Sungrow Power Supply (.SZ)_ 3Q24 Profit Miss for Short-Term Items; Long-Term High Growth Persists
2024-11-03 17:15
A c t i o n | 31 Oct 2024 12:55:52 ET │ 17 pages Sungrow Power Supply (300274.SZ) 3Q24 Profit Miss for Short-Term Items; Long-Term High Growth Persists CITI'S TAKE Sungrow's net profit -8.0% yoy to Rmb2,641m in 3Q24, but we are not very concerned about this earnings miss dragged by such short-term issues as forex loss, more freight costs and geographical sales mix change. It should have high growth in 2025E amid global inverter and energy storage system ('ESS') demand to add 15-20% and 50% yoy, respectively ...