share_log

Sunshine Power (300274): Optical storage industry leader 25Q1 performance exceeded expectations

Huaan ·  May 9

Performance situation: Continued to exceed expectations in 2024 and 25Q1. The energy storage business started rapidly. In 2024, the company achieved revenue of 77.857 billion yuan, YoY +7.76%; net profit to mother of 11.036 billion yuan, YoY +16.92%; net profit of 10.693 billion yuan after deducting non-mother, YoY +16.03%. Gross margin was 29.94%, -0.42pct YoY. In 24Q4, the company achieved revenue of 27.911 billion yuan, +8.03%; net profit to mother of 3.436 billion yuan, +54.98% year-on-year; net profit of 3.313 billion yuan after deduction of non-mother net profit, +54.74% year-on-year. Gross margin was 27.48%, down 1.15 pct year over year.

In 25Q1, the company achieved revenue of 19.036 billion yuan, YoY +50.92%; net profit attributable to mother 3.826 billion yuan, YoY +82.52%; net profit not attributable to mother of 3.676 billion yuan, YoY +76.46%. The gross margin was 35.13%, a year-on-year decrease of 1.54 pct. Forward foreign exchange products drove the company's investment income of 0.167 billion yuan. 25Q1 performance exceeded expectations, mainly because in the first quarter, the company accelerated the pace of overseas energy storage system shipments and achieved rapid revenue growth.

PV inverter business: leading global delivery volume, steady business growth in 2024, the company's PV inverter delivery volume was 147 GW, +13.08% year over year; achieved revenue of 29.127 billion yuan, +5.33% year on year; gross margin was 30.90%, -7.03 pct year on year. The company continues to promote a global brand strategy. Its products are sold to 180+ countries and regions around the world. PV inverter shipments rank first in the world, and PV inverters rank first in the world in terms of financability.

Energy storage system business: Demand and profit levels resonate. The energy storage business performed well. In 2024, the company's energy storage system delivery volume was 28 GWh, +167% year over year; achieved revenue of 24.959 billion yuan, +40.21% year over year; gross margin was 36.69%, -0.78 pct year on year. The company's world-first 10MWh “AC/DC integrated” all-liquid cooled energy storage system PowerTitan 2.0 and the industrial and commercial liquid-cooled energy storage system PowerStack 200CS are widely used worldwide. In addition, Sunshine Power released the first PowerStack 835CS industrial and commercial liquid-cooled energy storage system for 10/20kV industrial scenarios, leading industrial and commercial storage into the era of scenario-based customization. Judging from its core competitiveness, the company's products, costs, and brand advantages have built high barriers. With technological upgrades such as high-capacity cell iteration, grid construction, etc., and overseas production capacity expansion, we believe that the company's global competitiveness and share are expected to be further consolidated, fully benefiting from the high demand for optical storage.

Investment advice

We expect the company's net profit to be 12.6/14.1/15.7 billion yuan in 2025-2027, corresponding to PE10/9/8x, maintaining a “buy” rating.

Risk Alerts

Global demand for optical storage falls short of expectations; company order delivery falls short of expectations; changes in overseas trade policies.

The translation is provided by third-party software.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
    Write a comment