PVTIME – On 22 April 2024, Sungrow Power Supply Co., Ltd.(Sungrow, 300274.SZ), the world’s leading supplier of inverters and energy storage systems, announced its financial results for the year ended December 31, 2024.
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In the reporting period, it achieved operating income of 72.251 billion yuan, up 79.47% year on year, and net profit of 9.440 billion yuan, up 162.69% year on year. The compound growth rate of operating income from 2018 to 2023 is 47%, and the compound growth rate of net profit from 2018 to 2023 is 63%. Meanwhile, a major innovation of its 1+X inverter was launched in 2023, which reached a cumulative global shipment of more than 30GW.
In addition, in the first quarter of 2024, Sungrow achieved operating income of 12.614 billion yuan, up 0.26% year on year, and net profit of 2.096 billion yuan, up 39.05% year on year. And its net cash flow from operating activities was -488 million yuan, with a gearing ratio of 62.75%, down 4.10% year on year. Its R&D investment was 656 million yuan, accounting for 5.20% of operating income, up 1.78% year on year.
On the same day, Sungrow also announced a delay in the production of renewable energy equipment project. This particular product, with a production capacity of 100GW, is progressing at 63.95%. However, its operation will have to be postponed from 30 April 2024 to 30 June 2025 due to investment risks.
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