Sungrow Power Supply(300274) 长城证券·2024-11-05 05:42Investment Rating - The report maintains a rating of "Accumulate" for the company [1][6]. Core Views - The company has demonstrated strong growth in revenue and profit, with a projected revenue increase from 72.25 billion in 2023 to 87.11 billion in 2024, representing a year-on-year growth rate of 20.6% [1][6]. - The inverter segment is expected to see a shipment of 108GW in the first three quarters of 2024, a year-on-year increase of approximately 29% [2]. - The global energy storage market is expanding rapidly, with a projected shipment of 17GWh in the first three quarters of 2024, reflecting a year-on-year growth of 57% [3]. - The company is focusing on enhancing its competitive edge through continuous investment in sales and R&D, with sales expenses and R&D expenses increasing by 8 million and 6.3 million respectively in the first three quarters of 2024 [4]. Financial Summary - The company achieved a revenue of 49.946 billion in the first three quarters of 2024, a year-on-year increase of 7.61%, and a net profit attributable to the parent company of 7.6 billion, up 5.21% year-on-year [1][4]. - The gross margin for Q3 2024 is reported at 29.52%, with a net margin of 14.16% [1]. - The company's inventory as of Q3 2024 stands at 32.151 billion, indicating a significant increase in project reserves [4]. - The projected earnings per share (EPS) for 2024 is 5.02, with corresponding P/E ratios of 18.0X, 15.3X, and 13.6X for the years 2024, 2025, and 2026 respectively [6][9].