SUNGROW (300274.SZ) 2023 again when the photovoltaic industry merit.

 

 

 

On April 23, SUNGROW released its annual performance report for 2023, with total revenue of 72.251 billion yuan, up 79.47% year-on-year; net profit of 9.44 billion yuan, up 162.69% year-on-year.

 

 

 

Chaodian made a phone inquiry to the SUNGROW brand center regarding the data and information in its annual results report, but was not connected as of press date.

 

 

 

 

 

 

As China's earliest involvement in energy storage and the earliest batch of overseas pioneers, SUNGROW benefited from its overseas channel advantage last year, with gross margins in overseas regions reaching 41.57%, up 14.24% year-on-year, and newly explored markets in Brazil, India, Bangladesh, South Africa and other cities.

 

 

 

In 2023, the company's core product PV inverter global shipments of 130GW, shipments of global leadership. However, due to the large production volume, the inventory increased by 91.3% year-on-year.

 

 

 

From the point of view of the company's main products, its energy storage system gross margin increased the most last year, reaching 14.23%, due to the upstream lithium-ion batteries and other raw material costs fell sharply.

 

 

 

Last year, SUNGROW energy storage system global shipments of 10.5GWh, shipments for eight consecutive years China's first enterprise.

 

 

 

Because of the early entry into overseas markets, coupled with specific segments of the market, SUNGROW brand influence, brand premium, foreign currency exchange rate appreciation, shipping costs decline and other factors, the company's energy storage system unit price from 1.046 yuan in 2021 / Wh rose to 1.695 yuan in 2023 / Wh, an increase of 62%, and the industry's big price cuts in the trend of the opposite direction.

 

 

 

SUNGROW's financial report for the first quarter of this year showed that the company's revenue of 12.614 billion yuan, 0.26% year-on-year; net profit of 2.096 billion yuan, up 39.05% year-on-year.

 

Translated with DeepL.com (free version)