Sungrow Power Supply(300274) 长江商报·2025-04-28 00:44Core Viewpoint - Yangguang Electric Power (300274.SZ) has achieved record-high operating performance in the fields of photovoltaic and energy storage equipment, with significant revenue and profit growth in the first quarter of 2025 [1][4]. Financial Performance - In Q1 2025, the company reported revenue of approximately 190 billion yuan, a year-on-year increase of about 50%, and a net profit attributable to shareholders of approximately 38 billion yuan, up over 80% [1][4]. - For the full year 2024, Yangguang Electric Power achieved revenue of 778.57 billion yuan and a net profit of 110.36 billion yuan, both marking historical highs [2][6]. - The company’s Q4 2024 revenue and net profit were 279.11 billion yuan and 34.37 billion yuan, respectively, reflecting year-on-year growth of 8.03% and 55.05% [6]. Business Segments - The company leads the global market in both photovoltaic and energy storage sectors, with its photovoltaic inverter shipments ranking first worldwide [2][9]. - In 2024, revenue from the photovoltaic sector was 479.04 billion yuan, a decrease of 5.25%, while the energy storage sector generated revenue of 249.59 billion yuan, an increase of 40.21% [7][8]. - The gross margin for the photovoltaic sector was 27.21%, up 1.73%, while the energy storage sector's gross margin was 36.69%, up 4.07% [8]. Research and Development - The company emphasizes R&D, with 6,989 R&D personnel and a total of 9,401 patent applications, including 5,081 inventions [3][10]. - In 2024, R&D investment reached 31.64 billion yuan, an increase of 29.26% [10]. Market Position and Global Reach - Yangguang Electric Power has established over 20 branches overseas and has a presence in more than 180 countries and regions [9]. - The company has a strong focus on providing comprehensive clean energy solutions, including photovoltaic systems, energy storage systems, and electric vehicle charging equipment [9].