Sungrow Power Supply Co Ltd witnessed a substantial boost in its net profit attributable to shareholders, soaring by 162.7% to USD 1.3 billion (EUR 1.2bn) in 2023, signaling a robust financial performance for the Chinese photovoltaic (PV) inverter provider.
The company's operating revenue also experienced significant growth, surging by 79.5% year-over-year to USD 10.2 billion. Sungrow attributed its remarkable performance to its expanding customer base and increasing market share in key regions.
According to a statement released on Thursday, Sungrow's PV inverter shipments exceeded 130 GW, while sales of energy storage systems surged to 10.5 GWh, driven by demand for both grid-connected and off-grid applications.
Highlighting the company's global reach, Sungrow's power electronic converters have achieved a remarkable milestone, with over 515 GW of installed capacity worldwide as of December 2023.
The company's financial success has facilitated its expansion efforts and bolstered its international presence, with overseas employee numbers witnessing a notable 58.1% year-on-year increase to 1,423. Sungrow is also prioritizing investment in research and development (R&D), boasting a dedicated team of 5,372 R&D technical personnel.
Sungrow's strong performance underscores its position as a leading player in the PV inverter market, demonstrating its resilience and adaptability in meeting the evolving demands of the renewable energy sector.
