159%-187%! Sungrow Expects Net Profit to Increase in 2023

PVTIME - Sungrow, the world's leading supplier of PV inverters and energy storage systems, announced its 2023 performance forecast that it is expected to achieve revenue of 71 billion to 76 billion yuan (9.869 billion to 10.564 billion US dollars), up 76%-89% YoY, while net profit attributable to shareholders of listed companies of 9.3 billion to 10.3 billion yuan (1.2927 billion to 1.4317 billion US dollars), up 159%-187% YoY. Their net profit after deduction is estimated at 9.15 to 10.15 billion yuan (1.272 to 1.411 billion US dollars), up 170% to 200% year on year.

The increase in performance was mainly due to the rapid growth in Sungrow's development and sales volume of photovoltaic inverters, energy storage systems and investment in renewable energy projects during the period. In addition, Sungrow's financial results were positively influenced by the decrease in shipping costs and the favourable foreign exchange rate in the first half of the year, among other factors.

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