Sungrow Power Supply(300274) 21世纪经济报道·2025-04-28 14:17Core Viewpoint - The article highlights the significant increase in executive compensation at Sungrow Power Supply, particularly for Vice Chairman Gu Yilei and Senior Vice President Wu Jiamao, reflecting the company's strong performance in the energy storage sector and overall growth in revenue and profit despite challenges in the photovoltaic industry [1][4][5]. Executive Compensation - Gu Yilei and Wu Jiamao are the only two executives at Sungrow Power Supply with salaries exceeding 10 million yuan, earning 17.5 million yuan and 12.94 million yuan respectively, which is significantly higher than the average executive salary of 5.853 million yuan [1][2]. - Both executives received stock grants as part of the 2023 restricted stock incentive plan, with Gu Yilei being granted 218,400 shares and Wu Jiamao 119,000 shares, at a grant price of 30.18 yuan per share [2]. - Over the past five years, Gu Yilei and Wu Jiamao's salaries have increased dramatically, with Gu's salary rising 11 times and Wu's by 8.6 times since 2019 [3]. Company Performance - Sungrow Power Supply reported a revenue of 77.8 billion yuan in 2024, a year-on-year increase of 7.8%, and a net profit of 11 billion yuan, up 16.9% [4][5]. - The company's inverter shipments reached 147 GW, a 13% increase year-on-year, while the energy storage business saw revenue growth exceeding 40% and a shipment volume of 28 GWh, up 167% [5]. Market Position and Challenges - Sungrow Power Supply is recognized as the global leader in energy storage systems, with a gross margin of 36.69%, which is significantly higher than its competitors [5]. - The company faces challenges in the U.S. market due to uncertainties related to tariffs, which could impact its shipment targets for 2025 [6]. - Management anticipates a compound annual growth rate of over 10% for the photovoltaic market from 2024 to 2030, despite short-term pressures due to tariffs and market conditions [6].