Sungrow Power Supply(300274) 太平洋·2024-11-06 10:27Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 92.70 [1][10]. Core Views - The company continues to experience growth in shipments, with Q4 expected to see accelerated revenue recognition [1][4]. - The company reported a revenue of 49.95 billion for the first three quarters of 2024, representing a year-over-year increase of 7.6%, and a net profit of 7.6 billion, up 5.2% year-over-year [2][3]. - The inverter business is growing steadily, with a slight decline in profitability due to increased sales and R&D expenses [3]. - The company is expanding its overseas market presence and enhancing production efficiency through the acquisition of Taihe Intelligent [4]. Financial Summary - For Q3 2024, the company reported revenue of 18.93 billion, a year-over-year increase of 6.4% and a quarter-over-quarter increase of 2.8% [2][3]. - The gross margin for Q1-3 2024 was 31.3%, with a net margin of 15.5%, showing slight changes compared to the previous year [3]. - The company expects revenues to grow to 87.32 billion, 106.16 billion, and 122.62 billion in 2024, 2025, and 2026 respectively, with corresponding net profits of 10.81 billion, 12.53 billion, and 14.03 billion [5][6].