The latest list includes India-based Insolation Energy, Waaree Renewable Technologies and Solex Energy in the top three, while Kyocera lands in the top ten, up from thirteenth place.
Sinovoltaics, a Hong Kong-based technical compliance and quality assurance service company, has released the fourth free download edition of its Ranking of PV module manufacturers.
The ranking report, which is global in scope and based on the Altmann Z-scores of listed manufacturers, includes 65 suppliers this time, which is the same number as the previous module ranking. The scores will be tracked from December 2021 to September 2024.
Sinovoltaics’ analysts highlighted some score improvements. For example, Japan-based Kyocera rose to 10th in the rankings from 13th. Other improvements noted were from two Chinese manufacturers, HT SAAE, which rose from 34th to 21st, and BYD, which rose from 27th. to 23.
The top ten group includes India-based Insolation Energy, Waaree Renewable Technologies, Solex energyUS-based First Solar, Taiwan-based Eterbright (HIWIN) and Taienergy, then Vietnam-based Boviet Solar, China-based DMEGC Solar, India-based Adani Solar and Kyocera.
Sinovoltaics describes the Altmann Z-score as a quantitative formula that relies on publicly available information about company revenues and balance sheet values to measure a company’s financial health. The financial strength assessment is based on a credit strength test based on profitability, leverage, liquidity, solvency and activity ratios.
A score of 1.1 or lower indicates a greater likelihood of bankruptcy within the next two years, while a higher score of 2.6 or higher indicates a solid financial position.
Sinovoltaics analysts say the ranking reports provide insight into stability scores over time. They explain that the financial ranking does not indicate the quality of the equipment, but rather is intended to be used by buyers or other stakeholders as part of the due diligence process, or to help identify financially stable partners.
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