On the evening of August 23, TrendForce learned that Sungrow released its 2024 semi-annual report. During the reporting period, Sungrow achieved an operating revenue of 31.02 billion RMB, an 8.38% year-on-year increase; operating costs were 20.964 billion RMB, a 0.34% year-on-year increase; and a gross profit margin of 32.42%, up by 5.42% year-on-year. These results are attributed to Sungrow's brand premium, product innovation, economies of scale, and improved project management capabilities.
Additionally, Sungrow's net profit attributable to shareholders of the listed company was 4.959 billion RMB, a 13.89% year-on-year increase. Sungrow's main products include photovoltaic inverters, wind power converters, energy storage systems, new energy vehicle drive systems, floating photovoltaic systems, and smart energy operation and maintenance services.
In the energy storage systems business, Sungrow's operating revenue for the first half of 2024 was 7.816 billion RMB, accounting for 25.20% of total revenue, with a year-on-year decline of 8.3%. The gross profit margin for this segment was 40.8%, up by 12.61% year-on-year.
Sungrow stated that its energy storage systems are widely used in mature power markets in Europe, the Americas, the Middle East, and the Asia-Pacific region, continuously enhancing the deep integration of wind, solar, and storage. No safety incidents have occurred in any of the energy storage projects involved. The company has accumulated extensive application experience in areas such as frequency regulation, peak shaving, renewable energy grid integration, microgrids, commercial and industrial energy storage, and residential energy storage. Sungrow has signed a 7.8 GWh energy storage project with Algihaz, the largest in the Middle East; an 880 MWh energy storage project with Atlas, the largest independent energy storage station in Latin America; an 800 MWh energy storage station with Engie, one of the largest in Europe; and a 320 MW/640 MWh battery storage project with SSE, the largest in the UK, connected to the highest voltage level grid in the UK. The company is also assisting CNOOC in creating the world's first offshore grid-forming energy storage station and provides comprehensive solutions for numerous projects both domestically and internationally.
As one of the earliest companies in China to enter the energy storage sector, Sungrow's energy storage business leverages its globally leading "three-electrical integration" technology in power electronics, electrochemistry, and grid support to develop specialized energy storage systems. The company focuses on the research and development, production, sales, and service of lithium battery energy storage systems, offering solutions for auxiliary renewable energy grid integration, power frequency regulation and peak shaving, demand-side response, microgrids, and residential energy storage. Sungrow is recognized as a world-class provider of energy storage system solutions. According to CNESA's 2023 global energy storage system shipment rankings, Sungrow's global energy storage system shipments reached 10.5 GWh, maintaining the top position among Chinese enterprises for the eighth consecutive year.
source：TrendForce
