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Sungrow posts USD 4.4 billion in H1 2024 revenues, up 8.38

Sungrow reported sales growth of 8.38% in the first half of 2024, driven by strong performances in the photovoltaic inverter and energy storage system segments.

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Sungrow has announced sales of 4.4 billion USD for the first half of 2024, up 8.38% on the previous year.
The photovoltaic inverter sector, which represents a major part of the product portfolio, contributed to this growth, with revenues of 1.8 billion USD, an increase of 12.63%.
This performance is based on sustained demand for energy integration and management solutions in diversified markets.
Investments in the development of renewable energies also generated USD 1.3 billion, up 18.45% year-on-year.
The photovoltaic power generation segment experienced significant growth, with an increase of 44.88%, indicating a growing market appetite for large-scale solar power sources.

Higher margins in key segments

Gross margins remain robust for Sungrow in its main business segments.
Photovoltaic inverters posted a margin of 37.62%, while energy storage systems achieved 40.08%.
Investments in renewable energies showed a margin of 16.88%, slightly higher than the previous year.
These figures demonstrate effective cost management and optimization of production processes in a competitive sector.

Strategic focus on research and development

The allocation of USD 0.2 billion to research and development activities in the first six months of 2024 shows an increase of 41.65% on 2023.
This strategic direction aims to strengthen the development of new technologies, particularly in the fields of renewable hydrogen systems and electric vehicle infrastructure.
This sustained effort to improve the product offering responds to the need to adapt rapidly to market developments and maintain enhanced competitiveness.
Financial results demonstrate Sungrow’s ability to capitalize on buoyant segments while investing in emerging technologies.
The current momentum of the renewable energies market, combined with growing investment in R&D, offers growth opportunities despite global economic uncertainties.

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