光储巨头阳光电源正式冲刺港股IPO，募资9.87亿港元加速全球布局

Core Viewpoint - Company Sunshine Power has officially submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise approximately HKD 9.87 billion through the issuance of 338 million shares, enhancing its global strategy with a dual-platform layout [1][12]. Group 1: Industry Leadership - Sunshine Power is a leading player in the global clean energy technology sector, having maintained the top position in global photovoltaic inverter shipments for ten consecutive years [2][3]. - The company's global market share for photovoltaic inverters is projected to reach 25.2% in 2024 [4]. - As of June 30, 2025, Sunshine Power's cumulative shipment of energy storage systems is expected to reach 70 GWh, solidifying its leading position in the industry [5]. Group 2: Strong Financial Growth - From 2022 to 2024, Sunshine Power's revenue is expected to grow from CNY 40.11 billion to CNY 77.70 billion, while net profit is projected to increase from CNY 3.70 billion to CNY 11.26 billion, with compound annual growth rates of 39.2% and 74.6% respectively [6]. - In the first half of 2025, the company achieved revenue of CNY 43.44 billion and net profit of CNY 7.83 billion, reflecting a year-on-year growth of 55.97% [7]. - The company's gross margin has improved from 20.4% in 2022 to 32.9% in the first half of 2025 [8]. Group 3: Breakthrough in Energy Storage - The energy storage business has emerged as a significant growth driver for Sunshine Power, with revenue from energy storage systems reaching CNY 17.80 billion in the first half of 2025, a year-on-year increase of 127.78% [10]. - Sunshine Power ranks second in the global battery energy storage system integrators with a market share of 14%, significantly narrowing the gap with the leader, Tesla, which holds 15% [10]. - The company anticipates a total energy storage shipment of approximately 40-50 GWh for the year [12]. Group 4: Strategic Expansion - Sunshine Power's overseas business has become a crucial support for its performance, with overseas revenue reaching CNY 25.4 billion in the first half of 2025, accounting for 58.4% of total revenue [16]. - The company's overseas production capacity for photovoltaic inverters has reached 50 GW, and it has established over 20 branches and more than 60 representative offices globally [17]. - The company's brand value has increased for six consecutive years, reaching CNY 116.14 billion in the 2025 "China's 500 Most Valuable Brands" list [18]. Group 5: Future Prospects - The IPO in Hong Kong is expected to open a new chapter for Sunshine Power, further strengthening its competitiveness in the global clean energy sector [19].