As the solar industry’s giants continue to post their results for H1 2023, we can combine the results of six of the largest to form an impression of the overall industry’s growth. These six companies shipped a combined 138 GW of solar modules in the period, roughly half of global output. A great deal of the disparity in the results for profit compared to revenue can be attributed to the varying rates at which these companies are expanding their total scale, but the other more profound reason is that they each have varying positions in each of the three main downstream manufacturing segments of wafer, cell and module. The gross profit margin of cell manufacturing, for most leading (ie at…