Chint Electric Reports Growth in Revenue and Net Profit for 2024

In 2024, amidst the profound restructuring of the global economic landscape and the accelerated reshaping of industrial and supply chains, Chint Electric focused on enhancing its capabilities in smart appliances and green energy. The company aimed to strengthen its regional localization, integrated mid-to-back office operations, and intelligent management to expedite its development.

The latest financial report disclosed that Chint Electric achieved an operating income of 64.519 billion yuan in the previous year, marking a year-on-year increase of 12.70%. The net profit attributable to shareholders of the listed company reached 3.874 billion yuan, representing a growth of 5.1%.

As one of the two companies in the domestic low-voltage electrical market with sales exceeding 10 billion yuan, Chint Electric has successfully maintained its market dominance while continuously pushing forward in advantageous segments. In 2024, the company ranked first in the domestic low-voltage electrical market across three key segments: industrial OEM, construction, and individual users.

Additionally, Chint Electric has established a comprehensive layout across the entire power industry chain, leveraging its advantages in integration and solution provision. By deeply embedding itself in the green energy sector, the company has built its core competitiveness. In 2025, Chint plans to strengthen its global local layout, accelerate technological breakthroughs in integrated solar and storage solutions, and expand into emerging business areas such as virtual power plants and microgrids. It also aims to enhance its carbon footprint management system and establish a model for zero-carbon factories, continuing to lead the industry’s green transformation.

Creating a Green Energy Ecosystem Through Comprehensive Solutions

Chint’s subsidiary, Chint Aneng, a leader in residential photovoltaic systems, added over 13 GW of newly installed capacity in 2024, surpassing 19 GW in self-owned installed capacity. This achievement secures its position as the market leader for several consecutive years. Through innovative models such as “whole village development” and “integrated solar, storage, and heating,” the company has addressed industry absorption challenges and pioneered the trading of residential green electricity, opening new avenues for carbon asset operations.

As a pioneer in the domestic residential photovoltaic market, Chint Aneng has built a channel network covering 29 provincial administrative regions and nearly 2000 districts and counties. It has delivered over 1.6 million residential power stations, maintaining its leadership in market share for multiple years.

In the field of ground-mounted power plants, Chint New Energy has actively explored new models and developments, constructing Zhejiang Province’s first tidal flat energy storage station—Wenzhou Leqing Bay Shared Energy Storage Project. This project achieved innovative applications of diversified energy storage business models. The China National Nuclear Corporation (CNNC) and HuiNeng‘s 200 MW photovoltaic project in Sanmen has successfully connected to the grid, marking a new breakthrough in the demonstration of “nuclear-solar-storage integration,” representing a new paradigm of cooperation between state-owned enterprises and private enterprises in the large-scale development of clean energy bases.

In the overseas market, Chint is accelerating its diversified expansion, achieving breakthroughs in several regions. For example, in New Zealand, it provided general contracting services for a 170 MW photovoltaic project for the international power station development giant Lightsource BP, facilitating the construction of New Zealand’s largest photovoltaic project to date.

Chint’s energy storage and inverter businesses have also shown impressive performance. The company has built a comprehensive product matrix for energy storage, covering commercial, ground-mounted, and residential scenarios based on technological innovation. Chint has become a benchmark enterprise in the global energy storage sector, recognized as a dual Tier 1 leader. With proprietary developments such as the 320 kW high-power string inverter and graphene composite plating technology, Chint’s energy storage products meet international top standards in conversion efficiency, reliability, and intelligence, being widely used in photovoltaic plants, microgrids, and commercial energy storage scenarios. They have passed rigorous certifications from UL, VDE, and other organizations, making Chint the number one brand in market share in North America’s commercial sector.

Looking ahead, Chint will accelerate the research and development of integrated solar and storage technology, exploring new models such as virtual power plants and energy internet, empowering a global zero-carbon future through comprehensive solutions.

Leading the Low-Voltage Electrical Market Across Key Segments

Chint Electric, rooted in the low-voltage electrical industry, continues to strengthen its business advantages. In 2024, the company’s low-voltage components ranked first in market share in the national grid and southern grid collective procurement markets. The company has also made steady progress in provincial network collective procurement and local city bureau distribution and expansion businesses.

Since the beginning of 2024, the national economic recovery has progressed moderately, with a 5.8% year-on-year increase in industrial value added above a certain scale and a 3.2% year-on-year increase in fixed asset investment. As domestic industries recover, the low-voltage electrical sector is also showing signs of growth. In 2024, Chint ranked first in the domestic low-voltage electrical market across industrial OEM, construction, and individual user segments.

Low-voltage electrical products are characterized by a wide variety and extensive applications in fields such as electricity, industry, and infrastructure. The company collaborates with distributors to expand its market reach, employing various marketing strategies such as the “iron triangle” approach, while continuously deepening its “blue ocean action” strategy and increasing efforts to attract industry clients. This ongoing process enhances the company’s independent control over the supply chain, intelligent manufacturing capabilities, and end-to-end delivery efficiency.

