After the reveal of its financial results from the first semester of 2024, Sungrow confirms its role as globally renowned renewable energy company, thanks to the achievement of a US$4.4 billion revenue.
Despite the fluctuated market conditions, the company maintained a strategic alignment for growth and the leadership in the production and distribution of:
- PV inverters
- energy storage systems
- floating PV systems
- new energy vehicle (NEV) driving solutions
- electric vehicle (EV) charging solutions
- and more
Financial results highlights
Sungrow experienced an increase in multiple areas of its business, in particular:
- Revenue: as already anticipated, the company’s operating income reached US$4.4 billion, marking an 8.38% rise from the previous year’s figures
- Net profit: US$0.7 billion income, 13.89% year-over-year increase
- Product performance:
- PV inverters and other power electronic converters achieved a gross profit margin of 37.62%
- energy storage systems reached 40.08%
- the renewable energy investment and development sector reported a margin of 16.88%
A key factor for the above incomes is Sungrow’s technical prowess. Throughout the half year, Sungrow allocated a total of US$0.2 billion towards research and development expenditures, marking a 41.65% increase compared to the previous year.
Sustainability in Sungrow’s business
After 27 years of relentless innovation, Sungrow has emerged as a global leader in the renewable energy sector, exporting its products to over 170 countries and achieving the acknowledgment of No.1 position in PV inverter shipments for 2023 according to S&P Global Commodity Insights.
Moreover, Sungrow has affirmed its dedication to achieving carbon neutrality and net-zero goals in its ESG development. The company aspires to achieve carbon neutrality at the operational level by 2028, extend this to its entire supply chain by 2038, and aim for net-zero emissions across the supply chain by 2048.
During the first semester of 2024 Sungrow utilized a total of 75,980 MWh of green electricity, sourced from both direct purchases and rooftop photovoltaic systems. This resulted in an outstanding reduction of greenhouse gas emissions.
In order to be as sustainable as possible, the company also actively contributes to:
- ecological conservation
- supporting technological innovation
- education
- talent development
- community and rural revitalization
- emergency relief
and various other sectors. Sungrow undertakes a series of philanthropic and volunteer service initiatives globally, surpassing a US$0.9 billion expenditure on environmental and social sustainability.
