Photovoltaic inverter manufacturer Ginlong Technologies (Solis) has recorded a 99.8% year-over-year (YoY) growth to RMB 1.45 billion (~$223.8 million) in the first half (1H) of 2021 from RMB 727 million (~$112.20 million) in the same period last year.

The company’s revenue stood at RMB 837 million (~$129.2 million) in the second quarter (Q2) of 2021, up 87.65% compared to RMB 446 million (~$68.84 million) in Q1 2021.

In 1H 2021, the net profit attributed to the parent company was RMB 256 million (~$39.51 million) up from RMB 118 million (~$18.21 million) in the same period last year, a 101.26% YoY increase.

The company’s revenue within the China market reached RMB 651 million (~$100.5 million) in 1H 2021, a 153.30% surge compared to RMB 257 million (~$39.7 million) in the same period last year. Its revenue for the overseas market stood at RMB 802 million (~$123.8 million) in 1H 2021, a 70.48% rise from RMB 471 million (~$72.70 million) in 1H 2020.

In its financial report, the company stated that inverter export in 1H 2021 reached $2.14 billion – a 61.38% YoY growth – on the back of rising overseas demand in India, Germany, Brazil, and the United States.

In 1H 2021, its comprehensive gross margin was down by 7.11% YoY to 29.35% from 36.47% in the same period last year. The company attributed the decline in the margin to rising prices of raw materials.

According to Ginlong Technologies, it has a production capacity of 250,000 inverter units every year, and a new production capacity to manufacture 520,000 units annually is in progress. By 2023, the company would have a production capacity to manufacture 770,000 units per annum.

In Q1 2021, the company’s net profit attributable to the shareholders was $48.9 million, an increase of 151% from the previous year. After deducting extraordinary items, the firm’s net profit stood at $43.1 million, a 130% rise compared to Q1 2020. In addition to the rapid sales growth of string inverters, the company said that the sales of energy storage inverters also increased.

Mercom had earlier reported that Ginlong Technologies planned to raise over $100 million through a public offering to expand its manufacturing capacity.

Image credit: Solis