Sungrow Reports $1.26 Billion Revenue in H1 FY21

Inverter solutions supplier Sungrow has released its semi-annual report, reporting a net income of 757 million yuan (about 116.42 million US dollars), with a year-over-year increase of 69.68%, in H1 FY21. The company’s revenue was 8.21 billion yuan (1.26 billion US dollars) during this period, with a year-over-year increase of 18.27%.

The highlights of H1 FY21 financial results are as follows:

• PV Inverter Maintains the Leading Role Worldwide: In the first half of 2021, its inverter and other equipment revenue increased by 54.51% year-over-year, with the gross profit accounting for 38.15% of the total. During that period, Sungrow saw a significant increase in market share of distributed inverters both in China and the international market, gained new overseas key accounts and signed several GW-level inverter orders worldwide, consolidating its leading role in the global PV market. Sungrow also ranked top in market share in regions like India, Australia, South Korea, the Middle East and North Africa, and Southern Africa. Sungrow also created impressive performance either in market share or shipments in the Japanese market, European distribution market, and China’s distributed markets.
• Energy Storage System Emerges Stronger: In the first half of 2021, energy storage system revenue increased by 267.38% year-over-year; its gross profit accounted for 21.23% of the total.
  The energy storage business demonstrates remarkable growth. In China, Sungrow ranked first in energy storage installations for five consecutive years. Globally, the 1500V comprehensive energy storage system proved efficient in both cost reduction and performance improvement. In the first half of 2021, Sungrow successively provided overall solutions for the 100MW/100MWh energy storage project in Mendy, the UK, the first utility-scale solar-plus-storage project in the Republic of Malawi, as well as several breakthrough projects around China.
• R&D Maintains Dominance in the Long-Term Strategy, Enhancing its Innovation Capacity Continuously: During the reporting period, its R&D personnel accounted for about 40% while R&D investment cost 508 million yuan (78.15 million US dollars), reporting an increase of 68.54% over the same period last year. In addition, Sungrow opened another R&D Center in Nanjing, China’s Jiangsu province, which focuses on smart technologies, big data, software integration, etc., and is expected to be the Company’s second largest research institute in the next three to five years.
• Foresight: Build Upon the Energy Conversion Technologies and Strengthen Collective Synergies in Multiple Business: Sungrow will further leverage its holistic capabilities to further innovate and actively deploy multiple business sectors in PV inverters, energy storage systems, wind power converters, hydrogen energy, and PV power plant investment and development. Sungrow is committed to the safe, efficient and stable operation of the trinity of new energy, energy storage, and the grid. It will continue working towards the realization of global carbon neutrality.