Chinese PV Industry Brief: Tongwei, Canadian Solar, JA Solar report earnings

Tongwei, Canadian Solar, TCL Zhonghuan and JA Solar all reported significantly higher profits in 2023.

Shenzhen Stock Exchange

Image: Jay Sterling Austin, Wikimedia Commons

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Tongwei said that its operating income fell to CNY 139.104 billion ($19.29 billion) in 2023, down 2.33% year on year. Its net profit fell to CNY 13.574 billion, down by 47.25%. Polysilicon sales rose 50.79% by volume year on year to 387,200 tons. Solar cell sales surged by 68.11% year on year to 80.66 GW, while module sales soared by 292.08% year on year to 31.11 GW. By the end of 2023, the company successfully reduced the average production cost of monocrystalline silicon to CNY 42,000/ton or less. This year, Tongwei aims to expand its polysilicon production capacity to more than 850,000 tons and its N-type cell production capacity to more than 100 GW. Its target for 2024 includes shipping of 550,000 tons of polysilicon, 90 GW of solar cells, and 50 GW of modules.

JA Solar said that its operating revenue rose 11.74% year on year to CNY 81.556 billion in 2023, while its net profit attributable to shareholders jumped 27.21% to CNY 7.039 billion. It shipped 57 GW of modules and said it aims to ship between 85 GW and 95 GW in 2024. By the end of 2023, JA Solar's module production capacity surpassed 95 GW, with silicon wafer and cell production capacity constituting around 90% of its module capacity, including approximately 57 GW of N-type cell production capacity. JA Solar said that its wafer, cell, and module production capacities across all segments will exceed 100 GW by the end of 2024.

Canadian Solar recorded a 7.94% increase in revenue in 2023, reaching CNY 51.31 billion. Its net income also rose 34.61% year on year to CNY 2.903 billion. It globally sold 30.7 GW of PV modules, up 45.50% year on year. It said it expects its full-year module shipments in 2024 to range between 42 GW and 47 GW. The company shipped 1.86 GWh of energy storage systems in 2023, with 1.1GWh recognized as revenue and the remaining 0.76GWh to be recognized in 2024. Canadian Solar said it expects to ship between 6.0 GWh and 6.5 GWh of energy storage systems in 2024. Its energy storage system manufacturing capacity expanded to 10 GWh by the end of 2023.

TCL Zhonghuan said its revenue fell 11.74% year on year to CNY 59.146 billion in 2023. Its net profit hit CNY 3.416 billion, down 49.9%. It shipped 114 GW of silicon wafers, with a market share of approximately 23.4%. Module shipments hit 8.6 GW, up 29.8% year on year. The company said it aims to exceed 130 GW of shipments for 2024.

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