Sungrow Power Supply(SZ:300274) SINOLINK SECURITIES·2025-10-28 15:19Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Insights - The company achieved a revenue of 66.402 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 32.95%, with a net profit of 11.881 billion yuan, up 56.34% year-on-year [2] - In Q3 alone, the company reported a revenue of 22.869 billion yuan, a year-on-year increase of 20.83%, and a net profit of 4.147 billion yuan, which is a 57.04% increase year-on-year [2] - The gross margin for Q3 was 35.87%, an increase of 2.12 percentage points quarter-on-quarter, while the net profit margin was 18.03%, up 1.55 percentage points quarter-on-quarter [2] - R&D investment increased by 32% year-on-year, totaling 3.14 billion yuan in the first three quarters, as the company continues to enhance its technological innovation and has established an AIDC division to support long-term growth [2] - Operating cash flow saw a significant increase, with a net cash flow from operating activities reaching 9.914 billion yuan, a staggering increase of 1133.14% year-on-year [2] Summary by Sections Financial Performance - The company forecasts net profits of 14.9 billion, 18.1 billion, and 21.6 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 23, 19, and 16 [3] - Revenue projections for 2025 are set at 111.253 billion yuan, with a growth rate of 42.89% [7] - The net profit for 2025 is expected to be 14.876 billion yuan, reflecting a growth rate of 34.79% [7] Cash Flow and Efficiency - The report highlights a substantial improvement in operational efficiency, with a significant increase in cash flow from operations, indicating better sales collection and business structure [2] - The cash flow per share is projected to be 3.07 yuan in 2025, with a gradual increase in subsequent years [7] Market Position and Recommendations - The company is positioned favorably in the market, with a strong recommendation for investment based on its growth trajectory and financial health [3][9]