Solar inverter solution provider Sineng Electric released its annual report for 2021 on March 29, revealing an operating revenue of RMB 1.092 billion yuan, up 8.80% year-on-year; The net profit attributable to the parent company was RMB 58.91 million yuan, down 23.94% year-on-year, with non net profit attributable to the parent company of RMB 48.28 million yuan, a year-on-year decrease of 14.80%.
It is worth noting that the company achieved a net operating cash flow of RMB 1.12 billion yuan, a year-on-year increase of 242%.
Regarding the decline in performance, the company put down to the impact brought about by the markup of upstream silicon materials, which postponed some projects. The company’s overall gross profit margin also decreased due to the price rise of bulk commodities, electronic components and other raw materials. The continuing investment in the R&D and market expansion is also relevant to the year-on-year decline in the company's net profit.
In 2021, the company's photovoltaic inverter business realized a revenue of RMB 883 million yuan, accounting for 80.85% of the operating revenue, and the shipment volume reached 7.45 GW, up 24.83% year-on-year. The business income of energy storage bidirectional converter and system integration products was RMB 142 million yuan, up 135.3% year-on-year, and the proportion increased from 5.99% to 12.96%. The business of power quality control products realized a revenue of RMB 39.5 million yuan, a year-on-year increase of 19.16%, accounting for 3.62%. The revenue from spare parts and technical services was RMB 27.37 million yuan, up 54.51% year-on-year, accounting for 2.51%.