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World's largest maker of solar inverters, also producing energy-storage systems for utility, commercial and residential use.
World's largest maker of solar inverters, also producing energy-storage systems for utility, commercial and residential use.
Sells inverters, the devices that convert solar panels' output into grid-compatible power, to project developers and installers, and energy-storage systems that are an increasingly large growth line. Founder Cao Renxian remains chairman and the largest shareholder, and a large share of revenue comes from outside China.
In one line: China's SolarEdge/Enphase, but at global-leader scale.
Moat: narrow (scale, brand, distribution). Global inverter shipment scale and brand recognition, though a competitive, price-sensitive market.
Headquarters: Hefei, China · Founded: 1997 · Employees: 19,006
Size Sungrow Power Supply (300274.SZ) is a China Industrials company (Electrical Products) with a market value of $25.3B, the 76th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥81.97 on 6 Nov 2026.
Performance Over six months the shares fell 40.4%, against -25.7% for the median peer and -16.4% for the China market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue fell 23.9% over the last twelve months (peer median +21.1%); the operating margin is 12.2% (peer median 11.0%).
Valuation It trades at 14.9× forward earnings against a peer median of 20.8× (5th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 12% a year for seven years (Req g). Recent delivered growth is +36%, so the hurdle is -24 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.3 points above its cost of capital (9.5% WACC).
Next results Next results expected around 27 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥71.6B | CN¥88.8B | CN¥77.6B | CN¥72.0B | CN¥40.2B |
| Revenue growth | — | +14% | +8% | +79% | — |
| Gross profit | CN¥22.3B | CN¥27.6B | CN¥22.7B | CN¥21.5B | CN¥9.63B |
| EBITDA | n/a | CN¥16.2B | CN¥13.9B | CN¥11.9B | CN¥3.95B |
| Net income | CN¥8.18B | CN¥13.5B | CN¥11.0B | CN¥9.44B | CN¥3.59B |
| Free cash flow | CN¥8.09B | CN¥14.4B | CN¥9.69B | CN¥4.34B | -CN¥303M |
| Capital expenditure | CN¥2.99B | CN¥3.01B | CN¥2.79B | CN¥2.74B | CN¥1.53B |
| Total debt | CN¥29.9B | CN¥24.6B | CN¥31.4B | CN¥22.3B | CN¥20.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Sungrow Power Supply 300274.SZ | $25.3B | -40% | -24% | 12% | 14.9× | 12.1% |
| SolarEdge Technologies SEDG | $1.69B | -33% | +26% | -6% | n/a | 11.4% |
| Enphase Energy ENPH | $3.77B | -22% | -20% | 13% | 27.0× | 18.7% |
| Ginlong Technologies 300763.SZ | $2.98B | -47% | +4% | 11% | 19.2× | 10.0% |
| Goodwe Technologies 688390.SS | $1.93B | -51% | +53% | 5% | 17.1× | 17.4% |
| SMA Solar Technology S92.DE | $1.99B | -21% | +4% | -7% | 16.7× | -4.2% |
| Fluence Energy FLNC | $973M | -78% | +7% | -4% | n/a | n/a |
| Tesla TSLA | $1.42T | -16% | +8% | 4% | 176.4× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 300274.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.8% | -8.6% | 6th highest of 21 |
| 6-month return | -40.4% | -25.7% | 4th lowest of 21 |
| Distance from 52-week high | -60.9% | -35.5% | 6th lowest of 21 |
| Revenue growth (TTM) | -23.9% | +21.1% | lowest of 21 |
| Operating margin | 12.2% | 11.0% | 10th highest of 21 |
| Forward P/E | 14.9× | 20.8× | 5th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 12.1% | 20.5% | 5th least demanding of 14 |
| Growth delivered (Del g) | +35.8% | +13.4% | highest of 14 |
| Hurdle (Req g minus delivered) | -23.7 pp | +6.2 pp | 2nd least demanding of 14 |
| ROIC minus cost of capital | +4.3 pp | +3.6 pp | 9th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sungrow Power Supply 300274.SZ | China | $25.3B | -40% | -24% | 12% | 14.9× | 12.1% | +35.8% |
| Shengyi Technology 600183.SS | China | $25.7B | -8% | +56% | 22% | 20.3× | 20.5% | +14.1% |
| Samsung Sdi 006400.KS | South Korea | $26.8B | -33% | +21% | 0% | 45.9× | n/a | n/a |
| Hubbell HUBB | United States | $22.7B | -13% | +16% | 21% | 19.1× | 10.5% | +9.7% |
| NARI Technology 600406.SS | China | $28.6B | -8% | +12% | 13% | 21.7× | 2.5% | +11.4% |
| Vestas Wind Systems A/S VWS.CO | Denmark | $31.0B | +8% | +10% | 7% | 21.3× | 0.5% | +4.9% |
| Yangtze Optical Fibre & Cable Joint Stock 601869.SS | China | $19.8B | -32% | +68% | 34% | 23.8× | 15.7% | +11.6% |
| Fujikura 5803.T | Japan | $33.0B | -50% | +28% | 19% | 14.3× | 28.9% | +12.9% |
| Prysmian PRY.MI | Italy | $33.9B | -35% | +17% | 8% | 20.2× | 13.1% | +14.4% |
| EVE Energy 300014.SZ | China | $17.0B | -28% | +51% | 6% | 15.5× | n/a | n/a |
| Zangge Mining 000408.SZ | China | $15.5B | -26% | +35% | 51% | 12.5× | 22.0% | +13.4% |
| Bharat Heavy Electricals BHEL.NS | India | $15.4B | +3% | +29% | 9% | 41.2× | 44.1% | +14.6% |
| Rockwell Automation ROK | United States | $41.7B | -17% | +11% | 14% | 25.0× | 27.2% | +5.7% |
| Ningbo Deye Technology 605117.SS | China | $15.3B | -26% | +71% | 27% | 17.3× | 7.9% | +32.1% |
| ABB India ABB.NS | India | $15.2B | -6% | +8% | 13% | 85.7× | 47.3% | +17.8% |
| Hengtong Optic-Electric 600487.SS | China | $14.9B | -38% | +21% | 9% | 11.8× | n/a | n/a |
| TBEA 600089.SS | China | $14.2B | -29% | +12% | 6% | 15.2× | n/a | n/a |
| Siemens SIEMENS.NS | India | $13.4B | -8% | -12% | 9% | 72.7× | n/a | n/a |
| Dongfang Electric 1072.HK | Hong Kong | $13.1B | -56% | +7% | 5% | 10.4× | n/a | n/a |
| CG Power & Industrial Solutions CGPOWER.NS | India | $12.9B | -10% | +24% | 12% | 72.3× | n/a | n/a |
| Ls Electric 010120.KS | South Korea | $12.8B | -58% | +32% | 10% | 31.6× | 21.9% | +15.6% |