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Sinovoltaics latest financial stability ranking keeps Tesla, Mustang Battery, Kung Long Batteries, Hyundai Electric and Eaton in the top five spots in a report that includes 55 manufacturers.
Sinovoltaics, a Hong Kong-based technical compliance and quality assurance services provider, has released its Q4 PV Energy Storage Manufacturers Ranking Report. Global in scope, it provides financial stability scores tracked over the past three years. It covers 55 battery energy storage suppliers, a figure that has not changed since the last edition published in July.
The report , which is available for free download, saw some changes in the rankings, according to the analysts, who highlighted the improved scores of three Chinese manufacturers. In particular, Sacred Sun (Shandong Sacred Sun Power Sources Co Ltd) moved up from 15th to 10th place, while CATL jumped from 26th to 21st and BYD moved up to 28th from 30th place.
In the top ten segment of the ranking, US-based Tesla takes the top spot, followed by China-based Mustang Battery; Taiwan-based Kung Long Batteries; Korea-based Hyundai Electric and Ireland-based Eaton; China-based Sinexcel; Japan-based Yuasa Battery and Sanyo; US-based Enersys; and China-based Sacred Sun.
The latest edition spans from December 2021 to September 2024 and aims to provide insight into changes in scores over time, according to Sinovoltaics.
The financial stability analysis of listed battery manufacturers uses so-called Altmann Z-scores. This is a balance sheet-based model that uses publicly available financial information to track financial strength over the past three years. It assesses a companys financial strength using a credit strength test based on profitability, leverage, liquidity, solvency and activity ratios, according to Sinovoltaics.
A score of 1.1 or lower indicates a higher likelihood of bankruptcy in the next two years, while a score of 2.6 or higher indicates a higher likelihood of bankruptcy in the next two years. The reports include a chart that groups manufacturers into those with scores that put them in the safe zone, those with lower scores in the gray zone and those with scores that indicate distress. There were 21 companies in the safe zone this quarter, up from 20 the previous quarter. |
