Sunshine Power's performance in the third quarter of 2025 was impressive, not only continuing the high growth trend of the first half of the year, but also demonstrating the industry leader's strength in profitability, cash flow management, and techn

Core Competence: Growth Driven by Energy Storage, Advancing with Technology and Globalization

Sunshine Power achieved revenue of 22.869 billion yuan and net profit of 4.147 billion yuan in the third quarter, with year-on-year growth rates of 20.83% and 57.04% respectively, far exceeding the industry average. This achievement was mainly due to

Meanwhile, the company's strength in the field of photovoltaic inverters remains solid. Despite fluctuations in domestic market demand, the proportion of overseas shipments has increased to 60%, and the optimization of product structure has led to a

Section 2: Moat: Technical Barriers, Supply Chain Control and Globalized Ecology

The moat of Sun Mountain Power is built on three levels: technological barriers, self-reliant supply chain, and a global ecological network.

Technical barriers: The company invested 3.164 billion yuan in research and development in 2024, with an investment intensity of 4.06%. It has accumulated over 9,400 patents, with 35% in the energy storage field. Its self-developed liquid cooling sys

2. Supply chain control: By investing in core component companies such as Archmax Semiconductor (holding 10.17% of shares) and Delong, Sun Cable Power has achieved self-reliant production of key components such as IGBT modules and inductive transform

3. Globalized Ecological Network: The company has established production bases in India, Thailand, Germany, and other locations, with overseas employees accounting for 12%. Its local service capability has been significantly improved. In response to

III. Future Investment Guidance: Short-term focus on delivery, medium-term focus on valuation recovery, long-term focus on the second curve

In the short term, the performance of Sunshine Power is highly certain. With a target of delivering 40-50 GWh of energy storage by 2025, a significant increase from 28 GWh in 2024, coupled with the continuous increase in overseas market share of its

From a medium-term perspective, the opportunity for the company's valuation to recover lies in the mitigation of overseas policy risks. Currently, the US energy storage export plan has yet to be clarified. If a stable export path is found in the seco

In the long run, AIDC power supply business is a key variable in determining the company's ceiling. There is a vast market space for direct supply of green power to data centers, and Sunshine Power's technological accumulation in the field of high-vo

4. Is it worth holding? Reasonably view risks and opportunities

The core contradiction of Sunshine Power currently lies in the game between high growth and high valuation. Although institutions generally give it a recommended rating, the market is also highly concerned about the risks it faces: firstly, the inten

Summary

Relying on the explosive growth of its energy storage business, the continued widening of technical barriers and the in-depth layout of a global ecosystem, Sunshine Power once again proved its hard strength as a leader in the new energy industry in t

Investment advice cannot be used as a basis for buying. Feel free to follow, like and discuss.

Sunshine Power Supply (SZ300274) TBEA (SH600089)

@today's topic @creator center