Sungrow Power Supply(300274) 德邦证券·2024-05-28 09:00Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][75]. Core Insights - The company, Sungrow Power Supply Co., Ltd., is a leading global inverter manufacturer focused on renewable energy solutions, including solar, wind, energy storage, hydrogen energy, and electric vehicles [3][11]. - The company has shown significant growth in revenue and net profit over the years, with a projected revenue increase from 722.51 billion yuan in 2023 to 1,300.21 billion yuan by 2026 [27][75]. - The report highlights the company's strong market position in the inverter sector, with a global shipment of 130GW in 2023, leading the market [3][56]. Summary by Sections 1. Focus on Renewable Energy Equipment - Sungrow Power Supply Co., Ltd. specializes in the research, production, and sales of renewable energy power equipment, with a commitment to providing high-quality solar system solutions since its establishment in 1997 [3][11]. - The company has diversified into key components for electric vehicles, microgrid storage, smart energy, and hydrogen production, achieving substantial growth in these areas [3][11]. 2. Inverters: A Core Component of Solar Power Systems - Inverters are critical for converting direct current from solar panels into alternating current for grid use, directly impacting the efficiency and reliability of solar power systems [34][47]. - The global inverter market is expected to grow significantly, driven by increasing solar installations and replacement demand [42][44]. 3. Energy Storage: Integration and Global Expansion - The company has established itself as a leader in the energy storage market, with a global shipment of 10.5GWh in 2023, marking its eighth consecutive year as the top Chinese enterprise in this sector [4][56]. - The energy storage solutions are widely applied in mature electricity markets such as the US, UK, and Germany, enhancing the integration of wind and solar energy [4][56]. 4. New Energy Investment Development - The company is actively involved in developing renewable energy projects, with a focus on solar and wind power, and has constructed over 40 million kilowatts of power generation capacity globally [58][59]. 5. Other Businesses: Diverse Renewable Energy Layout - The company has expanded into various sectors, including wind power converters, smart energy operation and maintenance services, electric vehicle drive systems, floating solar systems, charging equipment, and hydrogen energy solutions [5][63][66]. - The wind power converter segment achieved a global shipment of 32GW in 2023, maintaining the top market share [63]. 6. Profit Forecast and Investment Recommendations - The report forecasts revenues of 902.92 billion yuan in 2024, 1,100.06 billion yuan in 2025, and 1,300.21 billion yuan in 2026, with corresponding price-to-earnings ratios indicating strong growth potential [75][78]. - The company is positioned favorably against comparable firms, with a clear advantage in scale and channel, justifying the "Buy" rating [75].