Sungrow Power Supply(SZ:300274) Xin Lang Cai Jing·2025-10-16 04:54Core Viewpoint - Sungrow Power Supply Co., Ltd. is a leading global clean energy technology company that has submitted its application for listing on the Hong Kong Stock Exchange, aiming to expand its presence in the clean energy sector, which includes solar, wind, energy storage, electric vehicles, and hydrogen energy [1][2]. Company Overview - Founded in 1997, the company started with photovoltaic inverter business and has since focused on clean electricity, gradually expanding into five key areas: solar, wind, energy storage, electric vehicles and charging, and hydrogen energy [2]. - The company offers a range of products including photovoltaic inverters, energy storage systems, wind power conversion and transmission products, electric vehicle power control systems, and hydrogen equipment, aiming to provide comprehensive lifecycle solutions for clean energy [2]. - According to Frost & Sullivan, the company has maintained a leading position in the global photovoltaic inverter market for ten consecutive years, with a market share of approximately 25.2% based on 2024 shipment volume [2][12]. Financial Performance - For the first half of 2025, the company reported revenues of approximately RMB 43.44 billion, a year-on-year increase of 40.30%, and a net profit of RMB 7.83 billion, up 55.16% year-on-year [1][5]. - The company’s revenue for the years ending December 31 is projected to be approximately RMB 401.09 billion, RMB 721.59 billion, and RMB 777.04 billion for 2022, 2023, and 2024 respectively, with a compound annual growth rate (CAGR) of 39.19% [5]. - Gross profit for the same periods is expected to be around RMB 81.95 billion, RMB 183.69 billion, and RMB 225.01 billion, with a CAGR of 65.70% [5]. Industry Context - The global photovoltaic inverter market is experiencing significant growth, with shipments expected to rise from 177.0 GWac in 2020 to 584.2 GWac in 2024, reflecting a CAGR of 34.8% [9]. - By 2030, global photovoltaic inverter shipments are projected to reach 1,324.8 GWac, driven by new installations and replacement demand, with an estimated replacement demand accounting for about 11% of total shipments [9]. - The market is highly concentrated, with the top five companies holding a combined market share of 63.9% in 2024 [12][13].