Sungrow Power Supply(SZ:300274) 市值风云·2025-09-05 10:11Core Viewpoint - The article highlights the impressive performance of Sungrow Power Supply Co., Ltd. (300274.SZ) in the photovoltaic industry, showcasing its significant revenue and profit growth despite industry challenges, and notes the importance of monitoring insider selling signals as the stock reaches historical highs [4][5][34]. Financial Performance - In the first half of 2025, Sungrow achieved a revenue of 43.53 billion yuan, a substantial increase of 40.3% year-on-year, effectively doubling its revenue compared to the entire year of 2022 [7]. - The net profit attributable to shareholders reached 7.73 billion yuan, marking a year-on-year increase of 56.0%, significantly higher than the profit levels during the same period in 2022 [9]. - The gross margin improved to 34.4%, up by 1.9 percentage points from the previous year, reflecting a nearly ten percentage point increase since 2022 [12]. Business Structure Changes - The energy storage system has become the largest revenue source for Sungrow, generating 17.80 billion yuan in the first half of 2025, a remarkable growth of 127.78% year-on-year, accounting for 40.89% of total revenue [16][18]. - Revenue from photovoltaic inverters was 15.33 billion yuan, with a year-on-year growth of 17.06%, while revenue from power station investment and development decreased by 6.22% to 8.40 billion yuan due to policy impacts [18]. - Overseas revenue accounted for 58.30% of total revenue, reaching 25.38 billion yuan, a significant increase of 88.32% year-on-year, while domestic revenue grew only 3.48% [20]. Research and Development - Sungrow invested 2.04 billion yuan in R&D in the first half of 2025, a 37.08% increase year-on-year, with a total of 7,120 R&D personnel, indicating a strong commitment to innovation [21]. - The company has launched several new products, including the world's first 400kW+ string inverter, further solidifying its position in the market [26]. Dividend and Insider Selling - Sungrow plans to implement a mid-term dividend of 1.95 billion yuan and a share buyback of 300 million yuan, marking its first mid-term dividend in ten years [32]. - Recent insider selling plans have been disclosed by several executives, including the company secretary and financial director, which may signal caution as the stock price reaches new highs [33][34].