On May 15, Sungrow soared. A-share photovoltaic stocks rose by more than 3%, Lvkang Biochemical rose by the straight limit, and King Kong Photovoltaic, Sineng Electric, and Risen Energy rushed up.
On the news side, on Tuesday, Eastern time, most of the photovoltaic concept stocks in the United States rose, SunPower maintained an increase of more than 90%, and Maxeon rose more than 50%.
In 2023, benefiting from the decline in module prices and the outbreak of existing power plant projects, PV demand will grow more than expected.
Sungrow Power Supply Co., Ltd. is a national key high-tech enterprise focusing on the research and development, production, sales and service of renewable energy power products such as solar energy and wind energy.
Introduction and main business of Sungrow
Sungrow is currently the largest photovoltaic inverter manufacturer in China and a leading wind energy converter company in China, with completely independent intellectual property rights. The main products are photovoltaic inverters, wind energy converters, energy storage systems, electric vehicle motor controllers, and are committed to providing world-class photovoltaic power station solutions. The company has undertaken a number of major national science and technology projects, presided over the drafting of a number of national standards, and achieved a number of important achievements and patents. The products have been successfully used in many major photovoltaic and wind power projects such as Shanghai World Expo, Beijing Olympic Bird's Nest, Shanghai Hongqiao Station of Beijing-Shanghai High-speed Railway, National Power Transmission to Township Project, South Xinjiang Railway, Qinghai-Tibet Railway, etc. The company has successively won the honors of "National Key New Product", "Excellent Project Award for Technological Progress" of the National Development and Reform Commission, "Top 30 New Energy Enterprises in China", "China Famous Trademark", "Anhui Famous Trademark", "Top 500 Global New Energy Enterprises", "Contract-abiding and Trustworthy" Enterprise, "Best Employer" in Anhui, etc.
Sungrow stock belongs to the concept
Ning Portfolio, Photovoltaic Equipment, 100 Yuan Stocks, Anhui Plate, HS300_, Fund Heavy Position, Shenzhen Cheng 500, Pre-profit and Pre-increase, Cloud Computing, Solar, Wind Energy, Margin Trading, Entrepreneurial Components, Ali Concept, Charging Piles, 2025 Planning, ChiNext Comprehensive, SZSE 100R, Shenzhen Stock Connect, MSCI China, Hydrogen Energy, FTSE Russell, New Energy Vehicles, Energy Storage, Mao Index.
What is the status of Sungrow in the industry?
In terms of operating income, Sungrow is higher than the industry average and ranks 5th in the industry.
What is the basic situation of Sungrow's stock issuance?
The total share capital of Sungrow is 1.485 billion shares, of which 1.14 billion A shares are outstanding. As of May 15, the total market capitalization was 158.4211 billion yuan, the circulating market value was 121.5966 billion yuan, and the price-earnings ratio was 15.8. The number of shareholders is 109,000. The largest shareholder is Cao Renxian, and the top ten shareholders hold 50.12% of the shares.
What about Sungrow stock financial data?
As of December 31, 2023, by industry, the operating income was 50.556 billion, and the revenue ratio was 69.97%.
Executive Profile:
Cao Renxian: male, Chinese nationality, no right of permanent residence abroad, born in July 1968, master's degree, researcher, currently a deputy to the 14th National People's Congress, chairman of the China Photovoltaic Industry Association. Mr. Cao Renxian taught at Hefei University of Technology from June 1993 to 1998, worked in Sungrow Power Supply Co., Ltd. from July 1998 ~ July 2001, served as executive director and general manager of Sungrow Power Supply Co., Ltd. from July 2001 ~ August 2007, and has been the chairman and president of the company since August 2007.
