Sungrow's performance hit a new high in the first half of 2024, but energy storage business revenue declined

Sungrow achieved its best performance in history in the first half of 2024, but the revenue of its energy storage business declined. The report shows that the company's operating income reached 31.02 billion yuan, an increase of 8.38% year-on-year, while the operating cost was 20.964 billion yuan, an increase of only 0.34%. The company's gross profit margin reached 32.42%, an increase of 5.42% year-on-year, mainly due to the improvement of the company's brand value, product innovation, scale effect and project management capabilities. The net profit attributable to shareholders of listed companies was 4.959 billion yuan, an increase of 13.89% year-on-year. However, in the field of energy storage, Sungrow's revenue declined, down 8.3% year-on-year, which is the first decline in the past two years, and the proportion of total revenue has also dropped from 30% last year to 25%. Despite this, the energy storage business is still the business with the highest gross profit margin of Sungrow, with the gross profit margin rising by 12.61 percentage points to 40.08%.