Core Viewpoint - The stock price of Sungrow Power Supply has been under pressure despite strong financial performance and dividend payouts, primarily due to competition from battery cell manufacturers like CATL in the energy storage sector [2][7][10]. Financial Performance - Sungrow Power Supply reported a revenue of 77.857 billion yuan and a net profit of 11.036 billion yuan, maintaining its position as the market leader in the photovoltaic sector [7]. - The company announced a cash dividend plan of 2.211 billion yuan, with a dividend rate of 20.03%, and has consistently paid dividends since its listing in 2011, totaling 4.901 billion yuan [7][8]. Market Competition - The entry of battery cell manufacturers into the system integration market poses a significant threat to Sungrow Power Supply, as these manufacturers have inherent cost advantages [3][12]. - CATL secured a 19GWh energy storage system order in the UAE, marking it as the largest global order, which has intensified competition in the industry [3][10]. Strategic Response - Sungrow Power Supply continues to implement a battery cell neutrality strategy, opting to source battery cells externally rather than producing them in-house [4][12]. - The company aims to achieve a global energy storage shipment target of 40GWh to 50GWh by 2025, with confidence in meeting its annual goals [14][20]. Industry Trends - System integrators are increasingly moving towards "de-CATL" strategies, reducing reliance on a single supplier for battery cells, as seen in the case of Haibo Shichuang [15]. - The competition between system integrators and battery manufacturers is evolving, with both sides vying for control over battery cell specifications and production [17].