Sungrow Power Supply(SZ:300274) Soochow Securities·2024-03-02 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company focuses on new energy and is expanding into five major sectors including wind, solar, hydrogen storage, and electric vehicles, aligning with the development direction of new productive forces [2][3] - The company is a leader in the photovoltaic inverter sector, with significant R&D investments and technological advancements, including a projected global shipment of 120-130GW in inverters and over 10GWh in energy storage systems for 2023 [3] - The company is expected to maintain rapid growth due to the increasing economic viability and reliability of renewable energy, with a forecasted net profit of 9.824 billion yuan in 2023, representing a 173% year-on-year increase [3] Financial Forecasts and Valuation - Total revenue is projected to grow from 40.257 billion yuan in 2022 to 88.308 billion yuan in 2024, with a year-on-year growth rate of 66.79% in 2022 and 20.15% in 2024 [2] - The net profit attributable to shareholders is expected to increase from 3.593 billion yuan in 2022 to 10.486 billion yuan in 2024, with a significant growth of 173.40% in 2023 [2] - The company is assigned a target price of 141 yuan based on a 20x PE ratio for 2024, reflecting its strong market position in the solar and storage sectors [3]