A：Company Basic Information
Company Full Name:Sungrow Power Supply Co., Ltd
Stock Code: 300274.SZ
Stock Abbreviation: Sungrow
Region: Hefei City, Anhui Province
Industry: Electrical Machinery and Equipment Manufacturing
Establishment Date: November 28, 1997
Issue Price: 30.50 yuan per share
Founder: Cao Renxian
Company Website: https://cn.sungrowpower.com
Registered Address: No. 1699, Xi You Road, High-Tech Zone, Hefei City
Total Shares: As of June 30, 2024, the total number of shares is 2,073,211,424
Market Capitalization: As of October 24, 2024, the market capitalization is 176.135 billion yuan
Business Scope: Focus on the research and development, production, sales, and service of new energy power equipment such as solar energy, wind energy, energy storage, hydrogen energy, and electric vehicles.
Company Profile: Sungrow Power Supply Co., Ltd. (Stock Code: 300274) is a national high-tech enterprise dedicated to the research and development, production, sales, and service of new energy power equipment such as solar, wind, energy storage, hydrogen, and electric vehicles. The main products include photovoltaic inverters, wind power converters, energy storage systems, floating photovoltaic systems, new energy vehicle drive systems, charging equipment, renewable energy hydrogen production systems, smart energy operation and maintenance services, etc., and is committed to providing world-class clean energy full life cycle solutions.
B：Value Investment Analysis
Key Financial Indicators:
Revenue in 2023: Approximately 10.718 billion yuan, a year-on-year increase of 11.16%.
Net profit in 2023: Approximately 2.174 billion yuan, a year-on-year increase of 77.58%.
Total assets: Approximately 20.007 billion yuan, a year-on-year increase of 20.84%.
Net assets: Approximately 14.261 billion yuan, a year-on-year increase of 19.39%.
Revenue for the first three quarters of 2024: 17.313 billion yuan, a year-on-year increase of 146.26%.
Net profit attributable to the parent company for the first three quarters of 2024: 3.753 billion yuan, a year-on-year increase of 189.59%.
Company Investment Value:
Sungrow has a deep technological accumulation in the field of photovoltaic storage and continuously promotes the development of products towards high speed, miniaturization, low power consumption, and low cost.
The company provides high-speed optical modules of 100G, 200G, 400G, and 800G for cloud data centers, and maintains a leading position in the field of 5G fronthaul, midhaul, and backhaul optical modules.
According to the forecast by Lightcounting, the global market size of optical modules will grow at a CAGR of 11% from 2022 to 2027, and it is expected to exceed 20 billion US dollars in 2027.
Company Growth Potential:
With the increasing global demand for clean energy and energy storage solutions, Sungrow is expected to achieve broader market space and business growth.
The company's performance in technological innovation and market expansion is gratifying, and the industry generally expects good growth potential for its future.
Industry Support Policies:
The state has provided policy support for high-end equipment manufacturing, new energy vehicles, intelligent manufacturing, and other fields, providing a good external environment for the company's development.
International Policy Risks:
International trade friction may have a certain impact on the company's export business, but the company has effectively diversified international policy risks through global layout and localization strategy.
A.Top's Investment Review:
As a leading enterprise in the field of photovoltaic storage, Sungrow has shown good investment value and growth potential with its technological innovation and market development capabilities. With the continuous development of the photovoltaic industry, the company is expected to achieve broader market space and business growth in the future.