Haitai Solar, a photovoltaic module manufacturer based in China, on August 8 officially listed to the Beijing Stock Exchange. The resulting funds are mainly to be invested in a “2GW high-efficiency HJT PV module R&D and industrialization project,” a “1000MW high-efficiency PV module R&D and industrialization project,” and R&D center expansion.
Haitai Solar focuses on the R&D, production, processing and sales of crystalline silicon solar photovoltaic modules, as well as the development, construction and operation of solar photovoltaic power plants, covering five business sectors including photovoltaic modules, photovoltaic power plants, photovoltaic mounts, energy storage and hydrogen energy, and is in the midstream of the photovoltaic industry chain.
The company holds many core technologies such as multi-main grid module technology, double-glass bifacial module technology, PERC module technology, half-sheet module technology and large-size module technology, and has obtained 47 patents and four software copyrights as of December 31, 2021. Its PV modules have obtained certifications from many countries. In terms of its technical innovation capability, Haitai Solar invested 303 million yuan ($44.8 million) in R&D in the three years from 2019 to 2021, accounting for 3.33% of its total revenue during the period.
Haitai Solar serves as a supplier for mainstream PV companies in China, such as China Energy Engineering Group Co., Ltd., State Power Investment Corporation Limited, China Huadian Corporation, Sungrow Power Supply Co., Ltd., Jinkopower Co., Ltd., and more. It has international customers such as Japan’s West Holdings, BELL and United Renewable Energy, and it also provides component product processing services for well-known manufacturers such as Sharp, BYD and JinkoSolar.
From 2019 to 2021, Haitai Solar achieved a compound annual growth rate (CAGR) of 53.64% in total revenue and a CAGR of 56.84% in net profit attributable to the parent. During the three years, its revenues amounted to 1.918 billion yuan, 2.650 billion yuan and 4.528 billion yuan, respectively, and its net profit attributable to the parent was 0.60 billion yuan, 0.62 billion yuan and 0.147 billion yuan. In the first quarter of 2022, the company achieved revenues of 1.250 billion yuan, up 54.14% year-on-year. Meanwhile, net profit attributable to the parent was 0.14 billion yuan, up 284.04% year-on-year.