Gelonghui, April 23 | CICC's research report indicates that the 2023 results of Sunshine Power (300274.SZ) are in line with forecasts and market expectations, and the 1Q24 results slightly exceeded our expectations. This is mainly due to the large increase in gross margin and net margin compared to the same period, and high profit growth. Maintain the outperforming industry rating and target price of 115 yuan unchanged. The company continues to promote cost reduction and efficiency, and the advantages of scale are strengthened. The company accelerated its transformation to distributed, the annual installed capacity of household photovoltaics increased by 200%, and the business gradually improved. 1Q24's inverter shipments increased 37% year over year, and the lower revenue from the energy storage and development business was mainly affected by seasonal factors. It is optimistic that in '24, the company will benefit from overseas centralized PV ground power plants and large storage volumes. Shipments will remain high. Energy storage shipments are expected to reach 20GWh+. The leading position in optical storage continues to lead the high-quality development of the photovoltaic industry.