Sungrow Power Supply(300274) 华龙证券·2024-08-28 10:02Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company is a leading global supplier of photovoltaic inverters and energy storage systems, expected to benefit from product advantages and growing domestic and international demand [4][5]. - The company's revenue for the first half of 2024 showed rapid growth, with significant contributions from various business segments, including photovoltaic inverters, energy storage systems, and new energy investment development [2][3]. Financial Performance Summary - In H1 2024, the company achieved a revenue of 130.9 billion yuan from photovoltaic inverters, 89.5 billion yuan from energy storage systems, and 78.2 billion yuan from new energy investment, with year-on-year growth rates of +12.63%, -8.30%, and +18.45% respectively [2]. - The gross margin for the company reached 32.42% in H1 2024, an increase of 5.42 percentage points year-on-year, attributed to brand premium, product innovation, scale effects, and improved project management capabilities [2]. - The gross margin for photovoltaic inverters was 37.62%, up by 1.70 percentage points year-on-year, while the gross margin for energy storage systems was 40.08%, an increase of 12.61 percentage points year-on-year [2]. Earnings Forecast - The forecasted net profits for the company from 2024 to 2026 are 119.8 billion yuan, 132.4 billion yuan, and 157.5 billion yuan respectively [4]. - The projected PE ratios for 2024, 2025, and 2026 are 12.3, 11.2, and 9.4 times respectively [5]. Market Data - As of August 27, 2024, the company's stock price is 71.17 yuan, with a market capitalization of approximately 147.55 billion yuan [2]. - The stock has a 52-week price range of 56.38 to 112.77 yuan [2]. Product and Order Highlights - The company has signed significant contracts, including a 3.5GW supply agreement with GulfEnergy in Thailand and a landmark off-grid project in Saudi Arabia [2]. - The company continues to innovate, launching new products such as high-power string inverters and micro-inverter series for balcony photovoltaic scenarios in Europe [2].