Sungrow Significantly Grows Revenue in 2019 - Overseas Shipments Increase by 87.5%

PVTIME - Sungrow, the global leading inverter solution supplier for renewables, has recently released its annual report 2019 to shareholders, reporting a robust fiscal performance and key milestones in its business fields.

Overview of Sungrow fiscal year

  • The shipments
    in 2019 reached 17.1GW, allowing the accumulative shipments to hit 100GW
    as of December 2019.
  • The revenue
    increased by 25.4% to 1.864 billion (2018: $1.572 billion).
  • The net
    income attributable to shareholders of a listed company came to $127.6
    million, an increase of 10.2% (2018: $116 million).
  • The CFFO
    (cash flow from operations) increased by 1271.3% to $355.6 million, a
    stellar and healthy operation structure.
  • Turnover of
    accounts receivable is twice, an increase of 11.1%.
  • Basic
    earnings per share thus amounted to 0.61 yuan (8.75 US-cents), an increase
    of 8.9%.

Strong competitiveness

The Company remains the leading position in markets like the United States,
Brazil, Chile and holds a market share of over 30% in Southeast Asia. The
growth is attributable to the robust strength in R&D, global professional
and responsive sales and service network and facilitating firmly the corporate
social responsibility.

One of the most important factors Sungrow leans on is the R&D
development. The annual report indicates over 1627 personnel assigned to
R&D team and an increase in investment in R&D by 31.8% to $911.8
million in 2019, demonstrating more efforts were made in product innovations.

Furthermore, the Company keeps providing updated product portfolio with
groundbreaking technologies including SG250HX - the world's most powerful 1500V
inverter, and featured commercial inverters from 33kW to 110kW, which enable
maximum yields for diverse installations. The breakthrough is also shown on the
Company's energy storage segment which embraces a year on year revenue growth
by 41.8%. Landmark projects Sungrow supplied in 2019 like the largest
unsubsidized PV-plus-storage project in Europe (27MW/30MWh) and the first 1500V
DC-coupled PV-plus-storage project in the United States (1.5MW/3.836MWh), which
maximizing the ROI and matching diversified local demands.

With more than 20 subsidiaries and over 50 global service outlets
established worldwide, Sungrow is able to offer the most responsive 24/7
support to customers. Notably, Sungrow was rated "100% bankable" by
BloombergNEF in its inverter bankability survey 2019. The survey also unveiled
that Sungrow is the No.1 supplier in term-loan financed projects.

As one of the most compelling PV and energy storage players, Sungrow is
always contributing to the decarbonization. It's the Company's accumulative
shipments reaching 100GW by the end of 2019 that is equivalent to eliminating
103 million tons of carbon dioxide.

Forecast the growth in 2020

Despite the current situation with coronavirus, Sungrow is dedicated to
lifting R&D investment, driving the online communication for business and
putting together a task force to facilitate comprehensive measures to ensure a
stable supply chain, in a bid to pave the way to reach its mission of
"Clean power for all".

"The coronavirus has had only a minimal negative impact on Sungrow's
business development so far. We are moving fast in uncertain times," said
Cao Renxian, Chairman of Sungrow. Many orders are still on time and those that
are delayed are a few weeks behind the original schedule. According inverter
export data released by China Custom, Sungrow took the first place in Q1 of

As of early March, Sungrow's China-based production facility was at full
capacity and the Company's upcoming quarter orders were healthy enough to
indicate a year of growth.