Sungrow Power Supply(300274) 国海证券·2024-11-07 14:08Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown resilience in the energy storage sector, with significant growth in shipments and revenue expected in the coming years [3][4] - The company plans to issue GDRs to enhance its global presence and capitalize on the growing energy storage market [5][6] - The company is projected to achieve steady revenue and profit growth from 2024 to 2026, with a strong market position in both domestic and international markets [6][7] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 49.9 billion yuan, a year-on-year increase of 8%, and a net profit of 7.6 billion yuan, up 5% [4] - In Q3 2024, the company achieved revenue of 18.93 billion yuan, a 6% increase year-on-year, but net profit decreased by 8% [4][5] - The gross profit margin for Q3 2024 was 29.5%, down 4.9 percentage points year-on-year, while the net profit margin was 14.2%, down 2.3 percentage points [4][5] Shipment and Market Position - The company’s energy storage shipments reached 17 GWh in the first three quarters of 2024, a 144% increase year-on-year [3] - Domestic shipments accounted for approximately 40% of total shipments, with significant growth expected in overseas markets starting from Q3 2024 [3][5] - The company’s overseas sales accounted for 43.44% of total revenue in H1 2024, indicating a strong international market presence [6] Future Projections - Revenue projections for 2024, 2025, and 2026 are 83.29 billion yuan, 101.40 billion yuan, and 119.97 billion yuan, respectively, with year-on-year growth rates of 15%, 22%, and 18% [7] - Net profit forecasts for the same period are 11.17 billion yuan, 13.75 billion yuan, and 16.17 billion yuan, with growth rates of 18%, 23%, and 18% [7] - The company’s earnings per share (EPS) are expected to be 5.39 yuan, 6.63 yuan, and 7.80 yuan for 2024, 2025, and 2026, respectively [7]