Chinese inverter and battery producer Sungrow reported annual income of roughly $10.18 billion for 2023, marking a major improve of 79.47% from final 12 months. Its internet revenue offered to shareholders of listed firms hit $1.33 billion, up 162.69% year-on-year.
Sungrow credited the development in its revenue margin to components akin to model premium growth, product innovation, scale results, and discount in freight prices and international positive factors.
Sungrow’s principal operations are manufacturing PV inverters, vitality storage methods, and new vitality funding and growth. These shares characterize 38.27%, 25.64%, and 34.23% of whole income, respectively. About $5.48 billion of Sungrow’s income in 2023 comes from China’s home operations, accounting for 54% of the full.
Sungrow recorded vital development in core product shipments in 2023. PV inverter shipments reached 130 GW. The firm additionally achieved the main place amongst Chinese firms by delivery 10.5 GWh of vitality storage methods worldwide.
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