In the latest rankings from Sinovoltaics’ Financial Stability Report, Tainergy, Eterbright, First Solar, Era Solar and TSEC are among the top five module manufacturers. There was a minor reshuffle in the top ten and seven new manufacturers were added to the rankings.
Sinovoltaics, a Hong Kong-based technical compliance and quality assurance service company, has released its latest version Ranking of PV module manufacturers, which has a global reach and includes 59 panel suppliers, 7 more than the previous ranking. The report can be downloaded for free. Results are calculated from June 2020 to March 2024 to provide insight into the stability of the scores over time.
In Sinovoltaics’ latest module-focused report, analysts noted several improved scores. For example, Taiwan’s Eterbright Solar Corporation, part of Hiwin Technologies, rose in the rankings from third to second place, exchanging places with the American First Solar.
China’s DMEGC Solar, a part of DMEGC Magnetics Group, climbed from ninth to sixth place, while India-based Adani Solar, a part of Adani Enterprises, entered the top ten at seventh, up from thirteenth place.
The ranking uses something called an Altmann Z-score, a quantitative formula that uses multiple corporate income and balance sheet values to measure a company’s financial health. It assesses a company’s financial strength based on publicly available information through a credit strength test based on profitability, leverage, liquidity, solvency and activity ratios. A score of 1.1 or lower indicates a higher likelihood of bankruptcy within the next two years, while a higher score of 2.6 or higher indicates a solid financial position.
The manufacturer topping the rankings is Taiwan-based Tainergy, followed by Eterbright Solar Corporation and First Solar. They are followed by China-based ERA Solar Technology and Taiwan-based TSEC, DMEGC, Adani Solar, Japan’s Kyocera and China-based Tognwei Solar and Longi.
Sinovoltaics analysts note that while the rankings say nothing about the actual quality of PV equipment, buyers and other industry stakeholders, such as financial institutions, can use the ranking reports as part of the due diligence process or to identify financially stable partners to help identify. .
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