Author Albert Hsieh
Updated April 26, 2021

The public information from 2020 financial statements published by major PV manufactures show significant growth in term of both scale and turnover of leading companies, and they plan to further increase the market share through capacity expansion next year. InfoLink has retrieved the public information of all companies and made comprehensive evaluation aiming at various operational indicators of global top 5 largest PV companies in 2020.

solar companies annual turnover


The module production of Longi was 26.6 GW, with 198.7% YoY growth. The total module shipment was 24.53 GW, of which, sales contributed to 23.96 GW, up 224% YoY. The production of mono-Si wafers was 58.9 GW, up 67.1% YoY. The shipment of mono-Si wafers was 58.15 GW, of which, sales accounted for 31.84 GW, up 25.7% YoY.

In terms of capacity, wafer, cell and module capacity stood at 85 GW, 30 GW and 50 GW, respectively at the end of 2020. Their expected capacity in 2021 is 105 GW, 38 GW and 65 GW.

As to the turnover, the sales revenue of Longi reached RMB 54.58 billion in 2020, up 65.9% YoY. The overall gross margin was 24.6%, with net profit of RMB 8.55 billion attributing to parent company, increased 62% YoY. The net operating cash inflow was RMB 11.02 billion, up 35% YoY.

For turnover divided by products, modules and cells accounted for 66.4%, with 20.5% gross margin. The revenue of wafers and silicon rod accounted for 28.4%, with 30.4% gross margin. For turnover by region, the domestic market accounted for the majority, representing 60.7%, with 25.1% gross margin; overseas turnover accounted for 39.3%, with 23.8% gross margin.

Source: 2020 Annual Report of LonGi Green Energy Technology Co., Ltd


The module shipment of Jinko reached 18.8 GW, up 31.4% YoY. Meanwhile, Jinko expects that the module shipment may reach 4.5-5.0 GW in Q1 2021. In terms of capacity, it is expected to reach 33 GW of wafer, 27 GW of cell (including 0.8 GW of n-type) and 37 GW of module by the end of 2021.

The annual turnover of Jinko reached US$5.38 billion (RMB 35.1 billion, up 18.1% YoY, calculated by RMB) in 2020. The gross margin was 17.6% and operating income ratio was 5.1%.

The net profit attributed to shareholders of listed company was RMB 230 million, down 74.4% YoY.

The capital expenditure of Jinko was about US$500 million in 2020. It is expected to double and reach US$1 billion in 2021.

Source: JinkoSolar Holding Co., Ltd. Fourth Quarter and Full Year 2020 Financial Results

Trina Solar

Trina Solar produced 16.377 GW of modules in 2020, up 56.4% YoY. The total shipment was 15.915 GW. As of the end of 2020, the module capacity reached 22 GW, which is expected to increase to 50 GW and the cell is to increase to 35 GW by the end of 2021, with 70% of which will be producing 210mm cells.

The annual turnover of Trina Solar was RMB 29.42 billion in 2020, up 26.1% YoY. The net profit attributed to parent company was RMB 1.23 billion, up 91.9% YoY. The turnover of module business was RMB 22.1 billion, accounting for 75.7% and up 34.5% YoY, with 14.9% gross margin. For turnover by region, the domestic market accounted for 22%, 6.2% gross margin, while the overseas sales accounted for 78%, with gross margin about 16.7%.

The net operating inflow was RMB 11 billion, growing 35% YoY.

Source: 2020 annual report of Trina Solar Co., Ltd.

JA Solar

The cell and module shipment of JA Solar reached 15.88 GW in 2020, in which overseas market accounted for 68.3%. Its module capacity reached 23 GW at the end of 2020, while wafer and cell capacity was about 80% of the module capacity. Its module capacity is expected to exceed 40 GW by the end of 2021 and the capacity of wafer and cell will maintain at 80% of the module capacity.

The annual turnover of JA Solar reached RMB 25.8 billion in 2020, up 22.2% YoY. The net profit attributed to parent company reached RMB1.5 billion, increase 20.3% YoY.

For turnover by products, the revenue of solar modules accounted for 93% of the total, with 16.1% gross margin. For turnover by region, the domestic market accounted for 31.2%, with 12.7% gross margin; overseas sales accounted for 68.8%, with 18.0% gross margin.

The net operating cash inflow was about RMB 2.3 billion in 2020, up 13% YoY.

Source: 2020 annual report of JA Solar Technology Co., Ltd.

Canadian Solar

The annual module shipment of Canadian Solar reached 11.3 GW, up 32% YoY.  The shipment is expected to reach 3.0-3.2 GW in Q1 2021, and the shipment is expected to hit 18-20 GW for the whole year. In terms of capacity, the silicon rod, wafer, cell and module capacities stood at 2.1 GW, 6.3 GW, 9.6 GW and 16.1GW, respectively at the end of 2020. The capacity is projected to reach 10 GW, 11.3 GW, 18.2 GW and 25.7 GW by the end of 2021.

The overall turnover was US$3.5 billion (about RMB 22.67 billion), up 8.6% YoY and a gross margin of 19.8%. The net profit attributed to parent company was US$147 million (about RMB 960 million), decrease 14.5% YoY. The turnover of Q1 2021 is expected to US$1-1.1 billion, with GM about 16-18%. The annual turnover in 2021 is estimated at US$5.6-6 billion. Canadian Solar expects to spend US$700 million in capital expenditure, which is higher than US$330 million in 2020.

In the future, the spin-off in China market will focus on module manufacturing and China power businesses. The turnover was US$2.7 billion in 2020, up 10.8% YoY, with 19.6% gross margin. The turnover of module business was US$ 2.3 billion, up 16.7% YoY.

Source: Canadian Solar Inc. Fourth Quarter and 2020 Full Year Financial Results

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