Net profit reached 1.64 billion yuan in 2022! Growatt's growth rate reached a new high

On March 20, Growatt officially updated its prospectus and disclosed its business performance in 2022.

According to the prospectus, the company generated revenue of 7.093 billion yuan, up 122 percent year on year; Last year, the net profit of the parent was 1.640.9 billion yuan, the revenue and net profit data significantly ahead of a number of listed optical storage inverter enterprises have approved the performance.

According to the latest financial report, from 2020 to 2022, the revenue of Growatt is 1.893 billion yuan, 3.94 billion yuan and 7.093 billion yuan, with a year-on-year growth of 122% in 2022. During the same period, the company's net profit was 366 million yuan, 573 million yuan and 1.64 billion yuan, with net profit margins of 19.3 percent, 17.9 percent and 23.12 percent, respectively.

Founded in 2011 in Shenzhen, China, Growatt designs, develops and manufactures photovoltaic inverters, as well as energy storage systems, and sells them primarily to home and commercial end users around the world, according to the prospectus. According to Forrester Sullivan, in 2021, the company will be the world's third largest supplier of PV inverters by capacity (gigawatts) shipped, with a 6.8% market share, and number one in the residential PV inverter segment with a 19.9% market share.

According to the prospectus, energy storage accounted for 11.3% of Growatt's revenue in 2020 and 40.3% in 2022, generating a whopping $2.86 billion in revenue. The revenue of battery packs reached 1.297 billion yuan, accounting for 18.3 percent. In the same period last year, the company's energy storage system revenue increased 326.7% from the same period last year.

The global market's demand for energy independence, the surging price of electricity in Europe, and the increasing demand for electricity caused by the gradual replacement of oil vehicles by new energy vehicles will all be the driving force for the sustained growth of the future optical storage market. With an earlier and more comprehensive layout in the field of optical storage and the accumulation of technologies and brands, Growatt will undoubtedly become a big winner in the global energy storage market.