How did the top 6 solar module suppliers fare in H1 2022?

The highest world module firms have launched their interim studies of the 12 months that present their efficiency in opposition to the backdrop of a PV trade beset by provide chain challenges, rising materials and part prices and fraught worldwide relations.

With the implementation of many worldwide beneficial insurance policies, each in China and overseas, the entire trade is ramping up whereas firms are concurrently focusing on progress in native and world markets.  

On 26 August, following publication of JinkoSolar’s monetary studies, the cargo rankings for H1 2022 of the world’s largest module producers have been up to date. JinkoSolar, TrinaSolar, LONGi Inexperienced Power, JA Photo voltaic, CSI Photo voltaic, and Risen Power have been ranked the highest six for world modules shipments.

After additionally reaching first place in Q1 with 8.031GW of cargo quantity, JinkoSolar continued to make good progress in Q2 and reached 18.21GW in H1 altogether, taking prime spot out of the businesses listed above.

TrinaSolar was in second with 18.05GW of module shipments in H1, adopted by LONGi Inexperienced Power, ranked third with 18.02GW of modules shipped. Subsequent got here JA Photo voltaic, Canadian Photo voltaic, and Risen Power. Risen Power’s report has not been introduced. Nonetheless, in keeping with PV Tech’s analysis, it’s anticipated to succeed in 7GW.

JinkoSolar

JinkoSolar’s H1 module shipments grew considerably larger than beforehand anticipated, reaching 18.21GW, creating a brand new half-year cargo file. The corporate additionally shipped 710MW of different PV merchandise.

The report confirmed that in H1, the corporate’s year-on-year (YoY) efficiency improved considerably, reaching an working income of RMB33.407 billion (US$4.84 billion), up by 112.44% YoY. Web revenue attributable to shareholders reached RMB905 million (US$131 million), with a YoY improve of 60.14%, whereas working money circulate reached RMB2.23 billion (US$320 million), up by 481% YoY.

JinkoSolar has been accelerating and optimising its vertical integration for the previous two years. It has been strengthening its provide chain by increasing its manufacturing capability for cells, modules and silicon wafers. Forecasts present that by the tip of 2022 the corporate’s wafer, cell and module capability will attain 55GW, 55GW and 60GW, respectively.

On the identical time, the corporate is investing closely in TOPCon cell know-how manufacturing. Its n-type Tiger Neo module has been in style available in the market, with the corporate securing giant orders and creating sturdy income progress.

JinkoSolar’s full-year cargo forecast for 2022 is between 35GW and 40GW. The corporate’s administration mentioned that it has sturdy confidence in that steerage, whereas persevering with to maneuver steadily towards the 10GW n-type product cargo objective.

TrinaSolar

In H1, Trina Photo voltaic achieved a income of RMB35.731 billion (US5.17 billion), up by 77% YoY. Web revenue attributable to the mum or dad firm was RMB1.27 billion (US$180 million), up by 79.85% YoY, whereas non-net revenue attributable to the mum or dad firm was RMB1.151 billion (US$170 million), up by 97.06% YoY. Primary earnings per share have been RMB0.6.

The corporate shipped 18.05GW of PV merchandise in H1, amongst which shipments for its distributed PV enterprise exceeded 2.2GW. On the finish of H1, it had greater than 1,500 seller companions.

Whereas reaching sturdy cargo outcomes, coming in second behind solely Jinko, Trina Photo voltaic additionally revealed that, with the growth of business capability and technological progress, PV product costs are regularly lowering and corporations are going through extra fierce competitors in value management and product efficiency.

In line with a disclosed marketing strategy, the corporate goes to succeed in an annual capability of 50GW for cells and 65GW for modules by the tip of 2022, amongst which large-size 210 module capability will account for greater than 90%. Its 2022 module cargo goal is 43GW (together with self-use).

PV Tech has additionally observed that Trina Photo voltaic is urgent forward with the construct out of n-type know-how. All of its new manufacturing capability within the vertically built-in PV industrial park in Xining, Qinghai Province, adopts the brand new era n-type know-how primarily based on 210/210R merchandise. The location contains manufacturing strains with annual output of 300,000MT of business silicon, 150,000MT of high-purity polysilicon, 35GW of mono silicon, 10GW of slices, 10GW of cells, 10GW of modules and 15GW of module supporting supplies. Amongst them, a section I ingot pulling and slicing challenge is predicted to be put into manufacturing in Q1 2023.

LONGi Inexperienced Power

LONGi Inexperienced Power achieved an working income of RMB50.417 billion (US$7.3 billion) in H1, a YoY improve of 43.64%. Its web revenue was RMB6.48 billion (US$940 million), up by 29.79% YoY, amongst which the online revenue deducted from non-recurring good points and losses attributable to shareholders was RMB6.405 billion, up by 30.58% YoY.

