GCL SI Forecasts 2023 Net Profit to Surge by 152.9%-270.9%

SUZHOU, China, Feb. 5, 2024 /PRNewswire/ -- On January 30th, GCL System Integration Technology Co. Ltd (hereafter referred to as "GCL SI") announced its annual result forecasts for 2023. According to the announcement, the company's revenue is anticipated to show a year-on-year increase of 85.6%-109% to USD 2.155 billion-2.363 billion in 2023. Additionally, net profit attributable to the parent is projected to rise 152.9%-270.9% year on year to USD 20.85 million-30.58 million.

During the reporting period, GCL SI continued to expand its production capacity for large-size, high-efficiency modules and N-type cells. In particular, the first phase (15GW) of the module production facility in Hefei has reached full capacity, while the Funing facility has successfully achieved its target capacity of 12GW high-efficiency modules. In addition, with a production capacity of 10GW N-type cells, the first phase of the Wuhu cell plant became fully operational in October 2023. Besides exhibiting exceptional progress in ramping up production, the Wuhu facility delivered outstanding performance in terms of both cell efficiency and yield rate, effectively enhancing the company's proprietary cell capacity ratio.

Regarding sales, the announcement revealed that GCL SI has been committed to both domestic and international markets while accelerating the build out of sales channels and increasing customer loyalty. As reported on January 26th, China Resources New Energy Group disclosed the results of its centralized procurement for solar modules intended for the facility in Hotan Prefecture.  Most notably, GCL SI won the bid to supply 1.56GW N-type modules to the facility. This represents another gigawatt-scale order following GCL SI's successful delivery of 1.1GW solar modules to India's NTPC Renewable Energy Limited, signaling an auspicious kickoff for the company's operations in 2024.

Furthermore, GCL SI highlighted in the announcement that during the reporting period, the company saw further uplifts in its operational and management efficiency. Thanks to a significant improvement in operating cash flow, the firm now boasts the industry's top cash turnover ratio. Concurrently, it has achieved substantial reductions in cell and module production costs while increasing efficiency. Additionally, GCL SI's capital management and financing capacity have seen year-on-year enhancements, with all financial metrics showing sustained improvement.

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SOURCE GCL SI