- Tongwei’s annual operating income for 2020 was RMB 44.2 billion, growing by 17.69% YoY
- It shipped 66.23% more solar cells and modules in 2020 adding up to a total of 22.16 GW
- Company was able to maintain full production during the reporting period as demand for solar cells increased in H2/2020
Integrated solar PV manufacturer from China, Tongwei Co., Ltd, shipped solar cells and modules representing a total capacity of 22.16 GW, reflecting an annual increase of 66.23% while reporting its gross profit margin as 16.78% for monocrystalline cells.
In its annual report for 2020 (available in Chinese language), Tongwei said its operating income for the year grew 17.69% to RMB 44.2 billion ($6.78 billion).
According to the management, during H1/2020, the market price of solar cells declined by 30% YoY which is when the company shipped 7.75 GW solar cells (see Tongwei: H1/2020 Net Income Down, Operating Income Up). During H2/2020 as demand picked up, Tongwei said, the price of solar cells increased too. It maintained full production during the entire year.
Annual sales volume of high-purity polysilicon in 2020 grew YoY by 35.79%, achieving a gross profit margin of 36.78%
At the end of 2020, Tongwei’s annual production capacity for solar cells was 27.5 GW out of which the share of monocrystalline cells was 24.5 GW. At the end of 2021, Tongwei aims to increase its annual solar cell capacity to 55 GW with 166mm sized cells expected to account for more than 90% capacity. By end of 2023, it targets a cell capacity of 80 to 100 GW.
The company has reiterated its February 2020 production capacity expansion plans to achieve 180,000 tons of polysilicon by year end. By end of 2023, Tongwei plans to increase silicon capacities to level between 220,000 tons and 290,000 tons.