Sungrow, a globally recognized renewable energy company, has announced strong financial results for the first half of 2024. The company’s revenue surged to US$4.4 billion, marking an 8.38% year-over-year increase. This growth is driven by the continued expansion of the renewable energy industry, fueled by government policies, economic development, and technological advancements.
Sungrow’s strategic focus on providing premium renewable energy products and solutions has yielded positive results. The company offers a comprehensive portfolio, including PV inverters, energy storage systems, wind converters, floating PV systems, new energy vehicle (NEV) driving solutions, electric vehicle (EV) charging solutions, and renewable hydrogen production systems.
The company’s financial highlights for the first half of 2024 are impressive. Revenue doubled, along with net profit, demonstrating strong performance across all segments. The operating income reached US$4.4 billion, a significant 8.38% increase compared to the previous year. Additionally, the net profit attributable to shareholders of listed companies surged 13.89% year-over-year, reaching US$0.7 billion.
Sungrow’s product performance is equally compelling. PV inverters and other power electronic converters generated revenues of US$1.8 billion, a 12.63% increase compared to the previous year. The renewable energy investment and development businesses brought in revenues of US$1.3 billion, an 18.45% year-over-year growth. Notably, the photovoltaic power generation sector witnessed the fastest revenue growth rate, experiencing a remarkable 44.88% increase compared to the same period last year.
Sungrow’s dedication to innovation is evident in its substantial investment in research and development. The company allocated US$0.2 billion toward R&D expenditures during the first half of 2024, representing a 41.65% increase compared to the previous year.
Beyond financial performance, Sungrow is committed to achieving carbon neutrality and net-zero emissions. The company has set ambitious goals, aiming for operational carbon neutrality by 2028, extending this to its entire supply chain by 2038, and achieving net-zero emissions across the supply chain by 2048. In the first half of 2024, Sungrow utilized 75,980 MWh of green electricity, directly reducing greenhouse gas emissions by 43,331 metric tons of CO2.
Sungrow actively contributes to society through philanthropic and volunteer service initiatives globally. The company supports various causes, including ecological conservation, technological innovation, education, talent development, community and rural revitalization, emergency relief, and more. In the first half of 2024, the company’s cumulative expenditure on public welfare activities exceeded US$0.9 million.
Sungrow’s commitment to innovation, sustainability, and social responsibility positions it as a leading force in the global renewable energy sector. The company is poised for continued growth and success as it strives to build a sustainable future.