Chint has also introduced the new N5P series products, which, due to their stability, reliability, smart connectivity, and intelligent operations, effectively meet the stringent demands of the power system for high voltage, large current, and high performance. The upgraded Kunlun series products have improved response speed, flexibility, and adaptability, providing ideal and reliable solutions for power management needs across various sectors.

The low-voltage electrical industry is highly competitive and market-oriented, characterized by coexistence between multinational corporations and local enterprises. The concentration of the market continues to rise. As a leading enterprise rooted in China, the world’s fastest-growing low-voltage electrical market, Chint Electric’s advantages in marketing networks, brand strength, technology, management, and research and development will help solidify its leading position while benefiting from structural changes within the industry. The company’s excellent cost control, proactive technological innovation, and global business layout are conducive to building comprehensive competitive strength for expanding into international markets and increasing its global market share.

Technological innovation is the core engine driving Chint’s leadership in the green sector. The company’s annual research and development investment continues to grow, with 829 patent applications and participation in the formulation of 31 national and industry standards in 2024. Additionally, 44 products have been recognized as meeting international leading or advanced standards. In the residential photovoltaic sector, the AI intelligent drawing system “Tizhi Drawing” has increased output efficiency by 600%. In 2024, the company plans to further increase its investment in research and development, with an investment of 1.267 billion yuan. Research and development expenditure across all product series accounts for 4% to 12% of sales revenue, with a new product launch rate exceeding 90%.

By continuously investing in cutting-edge technologies such as AI, the Internet of Things, and virtual power plants, Chint has established a cross-disciplinary expert team and attracted global technological leaders to enhance its integrated soft and hardware capabilities. In 2025, the company will deepen its digital Chint 3.0 strategy, advancing the iteration of integrated solar and storage solutions and smart microgrids to capture the forefront of global energy transformation.

At the same time, the company is enhancing cooperation between production, education, research, and application, partnering with top universities such as Tsinghua University and Zhejiang University, alongside industry giants like Huawei and China Power Investment, to accelerate technology transfer and practical application, solidifying its competitive advantages across the entire industry chain. From technological catching up to standard-setting, Chint is building a strong moat through its research and development capabilities, continuously injecting “Chinese wisdom” into the global green energy transition.

Pioneering a Zero-Carbon Future with a New Power System

In light of the strategic opportunity to establish a new power system centered around renewable energy, Chint is leveraging “integrated energy sources, networks, loads, and storage” as its core strategy. With its strong capability for industry chain integration and technological advantages, Chint is becoming a leading force in promoting the low-carbon and intelligent upgrade of power systems.

Under the dual carbon goals, China has further proposed to establish a new power system focused on renewable energy, clearly outlining the direction for energy and power transformation. The national grid and southern grid have successively released relevant action plans.

Low-voltage electrical equipment, characterized by its wide application across various industries, is a key component in building a resilient grid and a new power system. As the development of a new power system deepens, the demand for low-voltage electrical equipment is expected to grow steadily.

In the process of constructing a new power system centered around renewable energy, Chint Electric is becoming a core force driving the low-carbon, flexible, and intelligent evolution of power systems through its innovative model integrating technology, scenarios, and ecosystems.

By leveraging its comprehensive advantages in photovoltaic, energy storage, and intelligent distribution, Chint is building an energy ecosystem characterized by deep collaboration among sources, networks, loads, and storage. On the generation side, the company enhances reliable clean energy supply capabilities through large-scale photovoltaic station development and nuclear-solar-storage integration demonstration projects.

On the grid side, smart distribution devices, active filtering technology, and the next generation of measurement and control devices significantly enhance the flexibility and safety of grid operations. On the user side, residential photovoltaic and commercial energy storage solutions facilitate efficient absorption of distributed energy, aiding user responsiveness to grid demands.

In light of the global energy transition opportunities, Chint is accelerating its overseas expansion and tapping into high-margin regions to ensure steady improvement in operating profits. By implementing a “localization strategy,” the company is constructing a supply chain network across the Asia-Pacific, Europe, and other regions. Local manufacturing plants in Saudi Arabia, Kenya, Brazil, and Mexico have commenced operations, and 20 intelligent overseas warehouses have been established to enhance order response efficiency and risk resilience in key markets.

In 2024, Chint International was selected as one of the “Forbes China Globalization Brand TOP 30.” The company is collaborating with clients in emerging markets like Indonesia and Mexico to build green infrastructure and is deeply engaged in the “Belt and Road” initiative, contributing to the optimization of global energy governance structures.

Looking ahead, Chint will seize the opportunity presented by the construction of a new power system, supported by its “Digital Chint 3.0” strategy, to deepen the development of smart energy and industrial internet platforms, further advancing integrated energy solutions.

Guided by the dual carbon goals, Chint Electric is enhancing its layout across the entire power industry chain and leveraging its advantages in integration and solution provision. The company is also poised to further manifest its competitive strengths in cost control, scalability, intelligent manufacturing, technological innovation, and brand management, continuing to write the narrative of green energy in the era of transformation.