Sungrow Power Supply(300274) 中泰证券·2024-11-17 07:02Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5]. Core Insights - The company reported a revenue of 49.946 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 7.6%. The net profit attributable to the parent company was 7.6 billion yuan, up 5.2% year-on-year, with a gross margin of 31.3%, an increase of 1.9 percentage points year-on-year [3][4]. - In Q3 2024, the company achieved a revenue of 18.926 billion yuan, a year-on-year increase of 6.4% and a quarter-on-quarter increase of 2.8%. The net profit attributable to the parent company was 2.64 billion yuan, down 8.0% year-on-year and 7.8% quarter-on-quarter, with a gross margin of 29.5%, down 1.0 percentage points year-on-year [3][4]. - The company is expected to see significant growth in its energy storage business, which is anticipated to support rapid performance growth. The inverter segment has shown stable growth in shipments, and the energy storage segment has accelerated its shipment pace in Q3, particularly in the Americas, enhancing the company's global competitiveness [4][5]. Financial Projections - The company is projected to achieve net profits of 11.19 billion yuan, 13.47 billion yuan, and 15.62 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 19%, 20%, and 16% [5]. - The current stock price corresponds to a P/E ratio of 16, 13, and 11 for the years 2024, 2025, and 2026, respectively [5]. Business Developments - The company plans to raise funds for building overseas production capacity, with a total investment of 1.93 billion yuan aimed at producing 50 GW of inverter equipment and 15 GWh of energy storage [4]. This initiative is expected to enhance global delivery capabilities and flexibility, thereby increasing global competitiveness and reducing risks associated with overseas trade [4].