Core Viewpoint - The company, Sunshine Power, is experiencing a decline in stock price while planning to expand its global presence through an H-share issuance on the Hong Kong Stock Exchange, aiming to enhance its international brand image and diversify financing channels [1] Financial Performance - For the first half of 2025, the company reported a revenue of 43.533 billion yuan, representing a year-on-year growth of 40.34% [1] - The net profit attributable to shareholders reached 7.735 billion yuan, showing a year-on-year increase of 55.97% [1] - The company plans to distribute a cash dividend of 9.50 yuan for every 10 shares [1] Business Operations - Sunshine Power specializes in the research, production, sales, and service of renewable energy equipment, including solar, wind, energy storage, and electric vehicle systems [1] - The company has established the AIDC division, focusing on overseas markets, leveraging its technological expertise in power supply and electronic power conversion [1] - The company is recognized as a national key high-tech enterprise, with a product range that includes photovoltaic inverters, wind power converters, energy storage systems, and electric vehicle drive systems [1]

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company is experiencing continuous growth in inverter and energy storage shipments, with manageable impacts from tariffs [1][3] - In 2024, the company is expected to achieve a revenue of 77.86 billion, a year-on-year increase of 7.76%, and a net profit of 11.04 billion, up 16.92% [5] - The first quarter of 2025 shows significant growth, with revenue reaching 19.04 billion, a 50.92% increase year-on-year, and a net profit of 3.83 billion, up 82.52% [1][5] Financial Performance Summary - In 2024, the company’s revenue is projected to be 77.86 billion, with a growth rate of 7.76% [5] - The net profit for 2024 is expected to be 11.04 billion, reflecting a growth rate of 16.92% [5] - For Q1 2025, the company achieved a revenue of 19.04 billion, marking a 50.92% year-on-year increase, and a net profit of 3.83 billion, which is an 82.52% increase [1][5] Product and Market Development - The company’s growth is driven by increased shipments of photovoltaic inverters and energy storage systems, with inverter shipments reaching 147 GW, a 13% increase, and energy storage shipments at 28 GWh, a 167% increase [2] - The company has launched several new products, including a micro-inverter series and a 10MWh all-liquid cooling energy storage system, enhancing its market position [2][3] Competitive Landscape - The impact of tariffs is considered manageable, as the company's revenue from the U.S. accounts for only 15% of total revenue [3] - The company is enhancing its competitiveness through technological advancements and localizing its supply chain in overseas markets [3] Profit Forecast - The forecast for net profit from 2025 to 2027 is 11.87 billion, 13.59 billion, and 15.54 billion respectively, with corresponding EPS of 5.73, 6.55, and 7.50 [4]

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company is experiencing continuous growth in inverter and energy storage shipments, with manageable impacts from tariffs [1][3] - The company's revenue for 2024 is projected to be 77.86 billion, a year-on-year increase of 7.76%, and the net profit is expected to reach 11.04 billion, up 16.92% [5] - In Q1 2025, the company achieved revenue of 19.04 billion, reflecting a 50.92% year-on-year growth, and a net profit of 3.83 billion, which is an 82.52% increase [1][2] Financial Performance - The company’s revenue growth is primarily driven by the increase in shipments of photovoltaic inverters and energy storage systems, with inverter shipments reaching 147 GW, a 13% increase year-on-year, and energy storage shipments at 28 GWh, up 167% [2] - The gross profit margin for the year was 29.94%, an increase of 2.76% compared to the previous year [2] - The company is expected to achieve net profits of 11.87 billion, 13.59 billion, and 15.54 billion for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 5.73, 6.55, and 7.50 [4][5] Market Position and Strategy - The company is enhancing its competitiveness by focusing on technological advancements in power electronics and grid support, while also expanding its product offerings in multiple sectors including photovoltaic inverters and energy storage [3] - The company has established overseas factories in Thailand and India to mitigate the impact of trade barriers and enhance local market capabilities [3] - The introduction of new products, including a micro-inverter series and a 10MWh all-liquid cooling energy storage system, has further solidified the company's market position [2]

文 | 中关村储能产业技术联盟 4月25日晚，阳光电源发布2024年年度报告，报告期内，阳光电源实现营收778.6亿元，同比增长7.8%，实现毛利率29.94%，归属 上市公司股东净利润110.4亿元，同比增长16.9%。 2024年， 储能系统全球发货 28GWh，储能系统出货量同比增长166.7%； 储能系统营收 249.6亿元，同比增长40.2%，在主营业务中储能营收增长幅度最大； 储能系统毛利率 36.7% ，同比增长4.1%，在主营业务中储能毛利率最高； 储能系统营收占比 32.1%，储能营收占比同比增长30%； 分地区看，国内营收 415.6亿元，营收同比增长6.9%，营收占比53.4% ， 毛利率20.9% ； 海外营收 362.9亿元， 营收同比增长 8.76%，营收占比46.6% ， 毛利率40.3% 。 | | 营业收入 | 营业成本 | 毛利率 | 营业收入比上 | 营业成本比上 | 毛利率比上年 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 年同期增减 | 年同期增减 | 同期增减 | | 分行业 | | | | | | ...

Core Viewpoint - The company, Sunshine Power, continues to lead in the renewable energy sector, focusing on solar, wind, energy storage, electric vehicles, and hydrogen energy, with significant growth in revenue and profit in the latest reporting period [25][38]. Company Overview - Sunshine Power is a national high-tech enterprise specializing in the research, production, sales, and service of renewable energy equipment, including photovoltaic inverters, wind power converters, energy storage systems, and electric vehicle drive systems [5][6]. Financial Performance - The company achieved a revenue of 77.857 billion yuan, a year-on-year increase of 7.76%, and a net profit of 11.036 billion yuan, up 16.92% from the previous year [25]. - The gross profit margin improved to 29.94%, reflecting brand premium and product innovation [25]. Business Segments Photovoltaic Inverters - Sunshine Power maintained its position as the world's largest supplier of photovoltaic inverters, with a global shipment of 147 GW in the reporting period [8][25]. - The company launched new products, including the SG320HX and modular inverters, which have been widely adopted in various applications [26][27]. Energy Storage Systems - The company introduced the 10MWh "AC/DC integrated" liquid-cooled energy storage system, which has been applied globally [28]. - Sunshine Power's energy storage systems achieved a global shipment of 28 GWh during the reporting period [28]. New Energy Investment and Development - Sunshine New Energy, a subsidiary, has developed over 54 million kilowatts of photovoltaic and wind power stations globally, focusing on technology innovation and market expansion [31][32]. Wind Power Converters - The company shipped over 44 GW of wind power converters, marking a 37.5% year-on-year increase [39]. - Sunshine Power is advancing in high-power wind energy conversion technology, with new products being developed for both onshore and offshore applications [40]. Hydrogen Energy Equipment - Sunshine Hydrogen secured a leading market share in the hydrogen energy sector, signing multiple large-scale green hydrogen projects [41][42]. - The company has developed advanced alkaline electrolysis systems, enhancing production efficiency and quality [42]. Strategic Initiatives - The company emphasizes innovation and digital transformation to enhance customer value and operational efficiency [38]. - Sunshine Power is actively involved in social responsibility initiatives, contributing to rural revitalization and community projects [37].