Sungrow 2021 Results Provide Strong Growth, Claims 30% Market Share

Apr 25, 2022 02:39 PM ET
  • The worldwide spread out company made 40% of its revenues outside China.
  • It has made the most of the shift towards string inverters, providing a wide portfolio of choices in markets worldwide.

Leading Inverter and energy storage space solution supplier significant Sungrow has released its annual report 2021, reporting a strong revenue boost and growth across both its sustainable as well as storage companies.

Financials in 2021

The revenue increased by 25.15% to $3.74 billion (2020: $2.956 billion).

The earnings attributable to shareholders of a listed company pertained to $244.8 million, a drop of 19.01%.

The CFFO (cash flow from procedures) declined by 153.1% to $-254.1 million.

The financial investment in r & d was $179.9 million, a boost of 44%. In addition, over 2,700 workers were appointed to the R&D team, and also annual patent applications enhanced by 24.5% to around 2,000.

During the year, Sungrow presented the SG350HX inverter, with power outputs surpassing 300 kW; the "1+ X" modular inverter, which includes very easy modularization and significantly streamlines O&M; the liquid cooled power storage system, which gathered gigawatt-hours of orders because its debut. The inverter marks the ongoing increase of string inverters right into Central Inverter category, with ever greater capacity to deal with greater outputs effectively.

Sungrow had more than 47 GW of PV inverters delivered in 2021 boosting its global market share to 30%. The Company made an effect in the dispersed generation market with over 50,000 string inverters delivered last year.

The energy storage department additionally increased in revenue by 168.51% to $486.5 million. Especially, the Company had over 3 GWh of power storage space systems shipped around the world in 2021.

Global footprint as well as manufacturing

The record reveals that around 40% of Sungrow's revenue comes from markets beyond China, where its headquarters are based. Even more, the Company has provided its product solutions to over 150 countries.

In regards to production, Sungrow possesses the market's biggest industrial park. In 2021, the Company increased its India manufacturing facility manufacturing capacity to 10 GW annually and also developed its Thailand factory with a 10 GW annual production capacity. These 2 manufacturing facilities outside of China additionally facilitate its action toward international manufacturing.

Sungrow has more than 224 GW of collective installations now, generating 315,200 GWh of clean power each year.

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