Sungrow Power Supply(SZ:300274) Dongxing Securities·2025-04-30 10:23Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company is experiencing continuous growth in inverter and energy storage shipments, with manageable impacts from tariffs [1][3] - In 2024, the company is expected to achieve a revenue of 77.86 billion, a year-on-year increase of 7.76%, and a net profit of 11.04 billion, up 16.92% [5] - The first quarter of 2025 shows significant growth, with revenue reaching 19.04 billion, a 50.92% increase year-on-year, and a net profit of 3.83 billion, up 82.52% [1][5] Financial Performance Summary - In 2024, the company’s revenue is projected to be 77.86 billion, with a growth rate of 7.76% [5] - The net profit for 2024 is expected to be 11.04 billion, reflecting a growth rate of 16.92% [5] - For Q1 2025, the company achieved a revenue of 19.04 billion, marking a 50.92% year-on-year increase, and a net profit of 3.83 billion, which is an 82.52% increase [1][5] Product and Market Development - The company’s growth is driven by increased shipments of photovoltaic inverters and energy storage systems, with inverter shipments reaching 147 GW, a 13% increase, and energy storage shipments at 28 GWh, a 167% increase [2] - The company has launched several new products, including a micro-inverter series and a 10MWh all-liquid cooling energy storage system, enhancing its market position [2][3] Competitive Landscape - The impact of tariffs is considered manageable, as the company's revenue from the U.S. accounts for only 15% of total revenue [3] - The company is enhancing its competitiveness through technological advancements and localizing its supply chain in overseas markets [3] Profit Forecast - The forecast for net profit from 2025 to 2027 is 11.87 billion, 13.59 billion, and 15.54 billion respectively, with corresponding EPS of 5.73, 6.55, and 7.50 [4]