Tongwei & TCL Zhonghuan Release Financial Results for Q3 2023

PVTIME – On 25th October, Tongwei Co., Ltd. (SH.600438) published its Q3 report showing an operating income of 37.352 billion yuan, representing a YoY decline of 10.52%, and a net profit attributable to the listed firm shareholders of 3.031 billion yuan, down 68.11% YoY in Q3 2023.

In addition, during the first three quarters, Tongwei attained an operating income of 111.421 billion yuan, a 9.15% increase year on year, and produced a net profit attributable to the parent company of 16.302 billion yuan, a year on year decrease of 24.98%.

On the same day, TCL Zhonghuan Renewable Energy Technology Co., Ltd. (TCL Zhonghuan)(002129.SZ), a leading distributor and producer of discrete semiconductor devices, has published its Q3 report. The company recorded an operating income of 13.756 billion yuan, marking a year-on-year decrease of 24.19%. The net profit attributable to shareholders of listed companies was 1.652 billion yuan, a fall of 20.72% compared to the previous year. However, in the first three quarters, its net profit attributable to the parent grew by 23.75%, reaching 6.188 billion yuan.

TCL Zhonghuan stated that, although the supply chain was promoted in the first three quarters of 2023, the competition in the photovoltaic industry was intense, and the operation had faced many pressures to deliver positive results. It is expected to see a steady increase in the installed capacity of PV systems due to the downward trend in the costs of raw materials in Q4.

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