GCL SI 2023 Annual Report Pioneering the Future of Green Energy
1. What Achievements Did GCL SI Attain in 2023?
2023 was a fruitful year for GCL SI. Benefiting from favorable global energy policies, the advancement of energy transformation, and increasing returns from photovoltaic power generation, the global photovoltaic installed capacity maintained rapid growth in 2023. In this context, GCL SI's operating revenue doubled to 15.96 billion RMB, a year-on-year increase of 91.15%, setting a historical record. The net profit attributable to shareholders of the listed company was 157.7 million RMB, a year-on-year increase of 142.24%. The company invested 146.4 million RMB in research and development, an increase of 80.83% year-on-year. The annual shipment volume of photovoltaic modules reached 16.42 GW, ranking among the top 10 globally.
2. How Did We Achieve This?
To attain the aforementioned accomplishments, GCL SI systematically made efforts across different dimensions. Here, we will outline some representative methods:
2.1. 3M1D Management System
Throughout 2023, GCL SI followed the "3M1D" management system, as mentioned by GCL SI‘s Chairman Zhu Gongshan. "3M1D" stands for Mode, Model, Module, and Digitalization.
Mode： This involves being strategy-driven, ensuring that all operational tasks are clearly directed towards, aligned with, and achieving strategic goals.
Model： Having rational, well-validated business and financial models, using these models for scenario simulations to clarify the steps for strategic execution.
Module: Establishing standardized process systems, operational frameworks, budget systems, talent assurance, assessment methods, incentive measures, and constraint mechanisms.
Digitalization: Ensuring that all operational management activities are quantified, with numbers objectively and accurately reflecting operational management and transformation effectiveness, thus becoming the objective basis for assessing the organization and individuals.
2.2. Outstanding Team Management and Extreme Operational Efficiency
In 2023, GCL SI established the Module Business Unit and the Cell Business Unit. This reorganization effectively enhanced organizational management efficiency, fully leveraging the executive team's sense of autonomous management, and ensuring the company to seize industry development opportunities. Moreover, GCL SI fully integrated the entire business chain of production, supply, sales, and research, establishing standardized, efficient process mechanisms that shortened order delivery cycles. This ensured optimal allocation of resources, effectively reducing operational costs and positioning the company's operational efficiency at a leading level among top-tier enterprises.
2.3. Technology Leadership and Innovation-Driven
The company has been deeply involved in the photovoltaic industry for a long time, consistently adhering to the philosophy of technology leadership and innovation-driven development. It possesses strong research and development capabilities along with a robust technical R&D team. By the end of 2023, the company had been granted a total of 502 patents, including over 100 invention patents. Additionally, GCL SI had participated in the formulation of more than 30 industry technical standards.
3. GCL SI's Expectations for the Future
In 2024, global installed capacity is expected to continue its high growth trajectory. To achieve controllable quality and delivery schedules while effectively reducing production costs and enhancing brand image and competitiveness, the company is constructing a manufacturing base in Kunshan Pingqian Industrial Park. This facility will be equipped with an energy storage container assembly line with an annual capacity of 2.5 GWh, expected to commence production in 2024.
Looking ahead, GCL SI plans to integrate its own large-scale energy storage and commercial energy storage products, which will effectively lower production costs. This integration will also provide brand and platform support for project development.