GCLSI Reports Impressive Growth for First Three Quarters, Net Profit Surges 240% YoY

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SUZHOU, China, Oct. 31, 2023 /PRNewswire/ — On October 27, GCLSI (002506.SZ) disclosed its third-quarter financial report for 2023, indicating a marked acceleration in its financial performance. The data for the first three quarters showed revenues reaching 1.287 billion dollars, a 97.43% increase compared to the same period last year. Net profit attributable to the parent entity amounted to 19.41 million dollars, up 240.78% year-on-year. Notably, in the third quarter, revenues hit 520 million dollars, a rise of 93.40% year-on-year, while attributable net profit climbed to 4.23 million dollars, marking a 122.30% increase from the previous year. This robust growth has made GCLSI a standout performer in its sector.

Mr. Zhang Kun, Executive President of GCLSI commented that during the first three quarters, the company effectively capitalized on market opportunities and continuously secured for the component procurement projects of the country’s most important state-owned enterprises (SOEs directly managed by the central government). This resulted in a marked uptick in component shipments. Concurrently, the development of the high-efficiency N-type cell capacity in Wuhu has been accelerated, bolstering both the throughput and profitability of the upstream and downstream industrial chains. At present, the first phase (10GW) of the 20GW cell capacity in Wuhu is fully operational and has become a principal supplier to the module production facilities in GCLSI Hefei and GCLSI Funing, effectively ensuring the reliable fulfillment of large-scale N-type module orders.

The average efficiency of cells mass-produced in Wuhu now exceeds 25.6%, reaching a leading level among industrial players. Industry insiders believe that with the comprehensive production of the Wuhu facility, GCLSI’s integrated capabilities in cells and modules have significantly improved. This enhancement has endowed the company with stronger industrial synergy and operational stability, with the potential for further enhancement of profitability.

Mr. Zhang Kun also stated that GCLSI will continue to focus on enhancing its core product competitiveness, seizing development opportunities of N-type products, advancing the reserve of N-type 4.0, HJT and XBC, among other technologies. Furthermore, the company will persist in efforts to reduce costs in management, research and development, sales and supply chain, effectively addressing industry fluctuations.

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