DMEGC Publishes 2024 Financial Report

PVTIME – Hengdian Group DMEGC Magnetics Co., Ltd. (DMEGC, 002056.SZ), a high-tech company focused on the research and production of hard ferrite magnets, ferrite cores, solar cells, solar modules, rare earth magnets, motor housings, hard alloys, batteries and flexible copper clad laminate, etc., recently released its 2024 financial report.

In 2023, DMEGC achieved operating revenue of 19.721 billion yuan, up 1.39% year on year, and net profit of 1.816 billion yuan, up 8.8% year on year. Among them, its revenue achieved in the photovoltaic industry was 12.777 billion yuan, with profit almost doubling year-on-year, and a total shipment of about 10GW of solar products, up 24.27% year-on-year.

As of 21 December 2023, the total production capacity of solar cells reached 14GW and that of modules 12GW. Production capacity in Sichuan, Jiangsu Province of China and Southeast Asia was expanded with the addition of 6GW of high-efficiency TOPCon cells and 5GW of TOPCon modules, and 2GW of TOPCon cells are under construction.

During the period under review, DMEGC provided overseas customers with high-efficiency photovoltaic products and solar systems for residential, decentralised, commercial and industrial applications, as well as large-scale centralised power plants. At the same time, DMEGC’s investment and construction of photovoltaic power plants also progressed well.

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