Sungrow expects close to 400% increase in net profit in H1 2023; Maxwell's new TCO deposition process for low-indium HJT cells; Chaojing New Energy to build manufacturing facility in Sichuan; Gaoce reports high profit boost.
Sungrow releases positive guidance for H1 2023: Solar PV inverter supplier Sungrow Power has released its guidance for the 1st half of 2023. The company expects its operating income to range between RMB 26 billion and RMB 30 billion, a year-on-year (YoY) increase of 112% to 114%. Net profit is expected to be RMB 4 billion to 4.5 billion, an increase of 344% to 400% YoY. Sungrow attributes the increase in product revenue to leaner operations, reduction in freight costs and exchange gains. The company had reported an increase of 127% in net profits for FY 2022 in April (see 127% Annual Increase In Sungrow's 2022 Net Profit).
Maxwell's low-indium, silver-free HJT cell: Maxwell has developed a TCO (transparent conductive oxide) deposition process that reduces the consumption of indium. The process, which was discussed in a technical paper titled 'Silicon solar cell with undoped tin oxide' published in the renowned scientific journal Nature Energy, facilitates the production of low-cost heterojunction (HJT) cells. This "cheap and mass producible" process uses low indium content TCO combined with electroplated silver-free metallization. The solar cell with undoped SnOx front transparent electrode delivered an efficiency of 24.91%, while the one with plating copper electrode and double-sided indium-based electrode delivered 25.94%.
Chaojing New Energy to set up ingot and TOPCon cell facility in Sichuan: Chinese PV equipment and cell manufacturer Chaojing New Energy plans to invest in a new high-efficiency monocrystalline silicon ingot manufacturing plant in Dazhu Economic Development Zone. To be constructed in 3 phases, the 1st phase involves setting up a 10 GW monocrystalline silicon ingot production facility. A 5 GW monocrystalline TOPCon cell manufacturing facility is planned to be built in Phase 2, followed by 5 GW module manufacturing capacity in Phase 3. The company is one among 5 companies who have committed to a combined total investment of about RMB 23.5 billion in Dazhu County.
Gaoce releases H1 2023 financial results: Gaoce Technology, a PV silicon wafer equipment manufacturer, has released its financial results for H1 2023. The company reported revenues of RMB 2.521 billion ($349 million), an increase of 88.8% YoY, and net profit of RMB 714 million, up a whopping 201.27% YoY. The company credited continuous industry developments and strong market demand during the reporting period for its increased PV equipment orders.