Inverter Major Sungrow Overtakes Longi By Market Cap

Revenues of RMB72.25 billion (US$9.9 billion) marked an increase of 79.5% over 2022, with net profit attributable to the parent company of RMB9.44 billion (US$1.3 billion), rising by 162.7%. In stark contrast to module makers that have seen volumes exceed value of sales comfortably in 2023.

For the Hefei based Sungrow, the doubling of profits in 2023 follows a similar strong show in 2022 over 2021.

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The news of Sungrow’s move to the top of the pack for Chinese solar equipment majors, follows expectations of sluggish value growth for the module makers, including integrated module makers, as prices stay down.

Many of the inverter makers will start competing with module makers directly, after the latter entered the storage space in the past few months and years.

Sungrow shipped 130GW of PV inverters globally in 2023, an increase of 68.83% over 2022 and 10.5GWh of energy storage systems. The firm has a full portfolio of inverters for all segments, besides storage offerings and most recently, EV charging solutions as well.

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Having ascended to the no. 1 position by the end of 2022 by overtaking Huawei, Sungrow has done well to build on its lead, by expanding into newer markets and strengthening operations in key geographies. It also has a 10 GW capacity manufacturing setup in India that it uses for exports to the region as well.  Inverter imports, while subject to a customs duty, have not  really been targeted the way module imports have through the ALMM order and high duty structure. This is mainly due to the absolute lack of local scale, with many of the leading local brands also happy to import white label importers from China majors to sell in India as their own.