Sungrow Power Supply(SZ:300274) Huafu Securities·2025-08-10 15:25Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [5][19]. Core Insights - The company is experiencing a continuous influx of overseas energy storage orders, showcasing its strong competitive position in the global energy storage market [2]. - The recent U.S. Inflation Reduction Act provides extended policy support for the energy storage sector, which the company is well-positioned to leverage [3]. - The company is actively pursuing opportunities in the Artificial Intelligence Data Center (AIDC) sector, which is anticipated to become a second growth curve for the business [4]. Summary by Sections Overseas Orders and Market Position - The company has secured significant overseas energy storage orders, including a recent agreement to deploy a 1GWh battery storage system in Bulgaria and a 2.4GWh order in Europe [2]. - The company has consistently won overseas storage contracts since 2025, including a 500MWh order in Japan and a 50MW/100MWh project in Finland [2]. U.S. Policy and Market Dynamics - The U.S. Inflation Reduction Act extends the Investment Tax Credit (ITC) for energy storage until 2036, providing a longer support window for the industry [3]. - Current tariffs on Chinese products are set at 10%, with potential adjustments expected, which may impact the company's operations in the U.S. market [3][4]. Financial Projections - The company is projected to achieve net profits of 14.1 billion, 14.7 billion, and 15.8 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 12.0, 11.5, and 10.7 [5][7]. - Revenue is expected to grow from 89.6 billion yuan in 2025 to 109.8 billion yuan in 2027, reflecting a robust growth trajectory [7]. AIDC Business Development - The company is establishing a subsidiary to focus on AIDC power supply business, leveraging its expertise in power electronics to tap into this emerging market [4].