The photovoltaic storage business accelerated its expansion, and the net profit attributable to the parent company in 2024Q1 increased by 39.05% year-on-year
In 2023, the company will achieve a total operating income of 72.251 billion yuan, a year-on-year increase of 79.47%; net profit attributable to the parent company was 9.440 billion yuan, a year-on-year increase of 162.69%; The net profit after deducting non-attributable to the parent company was 9.216 billion yuan, a year-on-year increase of 172.18%. The gross profit margin was 30.36%, an increase of 5.81 pct year-on-year, and the net profit margin was 13.30%, an increase of 4.12 pct year-on-year. In 2024Q1, the company achieved a total operating income of 12.614 billion yuan, a year-on-year increase of 0.26%; the net profit attributable to the parent company was 2.096 billion yuan, a year-on-year increase of 39.05%; net profit after deducting non-attributable to the parent company was 2.083 billion yuan, a year-on-year increase of 42.84%; The gross profit margin was 36.67%, an increase of 8.67 pct year-on-year, and the net profit margin of sales was 16.71%, an increase of 4.55 pct year-on-year.
Photovoltaic inverter shipments are increasing, and global brands and channels have significant advantages
In 2023, the company's global shipment of photovoltaic inverters will be 130GW; photovoltaic inverters and other power electronic conversion equipment achieved operating income of 27.653 billion yuan, a year-on-year increase of 60.97%; The gross profit margin was 37.93%, an increase of 5.51pct year-on-year. The company's overseas production base in India and Thailand have reached 25GW of production capacity. At present, the company has built more than 20 overseas subsidiaries, six major service areas around the world, 490+ service outlets and hundreds of important channel partners, and its products have been sold to more than 170+ countries and regions around the world. At the end of 2023, the company had 1,423 overseas employees, a year-on-year increase of 58.1%. In 2023, the company's high-power string inverter SG320HX and 1+X modular inverter have been widely and deeply used in various scenarios around the world, among which the cumulative global signing volume of 1+X modular inverter has exceeded 45GW by the end of December 2023. To meet the needs of household storage, the company launched the "1+∞ whole-house green power solution", taking the lead in the industry to realize the full-stack self-developed "optical storage and charging excellent cloud" system-level product portfolio. Signed a 2GW distribution agreement with Menlo in Europe and a 500MW distribution agreement with SOL+Distribuidora in Brazil.
The energy storage business has created the second growth pole, with a two-wheel drive of large storage + household storage
In 2023, the company's energy storage system will ship 10.5GWh globally, ranking first among Chinese enterprises for eight consecutive years. The energy storage system achieved operating income of 17.802 billion yuan, a year-on-year increase of 75.79%; The gross profit margin was 37.47%, an increase of 14.23pct year-on-year. For overseas large-scale ground application scenarios, the company has launched the PowerTitan2.0 liquid-cooled energy storage system of "three-power integration", which uses 314Ah large-capacity battery cells, is equipped with embedded PCS, realizes AC and DC integration, and has a standard 20-foot container capacity of 2.5MW/5MWh; At the same time, it is equipped with stem cell power grid technology to achieve a more efficient, safer and more friendly system. At present, the company's energy storage system is widely used in mature power markets such as the United States, the United Kingdom, and Germany, and continuously strengthens the deep integration of wind, solar, and storage. Facing China's industrial and commercial energy storage market, the company innovatively proposed the PowerStack energy storage system solution of "integration of three electric and electric power and intelligent storage", and helped the sustainable and high-quality development of industrial and commercial energy storage through a "one-stop information resource platform" and a perfect marketing service layout.
Risk Warning
PV installed demand is lower than expected; Shortage of raw materials; Competitive risks intensify.
Source:
Dongxing Securities-Summary of the 23-year annual report and the first quarter report of the 24-year photovoltaic industry: the performance of the price decline is under pressure, and the survival of the fittest in the industry is at the right time-20240513
Zheshang Securities-Sungrow-300274. SZ-Sungrow 2023 Annual Report and 2024 First Quarter Report Review Report: Photovoltaic storage business accelerates volume, and global brands and channels have significant advantages - 20240426
Investment advisory support: Yu Xiaoming's practice certificate number: A0680622030012
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