Deep Analysis of Sungrow (SZ300274)'s Overseas Business: Energy Storage Business Surges, Global Layout Drives Growth

Based on collected data and research reports, I will provide you with a systematic analysis of Sungrow (SZ300274)'s overseas business.

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Founded in 1997, Sungrow is a world-leading provider of photovoltaic inverter and energy storage system solutions. The company has completed strategic layout in five major sectors: “photovoltaics, wind power, energy storage, electric power, and hydrogen energy”, forming a complete integrated industrial chain of “source-grid-load-storage” [1].

Business Segment	Revenue Proportion	Gross Margin
Photovoltaic Inverters	37.41%	35.74%
Energy Storage Systems	32.06%	~40%
Power Station Systems	26.98%	~10%
Other Businesses	3.55%	-

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Time Period	Overseas Revenue Proportion	YoY Change
2022	47.5%	-
2023	~50%	+2.5pct
2024	52%	+2pct
H1 2025	58.4%	+6.4pct
Q3 2025	67%	+8.6pct

Data shows that the proportion of Sungrow’s overseas revenue has increased from 47.5% in 2022 to 67% in Q3 2025, a rise of nearly 20 percentage points within three years [2][3].

• 2024 overseas shipment proportion: 52%
• Q3 2025 overseas shipment proportion:
  60%
  [1]
• 2024 global inverter shipment volume reached 147GW, ranking first in the world for consecutive years
• The full-year overseas inverter shipment volume in 2025 is expected to reach 90-100GW [1]

• 2024 overseas shipment proportion: 63%
• Q3 2025 overseas shipment proportion:
  83%
  [2][3]
• Energy storage shipment volume reached 29GWh in the first three quarters, up 70% YoY
• Overseas energy storage shipment volume was 24GWh, while domestic volume was only 5GWh

The company’s products cover

, with key markets including [1][4]:

• European Market:
  Accelerated energy transition, explosive growth of commercial and industrial energy storage
• Middle East Market:
  Benchmark projects such as the 7.8GWh grid-forming energy storage project in Saudi Arabia
• American Market:
  Demand for integrated photovoltaic and energy storage solutions driven by power gaps in US AI data centers
• Asia-Pacific Market:
  Surging energy storage demand

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• Overseas inverter production capacity has reached
  50GW
• More than
  20 overseas branches
  cover high-end markets such as Europe, North America, and Asia-Pacific, as well as emerging markets such as Latin America, the Middle East, and Africa
• Achieved full-chain operation of “localized production, localized delivery, localized service” [4]

• The financing availability of photovoltaic inverters has long been ranked among the top globally
• Leading grid-forming energy storage technology
• Cumulative R&D investment in the past three years has exceeded
  RMB 7.2 billion
  , accounting for approximately
  10%
  of revenue [4]
• Gross margin reached nearly 40% in H1 2025, remaining at a high level in the industry

As of the end of Q3 2025, the company’s energy storage business has

, with a high proportion of overseas orders, and the regional structure is mainly focused on [1].

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Sungrow’s management expects the global energy storage market to maintain a high growth rate of

in 2026 [2], with main growth drivers from:

Market	Growth Drivers	Expected Demand
Chinese Market	Shift from policy-mandated energy storage to economic-driven, widening peak-valley price difference in the spot market	150-200GWh
European Market	High renewable energy penetration, grid upgrade demand	50% growth rate
American Market	Power gaps in US AI data centers	40-50GWh

• Hong Kong IPO Plan:
  Expected to list on the Hong Kong Stock Exchange in Q1 2026, raising approximately USD 1.3 billion
• Fund Utilization:
  R&D of new-generation photovoltaic and energy storage products, upgrade of R&D centers, construction of overseas production bases (planned annual output of 18GWh energy storage products and 30GW inverter equipment) [4]
• AIDC Business:
  Established a dedicated business division, targeting product implementation and delivery in 2026

According to analysts’ forecasts:

Indicator	2025E	2026E	2027E
Operating Revenue (RMB 100 million)	9,734	11,567	13,885
Net Profit (RMB 100 million)	1,657	1,974	2,353

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Indicator	Value
Latest Closing Price (end of 2025)	RMB 171.04
52-Week High	RMB 209.88
52-Week Low	RMB 52.98
YTD Growth	137.85%
Dynamic P/E Ratio	~25x

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1. Overseas Business Proportion Continues to Rise:
   Increased from 47.5% in 2022 to 67% in Q3 2025, with overseas business becoming the core driver of the company’s performance growth.

2. Energy Storage Business Surges:
   Revenue from energy storage systems reached RMB 28.8 billion in the first three quarters of 2025, surging 105% YoY. The overseas shipment proportion reached as high as 83%, officially surpassing photovoltaic inverters to become the largest revenue source.

3. Mature Global Layout:
   Products cover more than 180 countries and regions, with overseas production capacity of 50GW and a well-established localized operation system.

4. Clear Growth Prospects:
   The global energy storage market is expected to maintain a high growth rate of 40%-50%, the company has sufficient orders on hand, and the Hong Kong IPO will provide capital support to accelerate expansion.

5. Improved Profitability:
   The rise in overseas business proportion has driven continuous improvement in gross margin, with Q3 2025 gross margin reaching 33.8% and net profit margin reaching 18.1%.

Intensified industry competition may affect gross margin levels; attention should be paid to changes in US trade policies and exchange rate fluctuation risks.

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[1] Eastmoney - Sungrow Research Report (https://pdf.dfcfw.com/pdf/H3_AP202601161817882114_1.pdf)

[2] BOCOM International - Sungrow Company Update Report (https://pdf.dfcfw.com/pdf/H3_AP202510301771897071_1.pdf)

[3] StockStar - Energy Storage Surges, Can Sungrow Achieve a Second Takeoff? (https://wap.stockstar.com/detail/IG2025102900040111)

[4] Weikehao - Breaking News! Sungrow’s Hong Kong IPO Roadshow is Imminent (https://mp.ofweek.com/chuneng/a356714568567)

[5] Securities Times - Sungrow: The Energy Storage Market Has Formed a Global Blossom Pattern (https://www.stcn.com/article/detail/3447119.html)