- Sungrow improved its annual shipments for PV inverters in 2022 by 63.83% to 77 GW
- Its operating income of RMB 40.25 billion last year included Q4/2022 bringing in RMB 18.03 billion
- R&D expenditure accounted for 4.20% of total revenues that went up by 45.70% YoY to RMB 1.69 billion
Leading Chinese solar inverter supplier Sungrow grew its inverter shipments in 2022 by 63.83% annually from 47 GW in 2021 to 77 GW in 2022. This includes 90,000 units shipped through channels, while increasing its annual production capacity by 46.43% from 56 GW to 82 GW at the end of 2022. Its cumulative installed capacity exceeded 340 GW by the end of last year.
Operating income for the company during the reporting year increased 66.79% to RMB 40.25 billion including Q4/2022 bringing in maximum of RMB 18.03 billion. Net profit for the year went up by 127.04% to RMB 3.59 billion.
Gross profit margin was reported as 24.55%, having gone up by 2.29% thanks mainly to the company’s energy storage business expanding especially in the residential segment, and freight costs have started to come down. Main source of its income was China, excluding Hong Kong, Macau and Taiwan.
According to Sungrow’s annual report for 2022, it invested RMB 1.69 billion in research & development (R&D) activities representing 45.70% more than the previous year, accounting for 4.20% of total revenues.
In 2022, with high raw material costs in the global solar industry, Sungrow said its operating costs increased by 42.36% to RMB 16.58 billion.
It continues to strengthen the company’s channel markets in Europe, Americas, Australia and China which contributed the company to sign several GW level orders ‘in a row’ in 2022. The distributed segment remains a strong driver for the Chinese company. To cater to the growing demand for household storage globally, Sungrow says it launched a new generation of integrated solutions for household solar, storage and charging and released a green electrolysis solution for solar, storage, charging the whole house and has been well-received by customers.
As supply chain bottlenecks improve in 2023, Sungrow says it anticipates higher demand for solar and storage globally. To take advantage of the situation, it plans to continue investment in R&D to better its technology, enhance its integrated sales and service capabilities, upgrade global manufacturing and supply system among other measures.
