Chinese inverter and battery producer Sungrow reported annual revenue of approximately $10.18 billion for 2023, marking a significant increase of 79.47% from the preceding year. Its net profit attributable to shareholders of listed companies hit $1.33 billion, up 162.69% year on year.
Sungrow credited the growth in its profit margin to factors such as the expanding brand premium, product innovation, scale effects, and reductions in freight costs and foreign exchange gains.
Sungrow's main operations produce PV inverters, energy storage systems, and new energy investment and development. These segments represent 38.27%, 25.64%, and 34.23% of total revenue, respectively. About $5.48 billion of Sungrow's revenue in 2023 originated from domestic operations in China, constituting 54% of the total.
Popular content
Sungrow recorded substantial growth in core product shipments in 2023. PV inverter shipments reached 130 GW. The company also achieved a leading position among Chinese firms by shipping 10.5 GWh of energy storage systems throughout the world.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.