AikoSolar recently has released its annual report 2022, showing outstanding financial results, including significantly improved profitability and record high operating income and net profit, which has also achieved a turnaround.

AikoSolar Global Photovoltaic Joint Innovation Center

According to the report, in 2022, AikoSolar achieved a revenue of RMB 35.075 billion, a year-on-year increase of 126.74%, and a net profit attributable to the parent company of RMB 2.328 billion, compared to RMB -126 billion in the same period last year, with a deduction of RMB 2.165 billion from non net profit. In the fourth quarter of 2022, the company achieved revenue of RMB 9.246 billion, up 116% year-on-year and down 6% month-on-month.

In 2022, due to the withdrawal of small-scale cell capacity from the market and the upgrading and transformation of cell technology, the supply of large-scale capacity in the industry was in short supply, and the bargaining power of cell products was improved. The company’s product profitability per watt continued to increase.

The company’s PERC cell shipments in 2022 reached 34.43 GW, an increase of 82.7% year-on-year. By the end of December 2022, AikoSolar had completed the upgrade of most of the 166mm production lines, with the production capacity of large-sized cells accounting for over 95%. With regard to the existing PERC capacity, the company tried to transform the existing PERC capacity into a new and efficient capacity with an average mass production efficiency of no less than 25% by the end of 2025.

Last year, the company’s capacity utilization rate has been greatly improved. AikoSolar is one of the major suppliers of solar cells worldwide, and currently has four major production bases in Foshan, Yiwu, Tianjin, and Zhuhai. In 2022, AikoSolar’s continuous improvement in capacity utilization could achieve 96%, significantly increasing from 75% in 2021.

AikoSolar stands out for its layout of N-type ABC products, and has pioneered the use of silver free technology to solve the “silver consumption” problem that hinders the large-scale development of the solar industry, providing a mass production technology foundation for the large-scale development of the ABC cell technology route.

According to AikoSolar, up to now, the average mass production conversion efficiency of the company’s ABC cells has been close to 26.5%, and the total life cycle power generation of ABC modules can be increased by more than 15% compared to the mainstream PERC modules with the same area in the current market, which has strong market competition potential.

AikoSolar’s 6.5 GW ABC cell project in Zhuhai has been put into production and is currently in a climbing state. It is expected to achieve full production in the second quarter of 2023.