155% Increase! GCLSI Releases Annual Report 2022

PVTIME – GCL System Integration Technology Co (GCLSI) (002506.SZ), a leading photovoltaic (PV) company in China, released its 2022 annual report that it achieved annual revenue of 8.354 billion yuan, an increase of 77.68% year on year, and net profit attributable to parent company of 59.318 million yuan, an increase of 102.99% year on year.

Meanwhile, according to GCLSI’s Q1 2023 report released on the same day, its revenue was 1.55 billion yuan, an increase of 20.1% year on year, and net profit was 18.698 million yuan, an increase of 155.13% year on year.

GCLSI stated that the increase in revenue was mainly due to the full operation of the first phase of the large-scale module production base in Hefei City with a production capacity of 15GW of 182 and 210 modules, which improved the company’s product structure. In addition, the system integration and energy storage businesses grew steadily during the period under review, resulting in the synergistic development of the PV + ES business.

Moreover, the production capacity of large-scale modules is estimated to reach 30GW as the first phase of TOPCon high-efficiency solar cell project (10GW) in Wuhu City will be operational in July 2023, while another high-efficiency solar module project (12GW) in Funing City will be completed in October 2023.

In addition, GCLSI intends to raise funds of not more than 6 billion yuan for the construction of the second phase of the TOPCon production project in Wuhu City and the smart energy storage system project in Xuzhou City, which will further increase the production capacity of its TOPCon products to 20GW. And the company will also pay attention to the energy storage business in the C&I and residential sectors to maintain its leading position in the PV and ES market.

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