Sungrow Power Supply(SZ:300274) Great Wall Securities·2024-04-25 09:01Investment Rating - The report maintains a rating of "Accumulate" for the company [3][7]. Core Views - The company has shown impressive performance in Q1 2024, with a focus on overseas energy storage growth [1]. - The company achieved a revenue of 72.25 billion yuan in 2023, a year-on-year increase of 79.5%, and a net profit of 9.44 billion yuan, up 162.7% year-on-year [1]. - The report highlights the company's leading position in the global photovoltaic inverter market and its strong profitability due to overseas expansion [2]. Financial Performance Summary - Revenue Growth: - 2022A: 40.26 billion yuan - 2023A: 72.25 billion yuan (79.5% YoY) - 2024E: 87.11 billion yuan (20.6% YoY) [1][8] - Net Profit: - 2022A: 3.59 billion yuan - 2023A: 9.44 billion yuan (162.7% YoY) - 2024E: 10.42 billion yuan (10.3% YoY) [1][8] - Key Ratios: - ROE: 2023A: 32.6%, 2024E: 27.9% [1][8] - EPS: 2023A: 6.36 yuan, 2024E: 7.01 yuan [1][8] - P/E: 2023A: 14.8, 2024E: 13.4 [1][8] Business Segment Performance - Photovoltaic Inverter: - Global shipment reached 130GW in 2023, a growth of over 69%, with revenue of 27.65 billion yuan, up 60.97% [2]. - The company has a significant market presence in Europe, America, and Australia, contributing to its profitability [2]. - Energy Storage: - The company shipped 10.5GWh of energy storage systems in 2023, maintaining the top position among Chinese companies, with revenue of 17.80 billion yuan, a 75.79% increase [2]. - Notable contracts signed in regions like Australia, the UK, and Southeast Asia, indicating strong international demand [2]. Outlook - The report expresses optimism for 2024, anticipating recovery in large-scale power station projects in the U.S. and continued growth in the European market [2]. - The company is well-positioned to capitalize on high-end market opportunities in large-scale photovoltaic and energy storage systems [2].