Solis Revenue Rises 83% to $321.6 Mn in 2020

Ginlong Technologies Co Ltd (Solis) has reported a y-o-y growth of 83 per cent in its revenue to USD 321.6 million in 2020.

The company’s net profit attributable to the shareholders soared by 151 per cent to USD 48.9 million during the year. While, its net profit after the deduction of extraordinary items grew over 130 per cent to USD 43.1 million in 2020.

Further, the net cash flow from operating activities of the company rose over 154 per cent to USD 56.3 million during the year under review.

The company said that it is planning to convert 7 shares per 10 shares to all the shareholders in the form of capital reserve.

Solis operates in the field of distributed solar power generation, specializing in the research & development, production, sales and service of string inverters, core components within a distributed solar power generation system.

“In 2020, the global solar photovoltaic (PV) market experienced a boom. The company implemented a global strategy to pursue balanced development, and technological innovation to promote continuous product iteration. Under these favorable conditions, the company witnessed rapid growth,” Solis said in a statement.

The company’s sales within the China market reached USD 127.3 million with an increase of 93 per cent during the year. While, its sales in the overseas markets including Australia, USA, and Europe increased by 76 per cent to USD 194.4 million in 2020.

As per the company’s Q1 2021 report, it’s revenue witnessed a growth of 119 per cent and reached USD 95.2 million on y-o-y basis.

Also, net profit attributable to shareholders of the listed company rose by 81.29 per cent to USD 163,580.2, as compared to the same period in 2020.

In addition to rapid sales growth of string inverters, the company said that the sales of energy storage inverters also increased in Q1 2021 to USD 5.6 million; almost the total annual sales achieved in 2020. 

In 2020, the company increased R&D investment spending by 122 per cent to USD 14.5 million, which accelerated the R&D and development of new products.

Within the reporting period, and responding to global market demand, the company launched the Solis-(215-255) K-EHV-5Gultra-high power 1500V inverter series. This further enhanced the company’s competitiveness in sectors such as utility scale and ground mount solar power plants.

On 2021 plans, Solis said that “the 2021 annual objective is to implement the plan to increase annual output and finalize the build of a brand-new smart factory. This will deliver against efforts to raise the annual output target above 100 per cent and transition from the existing man-machine manufacturing methods to automatic production and intelligent manufacturing.”