Sungrow Power Supply(300274) 华创证券·2024-11-05 11:37Investment Rating - Strong Buy (Maintained) [1] Core Views - The company's shipments continued to grow in Q3 2024, with inverter shipments reaching 108GW in the first three quarters, a 29% YoY increase, and energy storage shipments reaching 17GWh, a 140% YoY increase [2] - The company plans to issue GDR to raise up to 4.88 billion yuan for domestic and overseas capacity expansion, aiming to add 35GWh of energy storage products and 50GW of inverter equipment capacity [2] - The company's revenue for Q1-3 2024 reached 49.946 billion yuan, a 7.61% YoY increase, with a net profit of 7.6 billion yuan, a 5.21% YoY increase [1] - The company's gross margin for Q3 2024 was 29.52%, a 4.86 percentage point YoY decrease, mainly due to changes in the shipment market structure [2] Financial Performance - Q3 2024 revenue was 18.926 billion yuan, a 6.37% YoY increase, with a net profit of 2.64 billion yuan, a 7.96% YoY decrease [1] - The company's operating cash flow for Q3 2024 was 3.408 billion yuan, a significant improvement from the previous quarter [2] - The company's operating expenses for Q3 2024 were 2.31 billion yuan, a 460 million yuan increase from the previous quarter, mainly due to higher sales expenses [2] Future Projections - The company's net profit for 2024-2026 is projected to be 10.85 billion yuan, 12.105 billion yuan, and 13.274 billion yuan, respectively, with a PE ratio of 17x, 15x, and 14x [2] - The target price for the company is set at 117 yuan, based on a 20x PE ratio for 2025 [2] Market Performance - The company's stock price as of November 4, 2024, was 89.15 yuan, with a 12-month high/low of 119.19 yuan and 57.57 yuan, respectively [4] - The company's total market capitalization is 184.827 billion yuan, with a circulating market capitalization of 141.749 billion yuan [4]