Solar Industry Booms in H1 2022: Daqo, Tongwei Lead with 300%+ Net Profit Growth
The solar industry has witnessed remarkable growth in the first half of 2022. Daqo New Energy and Tongwei Solar led the pack with a staggering net profit increase of over 300% each. Meanwhile, silicon material and wafer producers in the upstream sector saw significant growth.
The silicon price surge, now at its 26th consecutive increase, has reached an all-time high of RMB 310,000 (USD 45,689) per ton, a 30.37% year-over-year rise. This has driven the overall profit level of silicon wafer enterprises to over 32%.
Out of 42 enterprises that issued performance forecasts, 35 achieved positive net profit growth, accounting for about 83.4%. GCL and TBEA also performed exceptionally well, with net profit increases of 149% and above. Among the 19 enterprises that released their H1 financial report, 18 showed positive net profit growth, with only one making a loss. Trina Solar and JA Solar, two prominent cell and module manufacturers, reported satisfying profits of 152.32% and 97.62% respectively, thanks to their self-made wafers and cells.
The solar industry's robust performance in the first half of 2022 is largely driven by the significant increase in silicon prices and the strong upstream sector. Despite some enterprises reporting decreased income, the overall picture remains positive. However, the most outstanding silicon materials company and its year-over-year net income growth could not be determined from the provided results.
