Chinese PV Industry Brief: Strong financials, new production capacity

2022-11-08

Chinese PV Industry Brief: Strong financials, new production capacity

TCL Zhonghuan, JinkoSolar and Tongwei have all announced strong profit growth for the first three quarters of this year. CGL Integration and Space Solar, meanwhile, has provided an update on its capacity expansion plans.
OCTOBER 21, 2022 VINCENT SHAW

Image. Solar Space

GCL Integration said its panel factory in Hebei province has reached a capacity of 15 GW. All of the production lines at the facility are compatible with 210 mm wafers. Output for October was estimated at more than 1 GW. By end of 2022, GCL Integration will have more than 20 GW module capacity at the factory.
Solar Space has revealed plans to invest around CNY 10.5 billion ($1.4 billion) in a 16 GW solar cell factory in Chuzhou, Anhui province. The factory will be built in two 8 GW phases and will produce cells based on 182 mm and 210 mm wafers. The first phase should be fully operational by the end of this year. The manufacturer has currently a cell production capacity of 19 GW and 4.5 GW of module production.
TCL Zhonghuan said it recorded revenue of CNY 49.8 billion in the first three quarters of the current financial year, up 71.35% year on year. It said its net profit rose 81% year on year to CNY 5 billion.
JinkoSolar said it expects its polysilicon unit, Jiangxi Jinko, to achieve net profit of up to CNY 1.55 billion for the nine months to Sept. 30, which would represent a 429.27% increase year on year. JinkoSolar currently owns a 58.62% equity stake in Jiangxi Jinko.
Tongwei said its revenue for the first nine months of the year hit CNY 102 billion, up 118.6% from the same period in 2021. It said its net profit reached CNY 21.7 billion.