Sungrow Power Supply(300274) 东吴证券·2025-02-26 02:23Investment 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 CNY per share [8] - The performance targets set for the incentive plan are considered low, primarily to motivate core talents, with expected revenue growth of 24% to 85% from 2023 to 2028, and net profit growth of 10% to 40% during the same period [8] - The company is expected to see significant growth in its energy storage business, with projected shipments of 25 GWh in 2024 and 40-50 GWh in 2025, reflecting a year-on-year increase of over 50% [8] - The company’s earnings forecast remains unchanged, with expected net profits of 110 billion CNY, 140 billion CNY, and 169 billion CNY for 2024, 2025, and 2026 respectively, representing growth rates of 16.8%, 27.1%, and 20.5% [8] Financial Summary - Total revenue is projected to grow from 72.25 billion CNY in 2023 to 120.64 billion CNY in 2026, with a compound annual growth rate of approximately 18.53% [1] - The net profit attributable to shareholders is expected to increase from 9.44 billion CNY in 2023 to 16.88 billion CNY in 2026, with a growth rate of 20.45% [1] - The latest diluted EPS is forecasted to rise from 4.55 CNY in 2023 to 8.14 CNY in 2026 [1]