Make a crazy profit of 30.6 billion yuan! The most profitable company of 2024 has arrived

The photovoltaic industry is deeply mired in a quagmire, with most companies suffering severe losses, but there are still companies that are thriving and even achieving exponential growth in performance.

Recently, photovoltaic companies have successively released their 2024 annual reports and reports. According to North Star statistics, as of now, 10 companies have achieved dual growth in revenue and profit in 2024, drawing a strong growth curve in the harsh winter.

In the revenue ranking, Jiejia Weichuang leads the way with a year-on-year growth rate of 116.26%; Laplace followed closely behind with a revenue growth of 93.12%; DeYe Shares, Autoway, and Zhongxin Bo also performed well, with revenue growth rates exceeding 41%; The growth rate of North Huachuang reached 34.14%, and the growth rate of Chint Electric reached 12.7%.

The profit growth is also considerable, with these 10 companies earning a total of over 30.59 billion yuan in 2024. Among them, Sunac Power leads with a net profit of 11.036 billion yuan, while Dazu Laser and Tony Electronics' net profits have doubled. China Information Technology Corporation's growth rate exceeded 83%, and Laplace and DeYe's net profit growth rates both exceeded 64%.

What are the new highlights hidden behind the "dual growth" of these counter attacking enterprises in the downward cycle of the photovoltaic industry?

Overseas Gold Mining

Currently, there is a serious mismatch between supply and demand in the domestic photovoltaic industry, and the market is trapped in an extreme "involution" dilemma. In this context, expanding into emerging markets overseas has become an inevitable choice for enterprises to break through difficulties and seek development.

In the overseas market in 2024, "selling shovel people" will become the biggest winner. With the expansion of "localized" production capacity in various countries, the demand for equipment continues to increase, and Chinese equipment companies are opening up a new path to go global with "technology+localization".

Among them, Laplace's overseas market revenue is the most dazzling, with overseas revenue of 723 million yuan in 2024, a year-on-year increase of more than 23 times, and the proportion of revenue jumping to 12.61%. According to the annual report, it has reached bulk orders for ALD equipment with European photovoltaic leaders, breaking the long-standing monopoly of the high-end equipment market by European and American manufacturers. Moreover, by establishing localized service centers in Vietnam and Malaysia, the customer acceptance cycle has been shortened by 20% year-on-year.

Jiejia Weichuang relies on TOPCon and HJT turnkey solutions to successfully enter overseas markets, especially in regions with urgent demand for clean energy such as Europe, America, and Asia Pacific; Its efficient solar cell production equipment has been applied in multiple overseas photovoltaic projects, driving overseas market revenue to exceed 1.74 billion yuan in 2024, a year-on-year increase of 65.27%; At the same time, the Malaysian factory plans to start production and use in 2025, which will further support the delivery of overseas orders. DaZu Laser also relies on continuous optimization of equipment processes and performance, and through cooperation with domestic manufacturers and overseas factories, has obtained stable sources of orders in the international market, with overseas revenue growth exceeding three times in 2024.

In addition to equipment companies, overseas revenues of Zhongxinbo, Sunshine Power, and Chint Electric have also continued to break records.

Sunshine Power deeply cultivates the global market, with overseas market revenue reaching 36.29 billion yuan in 2024, approaching the domestic market. China CITIC Bo's overseas revenue increased by 127.63% year-on-year, reaching 7.36 billion yuan; During the reporting period, overseas subsidiaries such as South Africa, Spain, and the United Arab Emirates were established, and multiple GW level projects were won in emerging markets such as the Middle East, India, and Central Asia. Chint Electric focuses on high potential regions such as Europe, the Middle East, North Africa, and Asia Pacific, deepening strategic cooperation with key customers. Through differentiated service strategies, it comprehensively accelerates the "global regional localization" strategic layout, and promotes the continuous improvement of inverter and energy storage businesses.

New growth points

Driven by the global energy revolution, the photovoltaic industry is moving from the stage of "scale expansion" to the stage of "value cultivation", forcing enterprises to build core advantages to adapt to market trends.

Taking photovoltaic inverter companies Sunac Power and DeYe Co., Ltd. as examples, energy storage business has become the key to their breakthrough. In 2024, Sunshine Power's energy storage business revenue reached 24.959 billion yuan, a year-on-year increase of 40.21%, surpassing the new energy investment and development business for the first time; In addition, the layout in the field of solar hydrogen storage has shown results, not only achieving breakthroughs in 1800V-16MW high-power wind power converter technology, but also reaching the top market share of hydrogen energy business contracts in the industry. DeYe Group benefited from the increase in energy storage battery pack business driven by energy storage inverters, achieving a revenue of 11.195 billion yuan, a year-on-year increase of 49.67%.

As a leading enterprise in the field of household photovoltaics and low-voltage electrical appliances in China, Chint Electric actively extends its industrial chain while consolidating its leading position in the industry, achieving a comprehensive layout of the entire power industry chain. With its ability to integrate the entire industry chain and the advantage of customized solutions, Chint Electric has deeply integrated into the development of the green energy industry, continuously strengthening its core competitive barriers.

Under the drastic reshuffle of the industry, some companies have also changed their focus of layout. In 2024, the revenue of Tony Electronics' diamond cutting line products declined, but the company's focus was on cutting high value-added thick lines of magnetic materials, sapphire and other materials, which led to an overall increase in gross profit instead of a decrease.

Similarly, in 2024, Ultraway's orders in the photovoltaic industry have significantly declined, with a year-on-year decrease of 22.49% in the total number of newly signed orders. In this context, Autoway is accelerating its expansion into the fields of lithium-ion energy storage and semiconductor equipment, with semiconductor equipment orders exceeding 100 million yuan, becoming a new growth point.

Unlike the aforementioned companies, Jiejia Weichuang expands its survival space by leveraging its technological reserves. Among them, Jiejia Weichuang's "three line technology" advances simultaneously, consolidating its advantages at TOPCon while expanding HJT and perovskite technologies. At present, the average conversion efficiency of HJT battery cells in the Changzhou pilot line has reached 25.6% (ISFH standard), and the large chamber RF double-sided microcrystalline technology has achieved full mass production; In terms of perovskite technology, large-scale coating equipment, large-scale flash evaporation furnaces (VCDs), and magnetron sputtering vertical vacuum coating equipment have been successfully shipped, and the perovskite pilot line has been officially put into operation, building a complete equipment ecosystem covering three generations of photovoltaic technology.