Sungrow, a Chinese inverter solution supplier for renewables, has released the annual report 2020 to shareholders, reporting that the fiscal performance remains prosperous and the global market share reached 27% in 2020.
The company’s revenue increased by 48.3% to $2.956 billion (2019: $1.864 billion). The net income attributable to shareholders of a listed company came to $298.9 million, an increase of 119.0% (2019: $127.6 million). The CFFO (cash flow from operations) increased by 24.5% to $473.6 million, a stellar and healthy operation structure.
Market share expansion
Sungrow had over 35 GW of PV inverters shipped in 2020, accelerating its global market share to 27%. Apart from the performance in utility-scale projects in global solar hubs, the development of distribution segments also contributes to this increase. For instance, its market share in Australia for the residential segment has increased to 24%, it has been leading the local market share in Brazil since 2019 and it predicts an even more prosperous future in Europe as it’s establishing local channels.
In addition, over 800 MWh of Sungrow energy storage systems were shipped worldwide in 2020, and the deployment is expected to show a high growth trend. Sungrow, as one of a few companies that can supply both PV and energy storage product portfolios, keeps making innovations in solar-plus-storage applications as the combination becomes the next thriving sector to unlock the potential of clean energy and facilitate the energy transition.
Notably, Sungrow has expanded its annual production capacity to 90 GW, including 10 GW of India manufacturing based on a global growing demand basis. Also, the Company is on the path to establish another factory outside China in the near future.