Haitong Securities Research Report pointed out that Sunshine Power (300274)(300274texasholdembonus.SZ) The gross profit margin of photovoltaic inverters in 2023 will be 37.9%, a year-on-year increase of 5.5pct. In 2023, the company's global shipments of photovoltaic inverters will lead the world with 130GW. The company's brand awareness and reputation will continue to improve, and it will increase its layout in Europe, America, Australia, and China's channel markets, 490+ service outlets around the world, and its channel business is developing rapidly. In 2023, the company will launch "Three Electric Integration" for large-scale overseas ground application scenariostexasholdembonusPowerTitan 2.0 liquid-cooled energy storage system. Currently, the company's energy storage systems are widely used in mature power markets such as the United States, Britain, and Germany. It continues to strengthen the deep integration of wind, solar and storage and provides overall solutions for many projects around the world. It is believed that the company has formed significant brand power and channel power barriers through years of deep cultivation, and its leading position in the industry is solid. The company is given a PE valuation of 18-19 times in 2024, with a corresponding reasonable value range of 130.5-137.75 yuan, and is given a rating of "better than the big market".
