CSUN 2014 financials show 33% shipment increase

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China Sunergy (CSUN) – the Chinese module manufacturer – has this week announced last year’s Q3, Q4 and full financial figures, revealing that the company increased its module shipments by 33% year-on-year.

Total shipments hit 767.8 MW for the year, up from 577.4 MW in 2013. Module shipments processed under OEM arrangements reached 531. 1MW, with total cell shipments accounting for 236.7 MW.

This increase drove revenue to $341.1 million, which was a 7.9% increase year-over-year. CSUN’s OEM revenue share was $20.4 million, while its gross profit hit $10.6 million, down slightly on the $15.2 million gross profit registered in 2013.

The Asian market proved most fruitful for CSUN, accounting for 68.6% of total revenue in the fourth quarter, with Japan and China representing 10.1% and 55.6% of total revenue respectively.

In Europe, France was the biggest driver, accounting for 19.8% of CSUN’s total revenue. Europe as a whole drove 26.7% of the company’s revenue.

Looking ahead, the company is projecting total shipments to reach close to 1 GW this year, with CSUN’s manufacturing facility in Turkey stepping up its utilization in order to meet demand.

“I am delighted that our manufacturing plant in Turkey has grown stably since inception, as total revenue generated from Turkey grew to $110.1 million in 2014 at a gross margin of 6.2%,” said CSUN CEO Tingxiu Lu. “We will continue to ramp up capacity utilization at our Turkey plant to serve the European market.”

Lu added that the company will seek to duplicate this success by migrating further manufacturing capacities outside of China in the coming future.