Tongwei expects 2021 profit to more than double as supplier benefits from pricing trends

Jan 10, 2022 06:35 PM ET
  • Upstream solar significant Tongwei has actually anticipated for profits to more-than-double in its 2021 financial year on the back of increased product and cell prices experienced last year.
Tongwei expects 2021 profit to more than double as supplier benefits from pricing trends
Image: Tongwei

In a declaration provided to the Shanghai Stock Exchange on Friday (7 January 2022), Tongwei claimed it was forecasting for profit for 2021 to fall in the area of RMB8-8.5 billion (US$ 1.25-1.33 billion), a rise of in between 122% and also 136% compared to figures recorded in 2020.

Tongwei additionally said it expected net revenues to increase at a similar rate-- 122-136%-- to in between RMB43.92-48.92 billion (US$ 6.88-7.67 billion).

It connected the dramatic rise in efficiency to last year's trend for rise material and element prices, driven greatly by a rising polysilicon price. Tongwei claimed its high-purity polysilicon production facilities operated at complete capability while manufacturing and also sales volume increased year-on-year.

The forecast complies with Tongwei's report of its H1 2021 lead to August last year, where it noted that operating revenue for the half was up nearly 42% year-on-year while net profit virtually trebled to RMB3 billion on the back of a gross margin of almost 70%.


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