Aiko Solar reports record Q3 earnings, nine-month development in 2020 virtually 50% up on 2019 figures

• Record Q3 profits has actually helped significant merchant solar cell producer Aiko Solar reported nine-month revenue development of 49.45%, contrasted to the previous year period, exceeding the firm's full-year 2019 profits figure.

PV Tech had formerly highlighted that Aiko Solar's quarterly income in between the 4th quarter of 2019 and also the second quarter of 2020 had actually flatlined, reaching around RMB1.8 billion (US$ 270 million), regardless of raised solar cell shipments and also capacity growths.

Nevertheless, record revenue of RMB 2.56 billion (US$ 382.9 million) in the third quarter of 2020 not just damaged that trend, but helped the business report profits for the 9-month period of RMB6.25 billion (US$ 935.28 million) exceeding its 2019 full-year earnings of US$ 860.25 million.

Aiko Solar had actually been affected in the initial fifty percent of the year by the organization results of COVID-19 and solar cell typical cost declines, which had caused a fall in internet revenues of 68% year-on-year.

Yet In the 3rd quarter of 2020, internet earnings increased significantly on higher sales, getting to RMB237.4 million (US$ 35.49 million), contrasted to the previous quarter net revenue of only US$ 8.47 million.

Greater sales and also more secure ASPs were behind the internet profit rebound, which established a new quarterly record for the business.

Production upgrade

PV Tech had formerly reported that Aiko Solar planned to reach 22GW of high-efficiency solar cell capacity by the end of 2020. The firm claimed in its H1 2020 monetary outcomes that it had actually reached 15GW of nameplate capability in the reporting period, up from 9.2 GW at the end of 2019.

Aiko Solar kept in mind that because of market need, the firm had actually enhanced its capital investment on its key solar cell production capability projects.

The Yiwu Phase II Passivated Emitter Rear Cell (PERC) high-efficiency solar cell project was stated to have been completed and also put into quantity production throughout the reporting duration. The Yiwu Phase III PERC project was said to have actually gotten as well as mounted production line tools, keeping to plans to start quantity manufacturing in 2nd half of 2020.

Nonetheless, Yiwu Phase IV and Phase V projects had actually been sped up with building of plant facilities in addition to the building of the primary cell factory said to have passed the 50% building and construction mark.

The business additionally kept in mind that the Tianjin Phase II PERC solar cell project had actually been proceeding smoothly with some tools having actually been installed as well as appointed. Around an additional RMB 700 million (US$ 107 million) in capital expenditure had actually been designated to the project to speed up conclusion timelines.

According to Aiko's previously announced ability expansion plans in January 2020, a total amount of 12.8 GW of brand-new ability at plants in Tianjin and Yiwu would enter manufacturing in 2020. This would certainly be complied with by an additional 10GW at both sites in 2021 and also an additional 13GW in 2022.