Charts of the Day: China’s Solar Profits Surge as Oversupply Looms

China’s biggest photovoltaic manufacturers reported surging profits in the first half of 2023 driven by strong demand and an uptick in panel sales, but warned about imminent overcapacity as a result of ramped up production.

Longi Green Energy Technology Co. Ltd. (601012.SH), the world’s largest panel-maker, reported a 42% year-on-year jump in net profit to 9.2 billion yuan ($1.3 billion) for the January to June period, while JA Solar Technology Co. Ltd. (002459.SZ) saw its net income rise 183% to 4.8 billion yuan. Jinko Solar Co. Ltd. (688223.SH) reported a staggering 325% jump in net income to 3.8 billion yuan, while that of Trina Solar Co. Ltd. (688599.SH) soared 179% to 3.5 billion yuan.