Financial data for tier-2 Chinese module manufacturer Eging published this week has revealed that total revenue reached $756 million for 2015, of which 86.6% was derived from modules sales.
This represents a sharp increase of 51.38% against 2014, while net profit reached $35.9 million, which was a sizable 94.8% growth on last year. Furthermore, Eging recorded positive cash flow of $132 million, which was three times that of 2014.
For modules, total shipments hit 1.32GW a 50% year-over-year increase, while cell production reached 984 MW. Of that figure, only 54 MW of cells were sold to third parties. Eging explained that most of its cells produced were primarily used for internal module production. The capacity utilization rates for both cell and module equipment were high, at over 94%. From the data released, it can be deduced that around 100 MW capacity of module production is under construction and estimated to be completed around May time.
Eging indicates that its lab-recorded conversion ratios for cells of monocrystalline silicon and multicrystalline silicon are 21.4% and 19.8% respectively. While the actual efficiencies for mass-produced cells stand at 19.8% for mono and 18.3% for multi. Compared with a lab module, which could be as high as 300W (60pcs) for mono and 275 for multi, actual shipped modules from Eging are just 275 W and 260 W.
Eging has also noted the fact that Chinas solar market is pursuing high conversion efficiencies, and thus, the company said, it will be concentrating its strength on more high efficiency cell production lines. As a result, R&D costs in 2015 were higher, rising 33.7% to $22.4 million.
In addition to cell and module manufacturing, Eging also built four PV plants, comprising both ground-mounted and distributed projects, last year.