Sungrow, a leading supplier of inverters from China, has posted strong financial results for the first quarter of 2015, including a notable ramp-up in the companys international operations.
In the first three months of the year the Chinese company shipped 230 MW of inverters into international markets, chiefly those of Australia, Germany, the U.S. and the U.K. In the whole of 2014, Sungrows international shipments stood at 430 MW, putting the company on course to exceed that volume many times over in 2015.
Overall, company revenue for Q1 were RMB 730 million ($117.7 million), up from RMB 443 million ($71.4 million) at the same stage in 2014.
Net profit at the end of Q1 stood at RMB 68.9 million ($11.1 million), which again proved a positive increase on Q1 2014, when net profit was RMB 41.5 million ($6.7 million). This profit growth rate of 66.16% and revenue increase of 64.8% is attributed to the positive success of Sungrows PV plant system integration business, as well as the growth of shipments to more lucrative overseas markets.
According to the Sungrow financial statement, the companys board approved a stock issuance amounting to RMB 3.3 billion ($532 million) to fund the development of a 5 GW inverter manufacturing program and the development of a 220 MW PV power station, both thought to be in China.
"These sales figures and our continued growth over the last few years show that we have been able to meet our aim of providing high quality products, with excellent efficiency and reliability," said Sungrow founder and CEO Cao Renxian. "We believe our technology will help us to sustain our position and look forward to continuing this in the years to come."
Speaking to pv magazine at the recent SNEC exhibition in Shanghai, Sungrows VP and director of PV product, Zhao Wei, revealed that the 430 MW of overseas shipments posted in 2014 accounted for 20% of the companys revenue, which explains why Sungrow has been so eager to increase its internationalization efforts in 2015.
"To address the challenge of providing ongoing service in overseas markets," Wei said, "Sungrow is working with many well-known foreign service partners. In the U.S., Sungrow shipped around 80 MW of inverters in 2014 and is currently establishing more service centers from Sungrow itself and third-party providers."