PV Storage Leader Sungrow Files for Listing on HKEX Again

According to the Hong Kong Stock Exchange filing, SUNNENG POWER has submitted an application for listing to the Hong Kong Stock Exchange.

The company expects to disclose the Q1 2026 report on April 28th. Institutional forecasts predict Q1 revenue of approximately 22.888 billion yuan, representing a year-on-year growth of about 20.2%.

The market is closely watching whether the company's energy storage shipment rhythm can support the goal of over 60GWh for the full year, whether the downward trend in gross margin in the fourth quarter can be reversed, and whether the AIDC power supply business will confirm its first batch of orders.

The current A-share stock price is around 135 yuan, which is more than 30% off from the 52-week high, and the Q1 report will directly affect the market's pricing on the company's full-year performance.

The company's 2025 annual report shows that the full-year revenue was 89.184 billion yuan, a year-on-year increase of 14.55%; net profit attributable to the parent company was 13.461 billion yuan, a year-on-year increase of 21.97%; gross margin was 31.83%, up 1.89 percentage points year-on-year.

Energy storage revenue for the full year was 37.2 billion yuan, a year-on-year increase of 49%, with shipments of 43GWh, and gross margin remained at 36.5%. The overseas market performed particularly well, with the company's shipment growth significantly higher than the overall increase of 65% in overseas installations. Demand from China, the United States, Europe, and emerging markets resonated, providing continuous support for business growth.

The inverter business achieved full-year revenue of 26.6 billion yuan, a year-on-year increase of 4%, with shipments of 143GW. Overseas shipments increased by 12% year-on-year, driving the gross margin up to about 37%.

Affected by the decline in residential photovoltaics and policy adjustments, new energy development business revenue decreased by 21.16% year-on-year, and the gross margin fell to 14.5%, which was one of the main reasons for the profit decline in the fourth quarter. The market anticipates that as the mismatch between energy storage costs and selling prices eases, and the overseas structure is optimized, the company's profitability is expected to stabilize and rebound in 2026.

The company has collaborated with top domestic and international cloud service providers to jointly define the product architecture, aiming to achieve product landing in 2026 and mass shipment in 2027. Continued focus on solid-state transformer (SST) and 800V technology directions. Institutions estimate that the global AIDC power supply market size may exceed 200 billion yuan by 2030.

Institutions estimate the company's net profit attributable to the parent company for the years 2026 to 2028 to be 15.59 billion yuan, 18.60 billion yuan, and 21.21 billion yuan, respectively, maintaining an "accumulate" rating. The company's listing in Hong Kong will open up international financing channels, aiding its accelerated expansion in the energy storage and AIDC power supply sectors.