The total valuation reaches 1.6225 trillion yuan! Over 20 photovoltaic companies make it to the Hurun 500 list
On February 25, the Hurun Research Institute released the “2024 Hurun China 500 Strong” list, featuring more than 20 photovoltaic companies, including industry leaders such as Solar Power, LONGi Green Energy, Tongwei Co., Ltd., Trina Solar, and Canadian Solar. According to statistics from Energy Insight, the combined valuation of these companies amounts to an impressive 1.6225 trillion yuan.
Among them, five companies have a valuation exceeding 100 billion yuan: Solar Power at 186 billion yuan, LONGi Green Energy at 140 billion yuan, Tongwei Co., Ltd. at 120 billion yuan, Baofeng Energy at 116 billion yuan, and Orient Hope at 110 billion yuan.
Solar Power leads the photovoltaic sector, ranking 44th on the list, having moved up 21 positions compared to 2023. In 2023, LONGi Green Energy held the top position among photovoltaic companies with a valuation of 185 billion yuan, landing at 40th place. The significant rise in Solar Power‘s ranking for 2024 is closely tied to its outstanding performance. Data shows that for the first three quarters of 2024, Solar Power reported a revenue of 49.95 billion yuan, a year-on-year increase of 7.61%, with a net profit of 7.6 billion yuan, up 5.21%. Notably, in the third quarter alone, Solar Power earned a profit of 2.641 billion yuan.
However, this impressive performance is not primarily driven by its photovoltaic business but rather by explosive growth in its energy storage sector. Reports indicate that in the first half of 2024, the energy storage division contributed 7.816 billion yuan to total revenue, accounting for 25% of the overall earnings, with a remarkable gross profit margin of 40.08%. Such a high margin is quite rare in the fiercely competitive energy storage industry. Previous data from InfoLink indicated that Solar Power ranked second globally in energy storage system shipments (AC side) and first in the Chinese market.
Recently, Solar Power unveiled its new 400V commercial energy storage product, PowerStack 255C, at the Solar Comprehensive Energy Exhibition in Jinan, China, which features a high-efficiency steady-state system capable of providing stable power supply around the clock.
LONGi Green Energy came in second among photovoltaic companies, ranking 69th overall, a drop of 29 places from 2023. Tongwei Co., Ltd. ranks third at 82nd place. The decline in rankings for these leading companies is closely linked to the photovoltaic industry downturn in 2024, which has led to significant losses across the board. Reports indicate that LONGi Green Energy faced losses exceeding 8 billion yuan, while Tongwei Co., Ltd. reported losses of over 7 billion yuan.
Baofeng Energy secured the fourth position on the list, ranking 85th overall. It is noteworthy that Baofeng’s primary business lies not in photovoltaics but in coal chemical operations, including coal-to-olefins, coking, and fine chemicals. The company is led by Party Yanbao, the richest man in Ningxia. For the first three quarters of 2024, Baofeng reported a revenue of 24.275 billion yuan, an increase of 18.99%, with a net profit of 4.537 billion yuan, up by 16.60%.
Ranked fifth, Orient Hope is among the top ten global producers of electrolytic aluminum and alumina and is a leading player in the photovoltaic sector. Since entering the photovoltaic industry in 2013, Orient Hope has developed a production capacity of approximately 255,000 tons per year for polysilicon by the end of 2023, making it one of the major suppliers in the market.
There are eight companies with valuations between 100 billion and 50 billion yuan, including JinkoSolar, Trina Solar, LONGi Green Energy, JA Solar, GCL Technology, LONGi Green Energy, Canadian Solar, and Canadian Solar. The standout among them is DeYee, ranked 183rd, with a valuation of 61 billion yuan, marking an impressive growth of 87.70% year-on-year and jumping 199 positions from last year.
Additionally, there are 12 companies valued under 50 billion yuan, with Canadian Solar leading at 49 billion yuan, closely followed by Trina Solar. Notably, Canadian Solar is one of the few photovoltaic companies in 2024 that reported a profit of over 2 billion yuan, although its performance has declined compared to previous years, causing a drop of 38 places in the rankings.
In summary, the Hurun list for 2024 highlights the significant impact of market dynamics on the photovoltaic sector, with a mix of strong performers and those facing challenges amidst industry fluctuations.
