Sungrow Power Supply(300274) 东吴证券·2025-02-26 01:54Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has released a stock incentive plan, aiming to grant 11.35 million restricted shares, accounting for approximately 0.55% of the total share capital, with a grant price of 35.27 yuan per share [8] - The performance targets set for the incentive plan are considered low, primarily to motivate core talent, with expectations for actual performance to exceed these targets [8] - The company is expected to see significant growth in its energy storage business, with projected shipments reaching 25 GWh in 2024 and 40-50 GWh in 2025, reflecting a year-on-year increase of over 50% [8] - The company’s revenue and net profit forecasts for 2024-2026 are projected to grow by 16.8%, 27.1%, and 20.5% respectively, with corresponding P/E ratios of 13, 10, and 8 [8] Financial Summary - Total revenue is forecasted to grow from 72.25 billion yuan in 2023 to 120.64 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 18.53% [1] - Net profit attributable to shareholders is expected to increase from 9.44 billion yuan in 2023 to 16.88 billion yuan in 2026, reflecting a CAGR of about 20.45% [1] - The latest diluted EPS is projected to rise from 4.55 yuan in 2023 to 8.14 yuan in 2026 [1] - The company’s total assets are anticipated to grow from 118.35 billion yuan in 2024 to 170.45 billion yuan in 2026 [9]