受益于光伏新增装机量和储能需求的爆发式增长，阳光电源近年来业绩持续高增长。2022年和2023年归母净利润分别为35.93亿元、94.4亿元，同比分别增长127.04%、162.69%。但今年以来，受行业竞争加剧影响，公司业绩增速持续放缓。The leading companies in energy storage and power inverters, sungrow power supply, no longer maintain a high growth trend in performance, with a decrease in revenue and profit in Q3 this year. The company plans to issue GDR to raise 47.8 billion yuan, and indicates that the existing production capacity is far from enough to meet the future broad market demand, urgently needing to prepare for production capacity construction.
Finance Associated Press, October 31st (Reporter: Liu Mengran) Influenced by factors such as intensified market competition, sungrow power supply (300274.SZ), the leading companies in energy storage and power inverters, no longer maintain a high growth trend in performance; the revenue and net income in the first three quarters only achieve single-digit growth, and the net income growth rate is slower than the revenue growth rate.
Tonight, sungrow power supply revealed its third-quarter report, achieving revenue of 49.946 billion yuan in the first three quarters of this year, a year-on-year increase of 7.61%; net income attributable to shareholders of the listed company was 7.6 billion yuan, a year-on-year increase of 5.21%. In Q3, revenue reached 18.926 billion yuan, a year-on-year increase of 6.37%; net profit attributable to shareholders decreased by 7.96% to 2.64 billion yuan.
Benefiting from the explosive growth in photovoltaic installations and energy storage demand, sungrow power supply has maintained high growth in performance in recent years. The net income attributable to shareholders in 2022 and 2023 was 3.593 billion yuan and 9.44 billion yuan respectively, with year-on-year growth of 127.04% and 162.69%. However, this year, due to intensified industry competition, the company's performance growth rate has continued to slow down.
Sungrow power supply's main business covers photovoltaic inverters and energy storage. The company believes that in the medium to long term, the existing production capacity is far from enough to meet the future broad market demand, and it urgently needs to prepare for production capacity construction.
In order to further enhance its scale advantage, the company announced this month its plan to issue GDR on the Frankfurt Stock Exchange in Germany, aiming to raise funds of no more than 4.878 billion yuan. The funds will be used for the 20GWh annual advanced equipment manufacturing project, overseas inverter and energy storage product expansion, among other projects, with a total investment of 5.564 billion yuan.
The fundraising plan indicates that 1.991 billion yuan will be used for the construction of the 20GWh annual advanced energy storage equipment manufacturing project, 1.76 billion yuan for the overseas inverter equipment and energy storage product expansion project, 0.63 billion yuan for the digital upgrade project, and 0.496 billion yuan for the construction of the Nanjing R&D center.
Industry analysts believe that faced with the vigorous development of the global energy storage market, Chinese energy storage companies will expand overseas faster, especially in the face of price competition in energy storage products, overseas markets will maintain a good profit level. Since 2022, sungrow power supply's revenue from overseas markets has accounted for over 40%. In the first half of this year, the company's revenue from overseas markets accounted for 43.44%.
It is worth noting that shortly after disclosing the above financing plan, the company disclosed another acquisition plan, with its holding subsidiary Sungrow New Energy planning to acquire Hefei Taihe Intelligent (603656.SH), which focuses on providing AI vision recognition-based intelligent equipment and services as its main business.
Sungrow New Energy is mainly engaged in the research and development of new energy power plants, project development, and the sale of system solutions. Sungrow Power Supply stated that it plans to leverage its position in the new energy industry chain and advantages in global market layout to empower Hefei Taihe Intelligent in growing and strengthening the new energy business, and to help it expand overseas markets.
On the day of the above acquisition announcement (October 19th), the closing price of Hefei Taihe Intelligent was 11.91 yuan per share. The acquisition proposal shows that the transfer price of the target shares is 24 yuan per share, with a total transfer price of 0.45 billion yuan. Calculated at this price, the premium is over 1 times. The latest stock price of Hefei Taihe Intelligent is 28.08 yuan per share.
