Sungrow Power Supply(SZ:300274) Xin Lang Cai Jing·2025-10-30 00:37Core Insights - The company reported a revenue of 66.4 billion yuan for Q1-Q3 2025, representing a year-on-year increase of 32.9%, with a net profit attributable to shareholders of 11.88 billion yuan, up 56.3% year-on-year [1] - In Q3 2025, the company achieved a revenue of 22.87 billion yuan, with a year-on-year growth of 20.8% and a quarter-on-quarter decline of 6.6% [1] - The company is focusing on the AIDC sector, leveraging its power electronics technology to establish a new business unit, aiming to launch products next year, which could create a third growth curve [2] Financial Performance - For Q1-Q3 2025, the company's gross profit margin was 34.9%, an increase of 3.6 percentage points year-on-year, and the net profit margin was 17.9%, up 2.7 percentage points year-on-year [1] - Operating expenses for Q1-Q3 2025 totaled 7.83 billion yuan, a year-on-year increase of 24.5%, with an expense ratio of 11.8%, down 0.8 percentage points year-on-year [1] - The operating cash flow for Q1-Q3 2025 was 9.91 billion yuan, a significant increase of 1133.1% year-on-year, with Q3 cash flow reaching 6.48 billion yuan, up 90.1% quarter-on-quarter [1] Profit Forecast and Investment Rating - The company has adjusted its profit forecasts for 2025-2027, expecting net profits attributable to shareholders to be 14.3 billion, 17.2 billion, and 19.3 billion yuan respectively, reflecting year-on-year growth rates of 29.9%, 20.1%, and 12.1% [2] - The company maintains a "buy" rating, supported by strong gross margins in its inverter and energy storage businesses, as well as continued high growth in global energy storage shipments [2]