Sungrow Power Supply(300274) 海通证券·2024-05-13 06:32Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The report highlights strong revenue growth driven by the company's inverter, EPC, and energy storage system segments, with a significant increase in net profit [2][3]. - The company has established a strong brand presence and competitive advantages in the inverter market, with a global shipment of 130GW in 2023 [3]. - The energy storage segment is expected to maintain high growth overseas, with a shipment of 10.5GWh in 2023, marking the eighth consecutive year as the leading Chinese enterprise in this field [3]. - The EPC business has shown significant profitability growth, with a focus on hydrogen and wind power projects [3]. - The company is projected to achieve net profits of 10.77 billion and 13.02 billion yuan in 2024 and 2025, respectively, supported by its established brand and market position [3]. Financial Overview - In 2023, the company reported revenue of 72.25 billion yuan, a year-on-year increase of 79.5%, and a net profit of 9.44 billion yuan, up 162.7% [4]. - The revenue breakdown for 2023 includes: - Inverters: 27.65 billion yuan (up 61.0%) - EPC: 24.73 billion yuan (up 113.2%) - Energy storage systems: 17.80 billion yuan (up 75.8%) [4]. - The company’s gross margin for inverters was 37.9%, for EPC was 16.36%, and for energy storage systems was 37.5% [4]. Profitability and Valuation - The report forecasts a PE valuation of 18-19 times for 2024, with a corresponding reasonable value range of 130.5 to 137.75 yuan per share [3]. - The company’s gross margin is expected to be 30.4% in 2023, declining slightly to 29.8% in 2024 and further to 28.6% in 2025 [6]. Market Performance - The company’s stock has shown a relative increase of 15.8% over the past three months compared to the CSI 300 index [2].