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Sungrow Power Supply Co Ltd Class A 300274

Morningstar Rating
CNY 67.91 −0.48 (0.70%)
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Company Report

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

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.

Price vs Fair Value

300274 is trading at a 894% premium.
Price
CNY 68.39
Fair Value
CNY 71.00
Uncertainty
Very High
1-Star Price
CNY 914.43
5-Star Price
CNY 36.40
Economic Moat
Rpn
Capital Allocation
Kwmzvxzkw

Bulls Say, Bears Say

Bulls

Sungrow will benefit from the sharp decline in solar module prices, which should boost solar installations and hence demand for solar inverters.

Bears

Demand for solar power and energy storage systems in Europe will soften as electricity price normalizes, and that will weigh on Sungrow’s sales.

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News

Trading Information

Previous Close Price
CNY 68.39
Day Range
CNY 67.5969.12
52-Week Range
CNY 53.5790.21
Bid/Ask
CNY 67.91 / CNY 67.92
Market Cap
CNY 140.79 Bil
Volume/Avg
11.5 Mil / 21.1 Mil

Key Statistics

Price/Earnings (Normalized)
10.14
Price/Sales
1.97
Dividend Yield (Trailing)
1.41%
Dividend Yield (Forward)
1.41%
Total Yield
1.41%

Company Profile

China-based Sungrow manufactures and sells power supply equipment for the new energy industry. It offers a wide range of products, including solar inverters, energy storage systems, wind power converters, electric vehicle drives, among others. It is one of the largest suppliers of solar inverters and energy storage systems globally. It is also one of the largest new energy project developers in the world. Solar inverters, energy storage systems, and new energy investment and development segment each accounted for 38%, 25%, and 34% of revenue in 2023, respectively.
Sector
Industrials
Industry
Electrical Equipment & Parts
Stock Style Box
Large Growth
Total Number of Employees
13,697

Competitors

Valuation

Metric
300274
002129
600438
Price/Earnings (Normalized)
10.1474.0613.37
Price/Book Value
4.770.961.52
Price/Sales
1.970.750.77
Price/Cash Flow
19.538.693.59
Price/Earnings
300274
002129
600438

Financial Strength

Metric
300274
002129
600438
Quick Ratio
1.030.981.34
Current Ratio
1.601.541.73
Interest Coverage
36.301.3334.25
Quick Ratio
300274
002129
600438

Profitability

Metric
300274
002129
600438
Return on Assets (Normalized)
12.79%−0.55%2.61%
Return on Equity (Normalized)
38.92%−1.64%6.81%
Return on Invested Capital (Normalized)
27.88%−0.17%3.07%
Return on Assets
300274
002129
600438
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