Sungrow Power Supply Co., Ltd. (SUNGROW) financials

SHZ · Industrials · Electrical Equipment & Parts · 19,006 employees · CEO Ren Xian Cao

Price: CN¥71.54 +9.57%
Market cap: CN¥148B
Enterprise value: CN¥151B
Last report: Q3 '26 filed 2026-09-30
Next report: 2027-04-27

Revenue (TTM)CN¥71.6B-24.0% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)12.6%-7.4 pp vs a year agoOperating income CN¥9.03B

Net income (TTM)CN¥8.18B-46.6% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)CN¥7.87B-57.2% vs a year agoCapex CN¥2.99B

Diluted EPS (TTM)CN¥3.97-46.5% vs a year agoSum of the last 4 quarters

Net cashCN¥1.98B-35.9% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: CN¥148B
Revenue: CN¥71.6B
Revenue growth: -3%
Profit margin: 11.4%
P/E: 18.0×
P/S: 2.1×
EV / EBITDA: 15.8×
Free cash flow: CN¥7.87B
Net income: CN¥8.18B
Revenue estimate: CN¥86.8B
Earnings: 2027-04-27
Dividend: CN¥1.59

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Revenue growth slowing: -21.5% year on yearQ3 '26 revenue CN¥18B, against an average of -13.3% over the four quarters before.
Operating margin 12.6% (TTM), -7.4 pp on a year agoOperating income grew -52.1% while revenue grew -24.0%.
Capex 4.2% of revenue (a year ago 3.0%)CN¥2.99B invested in the last 4 quarters (+6.3% on a year earlier). Free cash flow CN¥7.87B = 96.2% of net income.
Returned CN¥3.48B to shareholders = 44.3% of free cash flowBuybacks CN¥0 (a year earlier CN¥818M), dividends CN¥3.48B, stock-based pay CN¥0 (TTM).
Diluted share count up 0.2% in a year2.06B diluted shares in Q3 '26, 2.05B a year earlier.
Net cash CN¥1.98BCash + short-term investments CN¥31.9B, debt incl. leases CN¥29.9B; a year ago net cash CN¥3.1B.

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	CN¥18B	CN¥22.9B	-21.5%
Gross margin	29.4%	35.9%	-6.4 pp
Operating income	CN¥1.92B	CN¥4.96B	-61.4%
Operating margin	10.7%	21.7%	-11.0 pp
Net income	CN¥1.34B	CN¥4.15B	-67.7%
Diluted EPS	CN¥0.65	CN¥2.02	-67.8%
Operating cash flow	-CN¥16M	CN¥6.48B	-100.2%
Capex	CN¥863M	CN¥597M	+44.4%
Free cash flow	-CN¥879M	CN¥5.88B	-114.9%
R&D	CN¥1.17B	CN¥1.1B	+6.1%
Stock-based compensation	CN¥0	-CN¥198M	+100.0%

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: CN¥10.9B
Capex: -CN¥2.99B
Buybacks: CN¥0
Dividends: -CN¥3.48B
Acquisitions: CN¥342M
Net debt issued: -CN¥1.55B
Stock-based compensation: CN¥0
Free cash flow: CN¥7.87B
Returned to shareholders / FCF: 44.3%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	18.0×	39.2×	13.4× – 96.4×
EV / EBITDA	15.8×	27.5×	6.6× – 74.0×
EV / Sales	2.1×	3.1×	1.1× – 6.2×
Price / FCF	18.9×	21.0× 3 of 5 years	16.5× – 25.3×
Price / Book	3.0×	6.2×	3.3× – 9.7×
FCF yield	5.3%	2.5%	-2.2% – 6.1%
Return on invested capital	8.5%	17.2%	8.2% – 24.2%
Return on equity	16.8%	24.4%	10.1% – 34.1%

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	CN¥86.8B	-2.7%	CN¥5.96	-8.7%	12.0×	1
FY2027	CN¥107B	+23.3%	CN¥7.55	+26.6%	9.5×	13
FY2028	CN¥126B	+17.4%	CN¥9.03	+19.6%	7.9×	16
FY2029	CN¥139B	+11.0%	CN¥10.43	+15.6%	6.9×	13
FY2030	CN¥152B	+9.0%	CN¥11.52	+10.5%	6.2×	13

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings.

Data as of 2026-11-02