Chinese inverter and battery maker Sungrow reported annual revenue of approximately $10.18 billion for 2023, a significant increase of 79.47% from the previous year. Net profit attributable to shareholders of listed companies was $1.33 billion, up 162.69% year-on-year.
Sungrow attributed the profit margin growth to factors such as growing brand premium, product innovation, scale effects and reductions in freight costs and foreign exchange gains.
Sungrow’s main activities produce PV inverters, energy storage systems and investment and development in new energy. These segments represent 38.27%, 25.64% and 34.23% of total turnover respectively. About $5.48 billion of Sungrow’s 2023 revenue came from domestic operations in China, which accounted for 54% of the total.
Sungrow achieved substantial growth in core product shipments in 2023. PV inverter shipments amounted to 130 GW. The company also achieved a leading position among Chinese companies by shipping 10.5 GWh of energy storage systems around the world.
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