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Sungrow Power Supply Co Ltd Class A

300274: XSHE (CHN)
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Morningstar Rating for Stocks Fair Value Economic Moat Capital Allocation
¥12.00LbvxWtnqmngtsr

Sungrow's Fair Value Estimate Adjusted to CNY 67 After Bonus Issue

Business Strategy and Outlook

Sungrow Power Supply is one of the largest suppliers of solar inverters, with more than 20% global market share in 2022. With an established stronghold in supplying inverters for utility-scale solar, Sungrow is trying to expand its presence in distributed solar. Distributed solar is a more fragmented market than utility-scale solar, and we expect Sungrow to face more competition on this front. Nonetheless, we expect Sungrow’s solar inverter shipment to grow at a 15% CAGR over our projected five-year period given rapid growth in solar installations.

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