Tongwei Reports First Profit in 12 Years on Soaring Module Sales
Tongwei, a leading Chinese photovoltaic module manufacturer, has announced impressive financial results for the first quarter of 2023. The company, which has sold modules totaling over 15 gigawatts worldwide, reported profitability for the first time since the third quarter of 2011.
CEO Liansheng Miao expressed satisfaction with the results, highlighting the significant increase in photovoltaic module sales to 508.1 MW, surpassing the level of the fourth quarter. This strong performance was accompanied by a substantial rise in gross profit, soaring from 248.3 million RMB to 469.3 million RMB (72.8 million USD).
The company's financial health also improved with a nearly doubled gross margin, jumping from 11.8% to 20%. This positive trend continued with operating income, which turned from a loss of 1.120.3 million RMB in the previous quarter to a profit of 186.4 million RMB (28.9 million USD). Net revenue also increased by 11% to 2.351.1 million RMB (364.6 million USD).
Tongwei's impressive first quarter results reflect the company's growing global presence, with module sales surpassing 15 gigawatts worldwide. The significant improvements in profitability and revenue indicate a strong trajectory for the company in the coming quarters.
