Inverter Major Solis Powers Up With Strongest Ever Quarter in Q3

Ningbo, China based Ginlong Technologies’ has reported revenue in the first three quarters of 2020 at US$202 million, a year-on-year increase of 74% over the corresponding period last year. Net profit attributable to the parent company was US$31.4 million, a year-on-year increase of 189 %, and a month-on-month increase of 53%. The company’s basic earnings per share was US$0.1, a year-on-year increase of 106%, and the weighted average return on equity was 9%, a year-on-year increase of 3%. The results exceeded most analyst estimates, helping the company’s stock price to rise to $US18.23 per share at market close, an increase of 4.56%.

The 15 year old firm, which sells string inverters exclusively under the Solis brand name in international markets, has been expanding sales and strengthening of the company’s accounts receivable collection efforts, leading to the company’s “cash received from selling products and providing labor services” reached US$149.6 million, a year-on-year increase of 67%. The company’s “net operating cash” has reached a historic high due to its overall revenue and ample cash on hand.

“During the reporting period, COVID-19 brought some inevitable pressure and challenges to our business and others. However, through the dedication of all of our colleagues, the company’s capacity rapidly recovered and then increased to seize more domestic and overseas market share through the positive response of the company.” said Yiming Wang, President of Solis (Ginlong Technologies).

The firm has also been expanding production and operation facilities at its Ningbo facility, paving the way for the forecasted increase of distributed business from 2021.

At present, Ginlong Solis expects that it will raise over $100M USD. Work has started to build the second production base, which is mainly used for the construction of fixed-increasing projects with an annual output capacity of 400,000 inverters (including 300,000 string grid-connected inverters, and 100,000 energy storage inverters). The company’s current product line covers all inverters from 0.7kW to 255kW. If the average power of each inverter reaches 40kW, after the completion of the new facility, the total production capacity of Ginlong Solis will exceed 20GW. The firm had recently launched its high capacity inverter, the Solis-255K-EHV, suitable for ground mount PV Power stations .

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