Sungrow Power Supply(SZ:300274) 21世纪经济报道·2025-09-06 02:22Core Viewpoint - The article highlights the remarkable growth and strategic positioning of Sungrow Power Supply Co., Ltd. in the renewable energy sector, particularly in energy storage, which has significantly contributed to its market valuation nearing 300 billion yuan [1][3]. Group 1: Company Growth and Market Performance - Sungrow's stock price surged by 35.52% in the past week and over 100% since July, with a dynamic P/E ratio increasing from below 10 to 18 [3]. - As of September 5, the stock price reached 135.34 yuan per share, with a market capitalization of 280.6 billion yuan, marking a historical high [1]. Group 2: Strategic Shifts and Innovations - The company has strategically shifted its focus towards energy storage, with a significant increase in revenue from this segment, which grew by 127.78% year-on-year, making it the largest revenue source [6]. - The gross margin for the energy storage business stands at 39.92%, significantly higher than competitors like Haibos and CATL [6]. Group 3: International Expansion and Market Share - Sungrow's overseas revenue reached 25.379 billion yuan, a year-on-year increase of 88.32%, with the overseas revenue share rising from 35% to 58.3% between 2023 and 2025 [7]. - The company aims to surpass Tesla in the European energy storage market, increasing its market share from 10% in 2023 to an expected 35% by 2025 [7]. Group 4: Future Prospects and New Ventures - Sungrow has established an AIDC division to integrate power supply technology with data center energy needs, anticipating a significant market for energy storage in data centers [8]. - The company plans to issue H-shares on the Hong Kong Stock Exchange to enhance its global influence and address cross-border capital management challenges [10]. Group 5: Capital Operations and Financial Strategy - Sungrow has successfully raised funds in previous years for R&D and global marketing, with plans for further capital operations to support its growth trajectory [10]. - The company is also pursuing GDR issuance in Frankfurt to fund expansion projects, including a 20GWh energy storage project in Hefei [11].