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Ping An Securities: In October, the export of power inverters showed a significant year-on-year increase, with strong growth in the Latin American market.
According to the data from the General Administration of Customs, in October 2024, China's power inverter export amount was 4.7 billion yuan, with a month-on-month and year-on-year growth rate of +17% and -4% respectively. There was a slight decrease in the month-on-month comparison, but the year-on-year growth rate was significant.
Sineng Electric (300827): Domestic inverter business is under pressure, overseas optical storage is steadily accumulating.
Solar power inverter veteran, promoting growth in the energy storage business. The company was established in 2012 and acquired the solar power inverter business of the world's top 500 company Emerson in 2014, absorbing the core research and development team. In 2017, it entered the energy storage market, mainly
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Ping An Securities: The performance of the photovoltaic energy storage power inverter in Q3 is under seasonal pressure, but the growth potential in the main track is still sufficient.
In terms of revenue, the overall performance of Q3 is relatively weak, with sungrow power supply, sineng electric, and shenzhen sinexcel electric experiencing a slowdown in year-on-year revenue growth in Q3, while the other two companies saw a year-on-year decline; except for a slight increase in sungrow power supply compared to the previous quarter, the revenue of the other 4 companies in Q3 all decreased compared to the previous quarter.
Sineng Electric (300827): Profit performance is outstanding, pressing the accelerator for global expansion.
Event: Sineng Electric announced its third quarter report for 2024 on October 29, 2024: In the first three quarters of 2024, the company achieved revenue of 3.1 billion yuan, -7% year-on-year; net income attributable to the parent company was 0.3 billion yuan, +4% year-on-year.
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