Solar cell and module manufacturer GCL System Integration (GCL SI) has released its 2024 earnings forecast. It expects to report total revenues of RMB 160 billion ($21.97 billion) to RMB 180 billion ($24.72 billion) for the fiscal year, reflecting a year-on-year (YoY) increase of 0.20% to 12.73%. The company forecasts net profit attributable to shareholders to be between RMB 55.00 million ($7.55 million) and RMB 80.00 million ($10.98 million), down 49.28% to 65.13%. GCL SI attributed the performance decline to the oversupply in the photovoltaic industry and the significant drop in product prices in 2024. It added that its profit margins were squeezed despite a substantial increase in module shipments. It also cited investment losses from affiliated companies, which further impacted its overall earnings.
On the products front, GCL SI unveiled its GPC 2.0 distributed module based on Back Contact (BC) technology with a rated power output of 660 W last month (see China Solar PV News Snippets).
LAPLACE expects to report an uptick in 2024 net profits
Solar production equipment manufacturer LAPLACE has forecast a net profit of RMB 700 million ($96.24 million) to RMB 770 million ($105.87 million), an increase of RMB 289.1876 million ($39.76 million) to RMB 359.1876 million ($49.38 million) compared to the same period last year, up 70.39% to 87.43% YoY. The company cites strong global demand for production equipment as the main driver of its positive performance.
A China Datang Group subsidiary has commenced operations of a photovoltaic demonstration base in Xinjiang, which is said to be the first in the province. The company is constructing a 1 GW integrated solar-thermal and photovoltaic clean energy demonstration project in the Shichengzi area, which includes a 40 MW photovoltaic technology demonstration base. This facility is conducting empirical research on 36 technology and equipment combinations and is equipped with extensive testing devices to enable real-time data collection, analysis, and reporting on all aspects of photovoltaic systems.
Xinjiang ranks among the top regions in China for installed solar capacity, with an additional 26.68 GW of solar photovoltaic capacity in 2024, accounting for nearly 10% of the country’s total new capacity. Given Xinjiang's vast territory and diverse geographic and climatic conditions, the demonstration base provides valuable insights for photovoltaic technology applications across different regional environments.
Last month, China Datang Corporation issued the "20 Measures for Solar Module Quality Control" aimed at implementing stricter quality measures in future procurement frameworks (see China Solar PV News Snippets).
Solar and lithium battery equipment supplier LEAD has decided to terminate its plan to issue Global Depository Receipts (GDR) overseas and list them on the SIX Swiss Exchange. Announced in February 2024, the Swiss GDR issuance aimed to raise RMB 1.00 billion ($137.34 million), excluding issuance expenses. It planned to use the proceeds for the expansion and R&D upgrades of its European Technology Center, manufacturing, service capabilities, supplementary working capital, etc. However, in a recent announcement, LEAD stated that it has decided to terminate this overseas GDR issuance in view of the conditions both internally and externally.
LEAD and Leadmicro belong to the LEAD Group, with business segments spanning lithium battery intelligent equipment, solar photovoltaic equipment, 3C equipment, and smart logistics. Earlier this month, LEAD released its 2024 earnings forecast, projecting a net profit attributable to shareholders of RMB 210 million ($28.84 million) to RMB 310 million ($42.57 million), a YoY decline of 88.17% to 82.53%.
On the same day, LEAD also issued a notice regarding its plan to issue H shares and list on the Hong Kong Stock Exchange (HKEX). The company stated that the move aims to support its global expansion in the new energy smart equipment sector and establish an international capital platform. While the announcement did not disclose specifics, it did note that the issuance remains subject to approval by the company's shareholders and regulatory approvals from the China Securities Regulatory Commission (CSRC), HKEX, and other relevant authorities.