Sungrow posts $1.3 billion profit for 2023

Chinese inverter manufacturer Sungrow shipped 130 GW of inverters last year, reaching a profit of $1.3 billion.

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Chinese inverter and battery producer Sungrow reported annual revenue of approximately $10.18 billion for 2023, marking a significant increase of 79.47% from the preceding year. Its net profit attributable to shareholders of listed companies hit $1.33 billion, up 162.69% year on year.

Sungrow credited the growth in its profit margin to factors such as the expanding brand premium, product innovation, scale effects, and reductions in freight costs and foreign exchange gains.

Sungrow's main operations produce PV inverters, energy storage systems, and new energy investment and development. These segments represent 38.27%, 25.64%, and 34.23% of total revenue, respectively. About $5.48 billion of Sungrow's revenue in 2023 originated from domestic operations in China, constituting 54% of the total.

Sungrow recorded substantial growth in core product shipments in 2023. PV inverter shipments reached 130 GW. The company also achieved a leading position among Chinese firms by shipping 10.5 GWh of energy storage systems throughout the world.

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