HOME > News

Tongwei: Revenue in H1 Reached 74.1 Billion yuan, a Year-on-Year Increase of 23%, While the Net Profit Reached 13.3 Billion yuan, Rising 9% Year-on-Year

published: 2023-08-28 17:16

Tongwei: The company has made a proclamation of its intent to forge ahead with producing a colossal 16GW of rods, wafers, and cells. This ambitious endeavor will be strategically executed across the landscape of Wutongqiao District in Leshan and Emeishan City, respectively.

The intricate dynamics of polysilicon profitability at the bottom have been figured out. Leveraging a competitive edge in terms of cost efficiency, manufacturers are poised to embark on expanding their production capacities. The ascendancy of N-type polysilicon accentuates the significance of its technical supremacy. In the first half of this year, Tongwei accomplished a remarkable feat by clocking in polysilicon shipments totaling 178,000 tons, exhibiting a robust year-on-year increase of 64%. Forecasts allude to anticipated equity shipments hovering around 140,000 tons, achieved concurrently with a significant reduction in production costs, now standing below 40,000 yuan per ton. When juxtaposed against the early-stage average sales price of polysilicon, which hovers around 70,000 yuan per ton, it becomes evident that a single ton of polysilicon could yield net profits in the range of 10,000 to 15,000 yuan. Notably, Tongwei’s profitability at the bottom far outpaces that of its competitors. In the present landscape, the company’s polysilicon production capacity stands tall at an impressive 42 million tons, with projections signaling a staggering surge to 820,000 tons by the close of 2024—a testament to its expanding market presence. The uptick in downstream N-type production capacities concurrently intensifies the requirements for higher polysilicon quality. Consequently, this augmentation is poised to accentuate the company’s technological supremacy in this field, paving the way for attaining elevated levels of surplus profits.

Tongwei’s Remarkable Standing: Tongwei has not only secured its spot in the global top ten for module shipments but has also demonstrated a commendable knack for cultivating both domestic and international clientele. Over the course of H1, the company triumphantly dispatched a substantial 9GW in module shipments, securing its position within the global top 10. Furthermore, its engagement in the domestic centralized photovoltaic market has been equally impressive, boasting a bidding volume that surpasses 9GW. Expanding its reach even further, Tongwei solidified strategic partnerships with prominent players like Astronergy, Sungrow Power, and Skyworth in the distributed customer segment. Simultaneously, it inked an overseas framework order exceeding an impressive 6GW capacity. Taking into account the company’s domestic bidding volume, pricing dynamics, overseas market penetration, and the financial strides made within the module business, it's evident that Tongwei’s module enterprise is advancing seamlessly, even surpassing industry expectations.

Pioneering Core Technological Metrics: Tongwei’s technology in cells stands out as a market trailblazer. The projected trajectory of its TOPCon capacity is set to soar to an estimated 66GW by H1 2024. For the initial half of the year, Tongwei’s cell shipments hit a substantial 36GW (inclusive of the portion allocated for internal use), signifying a remarkable year-on-year growth of 65%. The existing TOPCon cell capacity stood strong at 25GW, but this is set to ascend to an astounding 66GW by H1 2024. In tandem with these strides, Tongwei undertook proactive measures for the older production lines that couldn’t be revamped, allowing for a provision of 920 million yuan in fixed assets impairment. This strategic move not only cements the company’s unwavering dominance in the cell sector but also ensures a perpetually optimized production capacity structure and asset quality.

announcements add announcements     mail print