Sungrow Power Supply(300274) 东吴证券·2024-08-26 12:38Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's H1 2024 revenue reached 31.02 billion yuan, up 8.4% year-on-year, with a net profit attributable to shareholders of 4.96 billion yuan, an increase of 13.9% year-on-year. The gross margin was 32.4%, up 3 percentage points, and the net profit margin was 16%, up 0.8 percentage points [2] - The energy storage gross margin reached a record high of 40.1%, benefiting from lower cell costs and product iterations, despite a revenue decline of 8.3% year-on-year in H1 2024 [2] - The inverter gross margin improved year-on-year, with revenue from photovoltaic inverters in H1 2024 at 13.1 billion yuan, up 12.6% year-on-year, and a gross margin of 37.6%, up 1.7 percentage points [2] - The company adjusted its profit forecast upwards, expecting net profits of 11 billion yuan, 14 billion yuan, and 16.9 billion yuan for 2024, 2025, and 2026 respectively, reflecting a year-on-year growth of 16.8%, 27.1%, and 20.5% [2] Financial Summary - Total revenue for 2022 was 40.257 billion yuan, with a projected increase to 83.825 billion yuan in 2024, representing a year-on-year growth of 16.02% [2] - The net profit attributable to shareholders for 2022 was 3.593 billion yuan, expected to rise to 11.021 billion yuan in 2024, marking a year-on-year increase of 16.75% [2] - The latest diluted EPS is projected to be 5.32 yuan per share in 2024, with a P/E ratio of 12.81 based on the current price [2] Market Data - The closing price of the stock is 68.12 yuan, with a market capitalization of approximately 141.23 billion yuan [4] - The stock has a price-to-book ratio of 4.50 and a circulating A-share market value of approximately 108.31 billion yuan [4] Basic Data - The company has a total share capital of 2,073.21 million shares, with a net asset value per share of 15.15 yuan [5] - The debt-to-asset ratio stands at 64.67% [5]