Chinese solar PV cell and module manufacturer DMEGC saw a year-on-year (YoY) decline in its operating income for FY2024. The company, however, remained profitable with a net profit of RMB 1.87 billion.
Its operating income of RMB 18.56 billion declined 5.95% YoY. The largest contribution to the total came from Q2 2024. Its photovoltaic business contributed 59.65% of the cumulative operating income even though it dropped by 13.36% YoY. DMEGC also operates magnetic materials and lithium battery businesses.
Despite the ongoing downturn in PV industry prices last year, DMEGC claims to have maintained a gross margin of 18.74% for its PV products, ‘only a slight decrease of 2.07% YoY.’ It attributes this resilience mainly to the company's expansion into PV power plant operations.
The domestic market drove the business for DMEGC, accounting for 56.45% of the total operating income last year, compared to 41.41% in 2023. Overseas markets brought in another 43.55% to the total, representing a decline of 30.09% YoY.
The Chinese manufacturer also increased its annual PV shipments by 73% to 17.2 GW. This includes an increased proportion of n-type cells and modules.
“As product prices in all links continue to decline and profits are severely squeezed, the company has continued to deepen the implementation of its differentiation strategy, stepped up the development of domestic and overseas markets, proactively deployed overseas production capacity to open up high-quality markets, and promoted the development and construction of downstream power stations,” reads DMEGC’s annual report in Chinese.
Its cumulative annual production capacity stands at 23 GW for cells and 17 GW for modules, comprising its Indonesian solar cell factory which DMEGC says opened up high-quality markets for the company.
For 2025, DMEGC aims to achieve both revenue and profit growth while expanding its presence overseas. The company said that it will also adhere to the principle of ‘prudent operation, focus on risk control, and continue to promote strategic capacity expansion.’
At the TaiyangNews annual flagship conference High Efficiency Solar Technologies 2024, DMEGC’s Alejandro Coll Garcia shared the company’s cell and module technology development (see DMEGC’s Advanced TOPCon Cell-Based Multi-Application Modules).
