Sungrow Power Supply(SZ:300274) Huajin Securities·2024-04-24 12:30Investment Rating - The investment rating for the company is maintained at Buy-A [1] Core Views - The company has solidified its leading position in the solar storage industry and continues to expand its product services globally [1] - In 2023, the company achieved a revenue of 72.25 billion yuan, representing a year-on-year growth of 79.47%, and a net profit attributable to shareholders of 9.44 billion yuan, up 162.69% year-on-year [1] - The company has made significant advancements in both photovoltaic inverters and energy storage systems, with global shipments of photovoltaic inverters reaching 130GW, a 69% increase year-on-year, and energy storage systems shipments totaling 10.5GWh, maintaining the top position among Chinese enterprises for eight consecutive years [1][2] Financial Performance - The company invested 2.447 billion yuan in R&D in 2023, a 45% increase year-on-year, with a total of 5,372 R&D personnel, of which 65 hold doctoral degrees [2] - The company has been involved in over 20 national major science and technology projects and has accumulated 4,123 patents, a 43.3% increase [2] - The projected net profits for 2024, 2025, and 2026 are 10.27 billion yuan, 12.09 billion yuan, and 14.87 billion yuan, respectively, with corresponding EPS of 6.91 yuan, 8.14 yuan, and 10.02 yuan [2][4] Market Position and Strategy - The company has expanded its market presence in Europe, America, Australia, and China, with over 490 service points globally [1] - The company has launched innovative products such as the 10MWh all-liquid cooling energy storage system and the PowerTitan 2.0 liquid cooling energy storage system, enhancing its competitive edge [1][2] - The company is recognized for its strong brand, R&D capabilities, and leading shipment volumes in the industry [2]