Sungrow Power Supply(SZ:300274) 起点锂电·2025-10-30 10:47Core Viewpoint - The article highlights the positive performance and growth prospects of Sunshine Power, particularly in the energy storage sector, while also discussing its strategic moves in the market, including plans for an IPO in Hong Kong and recent international projects [5][8][10]. Group 1: Company Performance - Sunshine Power reported a revenue of approximately 66.4 billion yuan for the first three quarters of 2025, representing a year-on-year growth of about 33% [5] - The net profit for the same period was around 11.88 billion yuan, showing a year-on-year increase of approximately 56.3% [5] - In Q3 alone, the revenue was about 22.87 billion yuan, with a year-on-year growth of approximately 20.8%, and a net profit of around 4.17 billion yuan, up by about 57% [5] Group 2: Market Outlook - Sunshine Power anticipates a global energy storage market growth of about 40% to 50% next year, driven by increasing demand for energy storage and policy support in user-side markets [5][6] - The company predicts that domestic energy storage may add approximately 130 GWh this year and could reach 150 GWh to 200 GWh next year, while Europe is expected to see a 50% increase in energy storage over the next three years [6] Group 3: Strategic Moves - Sunshine Power has submitted its listing application to the Hong Kong Stock Exchange, strategically timing this move to coincide with a recovery in the industry and strong performance [8] - The company is shifting its business focus, with energy storage revenue surpassing that of photovoltaic inverters for the first time in the first half of the year [8] - Sunshine Power is also exploring two main directions for future growth: accelerating international expansion and advancing towards digitalization through AI, big data, and IoT [9] Group 4: International Projects - Recently, Sunshine Power signed an agreement with EP Produzione to supply a 100 MW/220 MWh energy storage project in Sicily, Italy [10] - The company successfully connected the first phase of a 200 MW/800 MWh battery storage project in Belgium to the grid, which is the largest of its kind in Europe [10] - Sunshine Power is also expanding its presence in Japan, signing a cooperation agreement with Hexa Energy to provide equipment for four energy storage projects totaling approximately 600 MWh [10]