Sungrow Power Supply(300274) 民生证券·2025-04-27 11:03Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [6][4]. Core Insights - The company reported a revenue of 77.857 billion yuan for 2024, a year-on-year increase of 7.76%, and a net profit attributable to shareholders of 11.036 billion yuan, up 16.92% year-on-year [1]. - The first quarter of 2025 saw the company achieve a revenue of 19.036 billion yuan, representing a 50.92% increase year-on-year, and a net profit of 3.826 billion yuan, up 82.52% year-on-year, exceeding expectations [1]. - The company's photovoltaic inverter business showed stable growth, with a shipment volume of 147 GW in 2024, a 13.08% increase year-on-year, and revenue of 29.127 billion yuan, up 5.33% year-on-year [2]. - The energy storage battery business experienced rapid growth, with a shipment volume of 28 GWh in 2024, a 167% increase year-on-year, and revenue of 24.959 billion yuan, up 40.21% year-on-year [3]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 77.857 billion yuan and a net profit of 11.036 billion yuan, with projected revenues for 2025, 2026, and 2027 expected to be 93.842 billion yuan, 107.557 billion yuan, and 123.598 billion yuan respectively, reflecting growth rates of 20.5%, 14.6%, and 14.9% [5][4]. - The net profit for the same years is projected to be 13.239 billion yuan, 14.947 billion yuan, and 16.798 billion yuan, with growth rates of 20.0%, 12.9%, and 12.4% respectively [5][4]. Business Segments - The photovoltaic inverter segment is expanding globally, with a focus on markets in Europe, the Americas, Asia-Pacific, and the Middle East, and a total of over 520 service outlets worldwide by the end of 2024 [2]. - The energy storage segment is highlighted by the launch of innovative products such as the 10MWh "integrated AC/DC" liquid-cooled energy storage system, which has seen widespread application [3]. - The company is also making strides in the renewable energy investment and hydrogen equipment sectors, with significant growth in wind power converter shipments and a leading market share in hydrogen energy projects [3].