Sungrow Power Supply(SZ:300274) 光大证券研究·2025-08-28 23:05Core Viewpoint - The company reported significant revenue and profit growth in the first half of 2025, driven by strong performance in its energy storage and photovoltaic inverter businesses [4][5][6]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 43.533 billion yuan, a year-on-year increase of 40.34%, and a net profit attributable to shareholders of 7.735 billion yuan, up 55.97% [4]. - In Q2 2025, the company recorded revenue of 24.497 billion yuan, growing by 33.09%, and a net profit of 3.908 billion yuan, an increase of 36.53% [4]. Group 2: Energy Storage Business - The energy storage segment generated revenue of 17.803 billion yuan in H1 2025, marking a substantial growth of 127.78%, with a gross margin of 39.92%, slightly down by 0.16 percentage points [5]. - The growth in this segment is attributed to the global scale application of energy storage systems, including the PowerTitan2.0 and PowerStack835CS systems, along with accelerated R&D efforts [5]. Group 3: Photovoltaic Inverter Business - The photovoltaic inverter business reported revenue of 15.327 billion yuan in H1 2025, reflecting a year-on-year growth of 17.06%, with a gross margin of 35.74%, down by 1.88 percentage points [6]. - The company launched new products such as the SG465HX and the world's first modular inverter 1+X2.0 to enhance cost efficiency and meet new market demands [6]. Group 4: New Energy Investment and Development - The new energy investment and development segment saw revenue of 8.398 billion yuan in H1 2025, a decline of 6.22%, but with a gross margin of 18.06%, up by 1.18 percentage points [7]. - The revenue decline is primarily due to changes in policies and market conditions, despite the company having over 57 million kilowatts of solar and wind power projects under development [7].