Top 20 Chinese Solar Companies in H1 2023

Recently, several leading photovoltaic (PV) companies, including Trina Solar, TCL ZHONGHUAN, Jinko Solar, and JA Solar, have disclosed their H1 2023 performance previews. These companies are expected to witness a significant surge in net profits in the first half of the year, driven by strong demand in the PV market and lower prices for upstream silicon materials.

According to a research report by Xingye Securities, the PV industry is expected to maintain its robust growth momentum due to the resonance of both domestic and international demand. The industry’s high prosperity has resulted in increased capacity utilization rates. Furthermore, amid fierce price competition within the industry, integrated companies with technological, supply chain, and channel advantages are expected to stand out.

Eging Photovoltaic Technology

Net profit expected to increase by 1086%-1255% YoY Eging Photovoltaic Technology announced that it expects its H1 2023 net profit attributable to the parent company’s shareholders to be between 280 million RMB yuan and 320 million yuan. This represents an increase of 2.56 billion RMB yuan to 2.96 billion RMB yuan compared to the same period last year, indicating a YoY growth of 1086% to 1255%.

Inner Mongolia OJing Science and Technology

Net profit expected to rise by 318.05%-362.57% YoY Inner Mongolia OJing Science and Technology forecasts a net profit of 385 million RMB yuan to 426 million RMB yuan for H1 2023, showing a YoY growth of 318.05% to 362.57%. The company attributes this growth to the continuous increase in PV industry market demand. Additionally, rising prices of quartz crucibles, a key material in PV production, have contributed to improved profit margins.

Jinko Solar

Net profit expected to increase by 304.38%-348.58% YoY Jinko Solar forecasts a net profit of 3.66 billion RMB yuan to 4.06 billion RMB yuan for H1 2023, indicating a YoY growth of 304.38% to 348.58%. The company’s performance has been boosted by robust PV module sales and increased revenue.

Clenergy

Net profit expected to increase by 251.59%-321.91% YoY Clenergy expects to achieve a net profit of 100 million RMB yuan to 120 million RMB yuan in H1 2023, showing a YoY growth of 251.59% to 321.91%. The growth is attributed to the increased demand for PV support structures in the overseas market.

Hainan Drinda New Energy Technology

Net profit expected to increase by 230%-300% YoY Hainan Drinda New Energy Technology forecasts a net profit of 900 million RMB yuan to 1.1 billion RMB yuan for H1 2023, indicating a YoY growth of 230%-300%. The company’s strong performance is driven by the surging demand for household energy storage products in the Asia, Africa, and Latin America regions.

GCL System Integration Technology

Net profit expected to increase by 166.57%-219.89% YoY GCL System Integration Technology predicts a net profit of 100 million RMB yuan to 120 million RMB yuan for H1 2023, reflecting a YoY growth of 166.57% to 219.89%. The company’s performance was driven by continuous wins in national central enterprise component procurement projects, leading to an increase in sales volume and revenue.

Ningbo Deye Technology

Net profit expected to increase by 188.58%-206.34% YoY Ningbo Deye Technology projects a net profit of 1.3 billion RMB yuan to 1.38 billion RMB yuan for H1 2023, indicating a YoY growth of 188.58% to 206.34%. The surge in net profit is attributed to the booming market demand for household energy storage products in the Asia, Africa, and Latin America regions.

Trina Solar

Net profit expected to increase by 162.14%-195.61% YoY Trina Solar anticipates achieving a net profit of 3.328 billion RMB yuan to 3.752 billion RMB yuan in H1 2023, signifying a YoY growth of 162.14% to 195.61%. The company’s strong performance is attributed to the high demand for PV modules in both domestic and international markets.

JA Solar

Net profit expected to increase by 146.81%-187.95% YoY JA Solar projects a net profit of 4.2 billion RMB yuan to 4.9 billion RMB yuan for H1 2023, indicating a YoY growth of 146.81% to 187.95%. The company’s performance has been boosted by significant growth in PV module shipments and revenue.

Shanghai Aiko Solar Energy

Net profit expected to increase by 111.41%-134.9% YoY Shanghai Aiko Solar Energy expects a net profit of 1.26 billion RMB yuan to 1.4 billion RMB yuan for H1 2023, showing a YoY growth of 111.41% to 134.9%. The company’s strong performance is attributed to increased sales of PV cells and modules, especially PERC cells, during the period.

Shenzhen Kstar

Net profit expected to increase by 106.47%-152.35% YoY Shenzhen Kstar forecasts a net profit of 450 million RMB yuan to 550 million RMB yuan for H1 2023, reflecting a YoY growth of 106.47% to 152.35%. The company’s overall performance has been driven by rapid growth in its global channel business, particularly in the data center, new energy PV, and energy storage segments.

Zhejiang Jingsheng

Net profit expected to increase by 70%-90% YoY Zhejiang Jingsheng predicts a net profit of 2.05 billion RMB yuan to 2.29 billion RMB yuan for H1 2023, indicating a YoY growth of 70%-90%. The company’s performance was driven by its dual-engine sustainable development strategy focusing on advanced materials and equipment, leading to rapid business expansion.

