The demand for photovoltaic brackets is strong, and CITIC Bo’s net profit in 2023 soared nearly 7 times

Recently, many photovoltaic industry chain companies have released performance forecasts for 2023. Many of them benefited from the surge in demand for new photovoltaic installations in 2023. CITIC Bo, which is a high-tech company focusing on solar photovoltaic brackets, has benefited a lot. According to the performance forecast released by it, preliminary calculations by the financial department show that the company is expected to achieve a net profit attributable to shareholders of listed companies of approximately 354 million yuan in 2023, a year-on-year increase of approximately 696.70% compared to the same period of 2022.

As for the reasons for the company's performance growth, CITIC Bo said that during the reporting period, the global photovoltaic centralized ground power station market had strong demand for new installed capacity. The company has a leading comprehensive advantage in the photovoltaic bracket system segment, and at the same time relies on the marketing services established worldwide, efficient supply and delivery system, leading innovation capabilities, differentiated project solutions and product advantages, which have enabled the company's photovoltaic bracket product business to develop rapidly and achieve double growth in the company's operating income and net profit.

In addition, the company's early strategic layout in the photovoltaic bracket industry gradually showed results during this reporting period, and orders also increased, effectively supporting the growth and sustainability of the company's main business. As of December 31, 2023, the company's orders on hand totaled approximately 4.7 billion yuan, including approximately 3.6 billion yuan for tracking systems, approximately 1 billion yuan for fixed brackets, and approximately 100 million yuan for others.

Recently, the National Energy Administration released national power industry statistics for 2023, which mentioned that as of 2023, the cumulative installed photovoltaic capacity was 609.49GW. Based on the previous cumulative installed photovoltaic capacity of 392.61GW as of 2022, the newly installed photovoltaic capacity in 2023 reached 216.88GW, a year-on-year increase of 148.12%. This data also means that the newly installed photovoltaic capacity in 2023 hit a record high, almost the same as the previous four years combined.

Looking around the world, in the context of low carbon, renewable energy represented by photovoltaics, wind energy, etc. are also increasingly valued by various countries. The overseas markets are mainly Europe, the United States, India, Brazil, etc.

Regarding Europe, SMM has previously learned that Europe will continue to strengthen its photovoltaic power generation capabilities in 2023. Among them, in Germany, the German Federal Network Agency (Bundesnetzagentur) stated that it is expected to add approximately 14.1GW of new photovoltaic installed capacity in 2023; statistics from the British Department of Energy Security and Net Zero (DESNZ) show that as of November 2023, the cumulative photovoltaic power generation capacity in the UK has reached 15.6GW. From January to November 2023, the new photovoltaic capacity was approximately 871MW. Other countries in the European region, such as Spain, Portugal, and Italy, have experienced significant growth in photovoltaic power generation capacity. Although Europe's installation speed has begun to slow down since the second half of the year, and new photovoltaic installed capacity throughout the year may not be as expected, SMM predicts that Europe still had about 70GW of new photovoltaic installed capacity in 2023.