Aiko Solar’s H1/2022 Financial Results

Chinese Solar Cell Supplier Aiko’s H1/2022 PERC Shipments Grew 94% YoY To 16.5 GW

Aiko Solar’s H1/2022 Financial Results

Aiko Solar’s 16.5 GW PERC cell shipments in H1/2022 have already exceeded more than half of its total shipments in 2021, with more than 80% comprising large sized cells, the management has announced. (Source: Aiko Solar)

  • Aiko Solar’s H1/2022 shipments grew 94% annually to 16.5 GW as demand continued to grow within China and overseas
  • It turned profitable with RMB 596 million net profit reported, and operating income growing 132.76% to RMB 15.985 billion
  • The manufacturer has more than 95% of its aggregate production capacity now attuned to 182mm and 210mm wafer sized cells

Aiko Solar reported its H1/2022 solar cell shipments as adding up to 16.5 GW, having grown by 94% annually with average shipment of large sized cells accounting for over 80% of the total, thanks to growing demand within and outside of China.

In a stock exchange announcement, Aiko Solar said it turned profitable during the period when compared on annual basis, with net profit of RMB 596 million and operating income rising 132.76% to RMB 15.985 billion.

One of China’s leasing suppliers of PERC solar cells, Aiko  increased research and development (R&D) spending during the period by 116.26% annually to RMB 560 million, accounting for 3.50% of sales revenue.

Average capacity utilization rate was about 92%, higher than the previous year contributing to its production costs to come down and profitability to improve significantly.

Management admitted facing ‘great cost pressure’ on its operations during the reporting period due to continuous rise in prices of upstream silicon materials. Warning of the global economy being at the ‘brink of recession’ with rising inflation in Europe and the US, protectionist policies of various countries, especially the US, Aiko Solar says export cost of Chinese solar PV products is likely to go up. There may be a decline in its overseas shipments even as it makes efforts to improve the competitiveness of its products.

Production update

As demand for large wafer sized cells increases in the market, Aiko Solar converted about 10 GW of its 166mm production lines to 182mm cells by the end of June 2022, taking its 182mm and 210mm lines to represent more than 95% of its aggregate production capacity.

Aiko Solar shared that it has reduced the thickness of its mainstream products from 160 μm at the beginning of the year to 155 μm, and is currently in the process of testing the practicability of mass production of 150 μm. It would help to save costs incurred on silicon use while promoting green production.

In H2/2022, the Chinese company expects to bring online its N-type cell production line with 6.5 GW capacity in Zhuhai where it will produce its newly announced all back contact (ABC) modules that it launched in June 2022 through its subsidiary Solar-Grids (see Solar-Grids Launches All Back Contact Modules).

Aiko Solar’s Senior Overseas Sales Director Vincent Lau presented about the company’s cell developments at the TaiyangNews Bifacial Solar Conference 2021 (see How to Tweak PERC Cell Technology for High Bifacial Yields).

 

 

About The Author

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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