Shuangliang Eco-energy

Net profit expected to increase by 64.15%-92.45% YoY Shuangliang Eco-energy projects a net profit of 580 million RMB yuan to 680 million RMB yuan for H1 2023, indicating a YoY growth of 64.15% to 92.45%. The company’s performance has been fueled by increased revenue from its PV equipment and monocrystalline silicon rod/wafer businesses.

J.S. Corrugating Machinery

Net profit expected to increase by 52.12%-79.17% YoY J.S. Corrugating Machinery anticipates a net profit of 225 million RMB yuan to 265 million RMB yuan for H1 2023, signifying a YoY growth of 52.12% to 79.17%. The company’s PV business has shown robust growth, with its subsidiary, Suzhou Shengcheng Photovoltaic Equipment, leading the way.

TCL ZHONGHUAN

Net profit expected to increase by 53.57%-60.42% YoY TCL ZHONGHUAN forecasts a net profit of 4.48 billion RMB yuan to 4.68 billion RMB yuan for H1 2023, indicating a YoY growth of 53.57%-60.42%. The company’s performance has been driven by increased demand and expansion in the PV sector.

Hengdian Group DMEGC Magnetics

Net profit expected to increase by 48%-58% YoY Hengdian Group DMEGC Magnetics predicts a net profit of 1.18 billion RMB yuan to 1.26 billion RMB yuan for H1 2023, showing a YoY growth of 48%-58%. The company’s performance has been boosted by a substantial increase in PV module shipments and profits, along with lower upstream material prices.

Guangzhou Development Group

Net profit expected to increase by 46%-60% YoY Guangzhou Development Group forecasts a net profit of 1.05 billion RMB yuan to 1.15 billion RMB yuan for H1 2023, indicating a YoY growth of 46%-60%. The company’s performance has been driven by reduced coal costs, higher electricity prices, growth in wind and PV power generation projects, and increased natural gas sales volume and gross profit.

CECEP Solar Energy

Net profit expected to increase by 11.71%-21.99% YoY CECEP Solar Energy projects a net profit of 870 million RMB yuan to 950 million RMB yuan for H1 2023, indicating a YoY growth of 11.71%-21.99%. The company’s performance has been supported by increased installed capacity of its power stations, improved operations and maintenance, higher sales volume in the manufacturing segment, and lower financing costs.

Huaneng Power

Net profit expected to increase significantly from a loss in the previous year Huaneng Power announced that it is expected to achieve a net profit of 5.75 billion RMB yuan to 6.75 billion RMB yuan in H1 2023, turning around from a loss in the previous year.

Guangdong Electric Power Development

Net profit expected to increase significantly from a loss in the previous year Guangdong Electric Power Development projects a net profit of 800 million RMB yuan to 950 million RMB yuan for H1 2023, turning around from a loss in the previous year. The company’s performance turnaround is attributed to increased power generation and sales, as well as improved profitability in new energy projects.

Jiangsu Akcome

Net profit expected to turn around from a loss in the previous year Jiangsu Akcome anticipates a net profit of 42 million RMB yuan to 63 million RMB yuan for H1 2023, turning around from a loss in the previous year. The company’s strong performance is attributed to the release of capacity in its Zhangjiagang, Ganzhou, and Changxing production bases, leading to increased business orders and sales revenue. Additionally, lower market prices for raw materials, such as silicon wafers and battery slices, have positively impacted profitability.

Guodian Nanjing Automation

Net profit expected to turn around from a loss in the previous year Guodian Nanjing Automation forecasts a net profit of 30 million RMB yuan to 44 million RMB yuan for H1 2023, turning around from a loss in the previous year.

Suzhou Goodark

Net profit expected to decrease by 42.16%-61.44% YoY Suzhou Goodark expects a net profit of 54.33 million RMB yuan to 81.51 million RMB yuan for H1 2023, indicating a YoY decrease of 42.16%-61.44%. The company’s performance has been affected by the downward cycle of the semiconductor industry and reduced demand from domestic and international customers.

JIANGSU BOAMAX

Net profit expected to decrease by 53.26%-68.84% YoY JIANGSU BOAMAX projects a net profit of 5 million RMB yuan to 7.5 million RMB yuan for H1 2023, indicating a YoY decrease of 53.26%-68.84%. The company’s performance was affected by reduced demand in the semiconductor industry, leading to a decline in business performance.

Beijing Jingyuntong

Net profit expected to decrease by 70.00%-90.00% YoY Beijing Jingyuntong expects a net profit of 38.83 million RMB yuan to 116.50 million RMB yuan for H1 2023, indicating a YoY decrease of 70.00%-90.00%. The company’s performance has been impacted by a decline in the selling price of its silicon wafer products.

In summary, the photovoltaic industry has shown strong growth and is expected to maintain its high prosperity in H1 2023. Leading companies in the sector are poised to achieve substantial increases in net profits, driven by robust demand and competitive advantages in the market.