Chinese PV Industry Brief: GCL SI, Trina, Risen predict strong earnings for 2023

GCL System Integration (GCL SI), Trina Solar, and Risen Energy have all announced significant increases in revenue and net profit for 2023.

GCL System Integration (GCL SI) said it expects a significant increase in revenue and net profit for 2023. It projects a revenue range of CNY 15.5 billion ($2.18 billion) to CNY 17 billion, up 85.6% to 109% year on year, and an anticipated net profit of CNY 150 million to CNY 220 million, up 152.9% to 270.9% from the preceding 12-month period. It said this growth was driven by higher PV module shipments, better production, strong sales, and solid profitability in its system integration business, in addition to significant year-on-year growth in its energy storage business.

Trina Solar said it expects a substantial jump in net profit for 2023, with preliminary calculations indicating a range of CNY 5.27 billion to CNY 5.83 billion, for a year-on-year increase of 43.27% to 58.36%. It said this outlook is driven by its higher production capacity of N-type products, better sales of TOPCon module products, a surge in sales of high-power 210 series PV products, and the lower overall cost of module products due to capacity release of self-produced N-type wafer production.

Risen Energy said it expects a significant increase in net profit for 2023, ranging from CNY 1.32 billion to CNY 1.7 billion, up 39.73% to 79.95% year on year. It said this anticipated performance is due to its effective use of overseas solar cell and PV module production capacity, significant shipments of PV module products to the North American market, and a higher proportion of shipments in the domestic module market. It also pointed to its successful commencement of construction and production of new high-efficiency HJT cells and modules, as well as growth in its energy storage business and residential PV division.

pv magazine print edition

The February edition of pv magazine, out on Thursday, considers the ramifications of Dubai’s COP28 climate change summit for solar and asks where the workers will come from to staff the energy transition. A busy edition also ranges as far afield as Bulgaria, the South Caucasus, Cyprus, South Africa, Poland, and Navajo Nation in search of solar updates.

Hemei Group has set up a subsidiary in Changzhi, Shanxi province, to support its strategy and business development. It said the subsidiary will invest in a new solar and green hydrogen project, with an expected investment of about CNY 702 million. The project will include a 120 MW PV installation, a hydrogen electrolysis system, hydrogen storage facilities, hydrogen charging devices, and related utility projects and auxiliary production facilities. It said it aims to produce 2,000 tons of green hydrogen per year.

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