SUZHOU, China, April 30,
2024 /PRNewswire/ -- GCL System Integration
Technology Co Ltd (GCL SI) (Shenzhen:002506) disclosed its
financial results for the fiscal year ended December 31, 2023, in a press release issued
after market close on April 26th. The
company's revenue reported a year-on-year increase of 91.15% to
approx. 2.20 billion dollars.
Additionally, net profit attributable to shareholders rose 142.24%
year-on-year to approx. 21.76 million
dollars. Besides operational performance, the company
demonstrated industry leadership through its advanced production
capacity, efficiency in lean production, and increased market
share.
In 2023, GCL SI continued its strategic focus on expanding
production capabilities, specifically in large-scale modules and
N-type cells. The strategic pivot contributed to a robust increase
in both domestic and international sales. Shipment volume reached
16.42GW for the year, enabling GCL SI to re-enter the roster of the
top 10 industry leaders.
Notably, the first-quarter report of 2024, released
concurrently, revealed that GCL SI maintained its robust growth.
The company's operating income surged 89.97% year-on-year to
approx. 407.1 million dollars.
Furthermore, net profit attributable to shareholders rose to
3.36 million dollars, demonstrating
sustained profitability amidst escalating competition within the
industry.
As of the end of the reporting period, GCL SI had established an
impressive production capacity of nearly 30GW high-efficiency
modules. Specifically, the Hefei
manufacturing facility has enhanced its equipment performance,
ensuring compatibility with the TOPCon module production process
and complete alignment with N-type technology trends. Additionally,
the company's Funing facility commenced operations with a 12GW
high-efficiency, large-size module production capacity in
November 2023.
In 2023, GCL SI initiated the construction of a new 20GW (Phase
I: 10GW) N-type TOPCon cell plant in Wuhu. The investment
underscores the company's commitment to expanding production scale
and strengthening the supply chain through its expertise in N-type
TOPCon cells.
The Wuhu facility capitalized on a strategic opportunity to
incorporate the world's most sophisticated automated cell
production equipment and a smart factory design plan. Remarkably,
the project was completed and operational within just five months.
From the moment the first cell rolled off the production line, it
took only 48 days to ramp up to the full 10GW capacity across all
20 lines. By the end of 2023, the facility had attained full
production capacity, a testament to GCL's ability to act quickly on
its strategy roadmap.
Moreover, to leverage the low-carbon benefits of its module
products, GCL SI initiated a carbon data management project during
the reporting period. Based on digital blockchain technology, the
GCL carbon data platform is designed to disclose and certify the
carbon footprint, product performance, and compliance documentation
of GCL's offerings. The platform ensures that data concerning the
firm's materials and products is traceable, verifiable, reliable,
and tamper-proof. By establishing a comprehensive digital platform
for tracking carbon emissions, the company aims to empower and
drive the sustainable growth of the photovoltaic industry.
Concurrently, GCL SI unveiled the 2023 Annual Sustainability
Report titled "NEXT Foresight", centering on the company's efforts
in scientific carbon management, technological innovation, and
resilience. The comprehensive report also details GCL SI's progress
in environmental, social, and governance (ESG), underscoring the
company's dedication to meeting its science-based carbon reduction
targets.
For 2024, GCL SI plans to continue refining its production
capacity to reduce manufacturing costs for PV modules, boosting the
competitiveness of its offerings. The goal is to increase operating
income by over 50%. The firm will further increase its investment
in R&D, establishing a dedicated R&D center for cell
modules. By constructing an independent, multi-functional R&D
and pilot production line, this facility will concentrate on the
development of new products and technologies, the validation of
mass production, the integration of AI-driven intelligent control
systems, and the provision of technical services.
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SOURCE GCL SI