LONGi Inexperienced Power Shipped 39.62GW of mono silicon wafers, of which 20.15GW was for gross sales and 19.47GW for self-use. The shipments of mono modules was 18.02GW. Of this, 17.70GW (together with 87.35MW of BIPV modules) was for gross sales and 0.32GW was for self-use, as beforehand reported by PV Tech.

By the tip of 2022, LONGi plans to realize 150GW of silicon wafer, 60GW of cell and 85GW of module capability, respectively. The corporate expects that the annual silicon wafer and module shipments (together with self-use) will obtain 90-100GW and 50-60GW respectively.

In its interim report, LONGi printed particulars on its cell know-how plans for the primary time. The corporate is growing HPBC (Hybrid Passivated Again Contact) structured cells, which it mentioned can be the know-how of the longer term because it branded TOPCon “transitionary”. At current, LONGi is offering suitable materials, gear and supporting materials to supply wafers as a technical reserve and mass manufacturing assure for the brand new cell know-how.

It’s revealed that the corporate will attain 30GW of HPBC capability in H1 subsequent 12 months, and 25GW of shipments for the entire 12 months. HPBC cells and modules will likely be extra appropriate for distributed PV energy stations. On the identical time, LONGi has taken the entire of its provide chain into Interior Mongolia for the primary time, together with an annual 46GW of mono silicon ingots and slices, 30GW high-efficiency mono cell challenge and a 5GW module challenge in Ordos Zero-carbon Industrial Park.

JA Photo voltaic

In line with JA Photo voltaic’s interim report, the corporate achieved an working income of RMB28.469 billion (US$4.12 billion) in H1, a rise of 75.81% in contrast with the identical interval final 12 months. Web revenue attributable to shareholders was about RMB1.702 billion (US$250 million), up by 138.64% from a 12 months earlier.

The corporate’s cell and module shipments reached 15.67GW, of which abroad module shipments accounted for about 67%, and the distributed module shipments accounted for roughly 39%.

In line with its marketing strategy, JA Photo voltaic’s module manufacturing capability will exceed 50GW by the tip of 2022 and 75GW by the tip of 2023. The corporate’s n-type capability structure has been accelerated. At the moment, the n-type cell capability beneath development contains greater than 7GW in Ningjin, 10GW in Yangzhou and 10GW in Qujing. Its full-year module cargo goal is 35-40GW.

It’s value mentioning that whereas increasing and strengthening its provide chain for wafers, cells and modules, the corporate can also be rising its funding within the analysis and improvement of latest PV supplies (gear and supporting supplies) and the event of good power.

CSI Photo voltaic

CSI Photo voltaic’s H1 income was US$3.564 billion (RMB24.458 billion). Its web revenue was US$86.339 million (RMB592 million) and its module shipments totalled 8.69GW.

Amongst them, 3.63GW of modules have been shipped in Q1 and 156MW have been used for the corporate’s personal utility-scale photo voltaic tasks. 5.06GW of modules have been shipped in Q2, with 126MW retained for self-use.

When it comes to shipments, there’s a appreciable hole between CSI Photo voltaic and the earlier 4 firms. At current, the spin-off and itemizing of CSI Photo voltaic onto the Shanghai Inventory Trade is progressing steadily and is beneath registration with the China Securities Regulatory Fee.

CSI Photo voltaic’s silicon ingot, slice, cell and module manufacturing capability are anticipated to succeed in 20GW, 20GW, 19.8GW and 32GW respectively by December 2022. It has simply revealed plans for a US$9 billion polysilicon, cell and module manufacturing facility in China because it eyes a shift to larger management of upstream provide. 

Along with its module manufacturing phase, CSI Photo voltaic’s PV vegetation and power storage companies generated good earnings. The reserve of PV tasks reached about 26GW, of which 1.3GW was beneath development and 4GW was sealed by energy buy agreements (PPAs). The size of power storage tasks was additionally appreciable, reaching 31GWh. Out of those, 3GWh are beneath development or have sealed PPAs.

CSI Photo voltaic raised its 2022 efficiency guideline and now expects a full-year income to be between US$7.5 billion and US$8 billion (RMB51.46 billion to RMB54.9 billion), in contrast with its earlier goal of US$7 billion to US$7.5 billion. The corporate additionally expects the overall module shipments to vary from 20 to 22GW, complete cell storage shipments to vary from 1.8 to 1.9GWh and complete challenge gross sales to vary from 2.1 to 2.6GW.