Sungrow Power Supply(SZ:300274) Hua Xia Shi Bao·2025-05-01 23:47Core Viewpoint - Sunshine Power's financial performance shows growth in revenue and net profit for 2024, but faces challenges with high inventory and accounts receivable, raising concerns about liquidity and operational sustainability [1][2][6]. Financial Performance - In 2024, Sunshine Power reported revenue of 77.857 billion yuan, a year-on-year increase of 7.76%, and a net profit of 11.036 billion yuan, up 16.92% [1]. - For Q1 2025, the company achieved revenue of 19.036 billion yuan, reflecting a significant year-on-year growth of 50.92%, with net profit reaching 3.826 billion yuan, an increase of 82.52% [1]. Asset Management - By the end of 2024, current assets reached 95.149 billion yuan, accounting for nearly 83% of total assets, with inventory and accounts receivable at 29.028 billion yuan and 27.64 billion yuan, respectively [2][6]. - The high proportion of current assets raises concerns about liquidity, especially in the context of potential industry fluctuations and tightening financing conditions [2][6]. Business Segments - Sunshine Power's revenue from photovoltaic inverters was the highest at 29.127 billion yuan, followed by energy storage systems at 24.959 billion yuan, and new energy investment development at 21.003 billion yuan [3]. - However, the new energy investment development segment saw a revenue decline of 15.08% in 2024 compared to 2023, indicating potential market challenges [3][4]. Challenges in Subsidiary Operations - The subsidiary Sunshine New Energy's revenue dropped significantly to 23.318 billion yuan in 2024, down from previous years, raising questions about market demand and operational hurdles [4]. - The decline in revenue from Sunshine New Energy, which had been a key growth driver, suggests potential issues in project execution and competitive pressures [4]. International Trade Risks - Sunshine Power's overseas revenue reached 36.294 billion yuan in 2024, accounting for 40.29% of total revenue, but faces risks from international trade tensions and tariffs, particularly from the U.S. [8]. - The company may encounter challenges in exporting products due to increased tariffs and trade barriers imposed by various countries [8]. Research and Development - The company has significantly increased its R&D workforce to 6,989, a 30.1% increase year-on-year, with R&D investment rising to 3.164 billion yuan, up 29.26% [10]. - Despite the large R&D team, concerns arise regarding the limited number of major R&D projects, suggesting potential inefficiencies in resource allocation [10][11].