China Electricity Council anticipates newly commissioned generation capacity to exceed 300 GW. The cumulative installed capacity of renewable energy is expected to surpass coal-fired power for the first time.