Sungrow Releases Annual Report 2023: Operating Revenue Witnessed a Robust Growth of 79.5%

Sungrow, the world’s leading provider of PV inverters and energy storage systems, has recently unveiled its annual report for 2023, marking a year of unprecedented success. Bolstered by robust demand across diverse global markets, Sungrow achieved remarkable revenues and profits, solidifying its position as an industry leader in the renewable energy sector.

In 2023, amidst a global surge in renewable energy adoption, Sungrow prioritized its core business, emphasizing innovation, and investing heavily in research and development to meet evolving market demands. The company’s strategic focus on digitalization, operational efficiency, and rapid growth yielded exceptional results, propelling Sungrow to new heights of profitability and brand recognition.

Operating revenue soared by an impressive 79.5% year-on-year, reaching a staggering $10.2 billion, while net profit attributable to shareholders surged by 162.7% to $1.3 billion. This remarkable growth was driven by expanding customer bases and increased market share across key regions worldwide.

Sungrow witnessed a surge in PV inverter shipments, surpassing 130GW, reflecting a widespread adoption of solar energy globally. Additionally, sales of energy storage systems surged to 10.5GWh, driven by escalating demand for grid-connected and off-grid applications.

The company’s commitment to research and development was evident in the successful launch of cutting-edge products throughout the fiscal year. With a significant investment of $347 million in R&D, Sungrow boasts a robust team of 5,372 technical personnel and has achieved a cumulative total of 4,123 patent grants.

Key innovations include the world’s first 2000V inverter connected to the grid, the introduction of a 10MWh liquid cooling energy storage system, and the release of the industry’s inaugural “Stem Cell Grid Technology White Paper.” Sungrow also made strides in grid-forming wind power converters, flexible green hydrogen production systems, and integrated DC fast chargers.

Sungrow’s strong financial performance has facilitated its global expansion, with operations spanning over 20 subsidiaries and a presence in 170 nations and regions. The company boasts over 490 service outlets globally, with overseas employee count reaching 1,423.

The company’s brand recognition has soared, earning prestigious accolades such as “China Top 50 Most Innovative Companies,” “Best ESG Practice Employer of the Year,” and inclusion in the “Fortune China 500” and “Future 50 Global” lists. Sungrow secured an impressive ranking of 117th on the annual “China’s 500 Most Valuable Brands” list, with a brand value of $11.37 billion.

In line with its commitment to sustainability, Sungrow aims to achieve carbon neutrality at the operational level by 2028 and across its entire supply chain by 2038. The company has increased the proportion of green electricity usage to 55% and launched global volunteer service projects, reflecting its dedication to environmental responsibility.

Looking ahead, Sungrow remains steadfast in its commitment to clean power, prioritizing solar, wind, energy storage, and green hydrogen. The company aims to continue innovating, providing integrated solutions, and enhancing the customer experience to further solidify its position as a global leader in renewable energy.