By MA Yueran
TCL Zhonghuan Renewable Energy Technology (TZE), a leading Chinese photovoltaic wafer manufacturer, released its financial results for the first three quarters of 2023. During this period, TZE reported revenue of 48.6 billion yuan (US$6.6 billion), a 2.4 percent decrease. Net income stood at 6.2 billion yuan, showing a 23.8 percent increase. However, in the third quarter, both revenue and net income declined.
While photovoltaic (PV) capacity continues to expand, demand has failed to keep pace, resulting in a significant drop in the price of wafers. This led to TZE achieving remarkable sales volume growth but still facing its first year-on-year revenue decrease in nearly a decade.
TZE is intensifying its global expansion, with a strong focus on the Middle East. The Abu Dhabi Investment Authority holds TZE shares. During the Belt and Road Forum for International Cooperation on October 17, TZE signed an agreement with Vision Industries to construct a PV wafer plant in Saudi Arabia, with a planned capacity of 20 GW.
As for the fourth quarter of 2023, TZE remains optimistic. The progress of N-type technology is expected to enhance the economic incentives of the PV industry, thereby increasing demand. The installed capacity is anticipated to exceed 400 GW by year-end.
